Shell-Pennzoil, Penske Racing Agree To Five-Year NASCAR Extension Through '18
Shell-Pennzoil signed a five-year extension with Penske Racing yesterday that takes its 33-race sponsorship of the No. 22 NASCAR Sprint Cup car through '18. Financial terms of the deal were not available. Shell’s deal with Penske was not up until the end of '13, but Shell NASCAR Dir Heidi Massey-Bong said that the company wanted to extend it early because of its business value. After signing the agreement with Penske in '10, Shell-Pennzoil execs said the sponsorship had the potential to pay for itself based simply on the amount of fuel and oil it sold across the Penske system of more than 310 auto dealerships and 200,000 rental trucks. Those sales will continue under the extension. Massey-Bong said, “When you look at the partnership and what it has done outside racing, this is something we want to be in long term.” The five-year deal stands in contrast to the decisions other NASCAR team sponsors have made in recent years. Several have cut the number of races they sponsor by as much as half and some have exited the sport entirely. Massey-Bong said, “We’re not interested in that.” Team Owner Roger Penske said that the deal brings stability to the team. Penske: “The connection with Shell-Pennzoil on a worldwide basis is amazing, plus when you think about it, our dealerships, our trucks are all running their products. It’s a win-win.” Massey-Bong added that part of the reason the company wanted to renew its deal was because it has a young driver now. Joey Logano takes over the No. 22 this year, replacing A.J. Allmendinger. The deal also extends to Penske's IndyCar operations, as Helio Castroneves' No. 3 car for the third straight year will be sponsored by the company.
HERTZ GOLD: Penske also signed Hertz Rent-a-Car as a new associate sponsor. Hertz, which replaces Avis as the team's official rental car partner, has agreed to a multiyear deal that includes a co-primary sponsorship of one Sprint Cup race on Logano’s No. 22 car and seven primary sponsorships of Nationwide Series races with Logano, Brad Keselowski or Ryan Blaney. Financial terms of the deal were not available. Hertz plans to use its Penske Racing sponsorship to promote new initiatives like its keyless car entry system and to highlight its new advertising tagline, “Traveling at the speed of Hertz.” Hertz research shows that 20% of NASCAR fans rented a car in the last year. The deal comes a few months after Roger Penske became a Hertz franchisee, buying 15 locations in Memphis last September. Hertz CEO Mark Frissora said the relationship with Penske had no effect on the deal.