Jan 07 2009
General Motors renews sponsorship with Daytona
General Motors Corp. has renewed its long-standing sponsorship of the Daytona International Speedway and its signature NASCAR race, the Daytona 500.
There had been some question if GM would renew as financial troubles and slumping sales have forced widespread cuts among all the American automakers. GM recently terminated an endorsement deal with Tiger Woods and pulled out of advertising during Super Bowl XLIII.
Late in 2008, GM decided not to renew their sponsorship of Martinsville Speedway.
For Daytona, rather than a long-term deal however the new contract for NASCAR’s most prestigious event is on a year-to-year basis. The event was the US’s top rated motorsports broadcast in 2008, drawing 33.5 million TV viewers.
GM has been a Daytona sponsor for more than 40 years.
“We are able to draw a direct correlation to sales, and that’s where we are going to put our money,” GM spokesman Terry Rhadigan told the Detroit News. “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.”
GM provides fire and safety vehicles, pace cars and other vehicles for the race, as well as a July race at the track. GM did not disclose how much it spends on the Daytona deal or NASCAR sponsorships.
“We’re very pleased to have them back as a partner,” Daytona spokesman Andrew Booth said. “We’ve had a great relationship with them, and they’ve been a great partner to us.”
McClure will still most likely face prison time, up to 15 years, three years on each count. The US attorney is expected to ask for a reduced sentence. There will be a fine of $1.2 million however and McClure will not be allowed to appeal any part of the sentence. No sentencing date has been set.
