The newly rebranded Aston Martin F1 Team signed its first title sponsor in American digital services company Cognizant, in a multiyear deal that was set up in rapid fashion and is part of a larger B2B tie-in. Terms are not being revealed, but title sponsorships for F1 teams generally run into the mid-eight figures annually. The team will become known as Aston Martin Cognizant Formula One Team, and the New Jersey-based company will get typical assets like car paint-scheme position, hospitality and digital/social co-marketing positions.
Canadian businessman Lawrence Stroll, whose son, Lance, drives for the team, is both the owner of the race team and a major investor in the British car company, which is re-entering F1 to burnish its brand image and appeal to younger customers. Cognizant CMO Gaurav Chand told THE DAILY the company is looking to grow global brand awareness and to use its products with the team as a showcase: "This gives us the ability to truly engage with clients on a platform that Cognizant has never been able to do in the past." Read more here.
