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Petty Enterprises hires LPI to manage licensing program
Published October 9, 2006
Petty Enterprises has hired Licensing Partners International to manage the trademark licensing program for its two Nextel Cup teams, as well as team owner and former driving great Richard Petty.
Included in the deal is licensing for team
owner and racing legend Richard Petty.
“We feel that partnering with one of the country’s premier agencies will help us expand our brand in an already competitive market,” said Petty’s Brian Moffitt, vice president of marketing. “LPI is on the front lines and they’ve got the resources in place to expand our brand.”
Moffitt said Petty’s licensing revenue had experienced a dip and “we think LPI can bring it back and offer a fresh perspective. We think the brand can expand beyond the NASCAR market.”
LPI, a sister company of Collegiate Licensing Co. with a network of about 2,200 licensees, will work with Petty to develop new product lines, said LPI President Wesley Haynes.
Petty fields the No. 43 Cheerios/Betty Crocker Dodge driven by Bobby Labonte and the No. 45 Wells Fargo Dodge driven by Kyle Petty. The company also markets the old No. 43 STP car formerly driven by Richard Petty.