GM Renews Long-Standing Pact With Daytona At Cheaper Price
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General Motors Has Sponsored The
Daytona 500 Since The Early '70s |
General Motors has renewed its sponsorship of Daytona Int'l Speedway and the Daytona 500, "but at a cheaper price," according to Robert Snell of the DETROIT NEWS. The multi-year partnership expired on December 31, and GM, which has sponsored the race since the early '70s, finalized a new deal to sponsor it on a "year-to-year basis." Terms of the deal were not disclosed. The new deal closed on December 19, the same day President Bush announced that GM and Chrysler "would receive up to $17.4[B] in short-term loans." Chevrolet Communications Dir Terry Rhadigan: "It was a coincidence that the agreement was signed the same day we got the bridge loan. It was in the works when we started discussions back in the fall. Let's just say it's a fraction of what it had been in previous years, dollar-wise." GM recently has ended several other sponsorships, including Buick's endorsement of golfer Tiger Woods, and Rhadigan said, "We are able to draw a direct correlation to sales, and that's where we are going to put our money. We need to be smart with the limited funds that we have and focus those funds where we are going to provide the highest return on our investment." Snell reports GM last season had sponsorships at 12 tracks that hosted NASCAR races, but "three of those sponsorships have not been renewed" for this season (DETROIT NEWS, 1/7).
STAYING IN THE GAME: In St. Petersburg, Asjylyn Loder reported GM brand Cadillac this season again will "offer a free car" to the Super Bowl MVP. Cadillac spokesperson David Caldwell said that the brand also will remain as the sponsor of the Super Bowl postgame show, though the company has "cut back on advertising during the game, shelved its go-cart race, foregone outdoor marketing displays, and offered fewer Cadillac courtesy cars" (TAMPABAY.com, 1/6).
THREE'S COMPANY: Tri-Cities and Charleston Ford Dealer Advertising Group have inked a three-year sponsorship agreement to become the official vehicle of Bristol Motor Speedway. The vehicle sponsorship had previously been held by GM (Bristol Motor Speedway).
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