Chevrolet won’t renew track sponsorships with NASCAR
The manufacturer isn't planning to renew any track sponsorship that expire at the end of this season or going forward, multiple sources confirmed on Thursday. Such deals include sponsorship of race events, pace car deals and signage at tracks. The move comes as General Motors stock hit a 54-year low this week, falling under $10 per share. No race teams are expected to be affected by Chevrolet’s decision. The decision could affect several tracks owned by International Speedway Corp. and at least one belonging to Speedway Motorsports Inc. New Hampshire Motor Speedway, purchased by SMI last year, has its Chevy contract expire at season's end. GM officials would neither confirm nor deny the move.
"At General Motors, we are always evaluating our business relationships in every aspect of our organization," said Ed Peper, GM North America's vice president of Chevrolet. "It is GM's policy to not discuss our contractual commitments with outside parties." Jerry Gappens, the New Hampshire track's general manager, said he had not been informed about the status of Chevy's contract with his track for next season. ISC spokesman David Talley also would not directly address the issue, saying only, "We continue to enjoy a great relationship with Chevy and look forward to continuing conversations about the future."
Cutbacks by manufacturers were raised a week ago by a Detroit-based writer on the web site autoextremeist.com. A top NASCAR official told reporters at New Hampshire Motor Speedway on Saturday that the report was without merit. Charlotte Observer