Bank of America Inks Reported $15 Million NASCAR Sponsorship
Bank of America has signed a five-year deal with NASCAR, reported to be worth $15 million to $20 million.
The deal is expected to boost awareness of BOA’s financial services and drive retail business to its branches and ATMs.
Under the agreement, BOA becomes the Official Bank of NASCAR at the start of the 2007 race season, as well as its exclusive partner for banking and related financial services. It will also have the rights to use NASCAR marks in marketing and advertising promotions through 2011.
BOA said the sponsorship marks a significant expansion into racing, and acknowledges the sport as a strong platform for targeting multiple customer segments and accelerating growth across the company’s enterprise.
“We had tested the waters with NASCAR with track sponsorships and the Bank of America 500 and found that with the loyalty of those fans and their favorability to Bank of America’s product and services, we had to expand and tap into that loyalty,” said Jill Gregory, senior VP-NASCAR marketing, BOA. “That’s why we’ve built this program for 2007 and beyond.”
The deal will be activated through racing-themed mass-market promotions, at-track branding and hospitality, rewards programs for both customers and employees, and business-to-business and cross-promotional opportunities with NASCAR’s various sponsor partners.
“We want to see those types of promotions replicated in local race markets and as the series goes to other markets nationwide during our key marketing periods,” Gregory said.
Other elements include onsite branding and hospitality opportunities during NASCAR’s jewel events, such as the NASCAR Nextel All-Star Challenge, Championship Event and Champions Week. GMR Marketing, Charlotte, NC, will handle the sponsorship activation.
BOA’s affiliation with racing dates back to the early 1980’s when its banks in Virginia and North Carolina sponsored NASCAR races and provided financing for motor speedways throughout the U.S. As a result of its merger with MBNA, the bank is also the Official Credit Card Issuer of NASCAR, a sponsorship commitment that dates back to 1993 and enables it to exclusively issue Visa-branded products.
Last year, BOA announced multi-year sponsorship agreements with International Speedway Corp. and Speedway Motorsports Inc. for a combined total of 10 track sponsorships and title sponsorship of the Bank of America 500 at Lowe’s Motor Speedway in Concord, NC. As part of the Speedway sponsorship, a September promotion gave the winner the chance to shout “start your engines” over the public address system at the Speedway last month (PROMO Xtra, Sept. 19, 2006).
Meanwhile, the bank also holds the title of The Official Bank of Baseball with Major League Baseball and is an official sponsor of the 2006-2008 U.S. Olympic Teams. Its nationwide sponsorship portfolio also includes professional golf, football and motor sports.
The bank serves more than 55 million consumer and small business customers.
