Chevrolet and Daytona Speedway officially announced Chevy as a founding partner as part of the Daytona Rising project. The partnership makes sense on multiple levels and is an example of how strategic partnerships can benefit specific sports, venues and sponsor companies. Chevrolet seems like an obvious sponsor, but sometimes the obvious sponsors aren’t necessarily chosen by a sports partner or venue. This type of strategic partnership benefits everyone involved.
Chevrolet’s name and brand will be very visible at one of Daytona’s Injectors, an area that will bring fans into the venue and provide fan amenities at venue. The brand will be able to activate in this region of the stadium as well as with its cars on the track. Chevy is a major NASCAR partner and one of the car brands teams use for its engines. The overlap between the sports and the brand makes the new Daytona partnership even more effective. The announcement was also a nice win for Chevrolet which officially lost its NFL partnership to Hyundai this week.
Daytona wins as well due to some obvious reasons, such as the revenue generated through the partnership, but also because the historic racetrack can stay on brand and gets a partner that resonates with its fans. There will be no confusion at the track and NASCAR fans are distinct in the brands and partners they prefer. They are also extremely loyal when it comes to choosing brands for their favorite driver, so why not use the same loyalty for the reputation of the new track and Daytona Rising.
NASCAR and its tracks often suffer from sponsor and brand competition. When a partnership such as the Daytona/Chevrolet partnership is announced it is a wonder why track partnership deals that take in this type of strategic consideration aren’t more prevalent.
Michael Colangelo is Assistant Director at the USC Sports Business Institute and Senior Editor of The Fields of Green.