Lowe’s extends deal with Hendrick

Lowe’s signed a two-year renewal with Hendrick Motorsports that will see it remain the primary sponsor of the No. 48 car and driver Jimmie Johnson for all 36 Sprint Cup Series races in 2014 and 2015.

The company last week announced the agreement in Las Vegas where it was holding a meeting with 1,700 store managers. Financial terms of the deal weren’t available, but industry sources said Lowe’s will pay less than it did during its current contract, which is set to end after this season. Sources valued Lowe’s current deal at $30 million to $35 million a year.

Lowe’s is one of only a handful of full-season primary sponsors that decided to renew its 36-race agreement in the last few years. It joins Geico, Menards, MillerCoors, NAPA and Shell-Pennzoil in doing so.

The decision ensures that the Lowe’s logo will remain on the hood of a car and affiliated with a driver who has won five Sprint Cup titles, two Daytona 500s and never finished lower than sixth in the championship since Lowe’s signed on as a sponsor in 2002.