Chicago, Ill. (PRWEB) April 18, 2007
North American-based companies will spend an estimated $3.2 billion to sponsor motorsports teams, events, tracks and sanctioning bodies in 2007, up 11 percent from a $2.9 billion outlay in '06, according to IEG Sponsorship Report, the world's leading authority on sponsorship.
While the projected increase is roughly in line with IEG SR's estimated 11.7 percent rise for the overall sponsorship industry, the growth is impressive given the maturity of the motorsports category.
"Companies are increasingly aligning with motorsports as both a business-to-consumer and business-to-business marketing platform," said William Chipps, IEG Sponsorship Report's senior editor.
To no one's surprise, NASCAR remains at the top of the heap when it comes to sponsorship dollars. The sanctioning body has continued to build on its successful track record, signing new deals including a five-year, multimillion-dollar partnership with Bank of America Corp.
The deal is the first under NASCAR's "less is more" sponsorship strategy, which focuses on selling fewer, bigger corporate partners. For example, Bank of America replaces SunTrust Banks, Inc. as NASCAR's official bank, Home123 Corp. as official mortgage company and Centrix Financial, LLC as official auto lending company.
Other major developments in the '07 NASCAR season include Toyota competing in the Nextel Cup series alongside DaimlerChrysler, Ford and GM; the introduction of Red Bull as team owner and titler of a Toyota team; and the stock car debut of Formula One ace Juan Pablo Montoya-driving a Texaco/Havoline-sponsored entry-who is expected to help NASCAR's multi-cultural marketing efforts.
In open wheel racing, sponsorship interest continues to be hampered by ongoing concerns over the health of the sport. Although the Champ Car World Series this year signed a new partnership with software company iRise, the circuit has lost both Ford and Bridgestone as its presenting sponsors.
About IEG, LLC
IEG is the world's leading provider of independent research, consulting, training and analysis on sponsorship. Founded in 1981, IEG provides corporations and properties with the strategies and tools to harness the sales and marketing power of sports, arts, entertainment and cause marketing.
IEG offers services that include sponsorship consulting, competitive intelligence and valuation. IEG also publishes IEG Sponsorship Report, the international biweekly newsletter on sponsorship; the IEG Sponsorship Sourcebook, the definitive guide to sponsors, properties and agencies; and other industry publications and sources.
IEG also is the leader in sponsorship training. Its internationally renowned Sponsorship Conference, now in its 24th year, attracts a capacity crowd of delegates each year. Through its conferences, seminars and webinars, IEG has trained more than 45,000 sponsorship executives worldwide.
For more information about IEG and the sponsorship industry, please visit http://www.sponsorship.com or call 800/834-4850 (outside the U.S. and Canada, 312/944-1727).