A total of 117 FORTUNE
500 companies – nearly one out of four -- use NASCAR as part of their marketing
mix, according to FORTUNE Magazine’s annual list, released this month. For the
second consecutive year, the number of FORTUNE 500 companies involved in
NASCAR increased; with an eight-percent improvement over 2008. The analysis
encompassed companies currently involved as a sponsor of NASCAR’s sanctioning
body, teams, tracks and/or as media partners.
“There’s a
reason the number of FORTUNE 500 companies invested in NASCAR remains
higher than any other sport,” said Steve Phelps, NASCAR’s chief marketing
officer. “Our fans are among the most brand loyal in all of sports. Some of the
world’s biggest, most recognizable and profitable brands utilize NASCAR as a
critical and powerful part of their marketing mix because it works for their
business.”
Findings from a
study commissioned by NASCAR and conducted by Toluna prior to the start of the
2013 season show that approximately one out of four NASCAR fans “strongly agree”
that they support NASCAR sponsors more than sponsors of other sports.
“The current
sponsorship landscape is as competitive as it has ever been,” said Michael
Waltrip, founder and co-owner of Michael Waltrip Racing. “Our partners continue
to choose to use our team to drive their brands because we have had success
demonstrating value in their investment, proven by our recent partnership
renewals with NAPA Auto Parts and other major corporations.”
“Regardless of
a company’s entry point into the sport, the demand for a quantifiable return on
investment expands across all levels of sponsorship,” said Joie Chitwood III,
president of Daytona International Speedway. “We take pride in delivering a
best-in-class experience and valuable branding opportunities to a number of
powerful companies on an annual basis.”
To be eligible for the FORTUNE
500, a company must be based in the U.S. and publicly traded. Though many
companies on the FORTUNE 500 utilize NASCAR as part of their
business-building strategy to develop their customer base, strengthen market
share, and increase value for their shareholders, only industry partners, media
partners, and licensees involved in the sport were counted in the analysis.
Companies invested in the sport solely as advertisers were not counted.
Although being
a FORTUNE 500 company is the gold standard of success for
publicly-traded companies in the United States, there are several global
corporations currently involved in NASCAR that were not included in the
analysis because they do not meet FORTUNE’s criteria. A number of those
blue-chip brands not qualifying, but are involved significantly in the sport,
include MillerCoors, Mars, Toyota and McLaren.
And if you don't know the brand you will be asking about it!
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