Camping World to sponsor NASCAR truck series 24/10/2008 |
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Camping World, a recreational vehicle retailer, signed a seven-year deal to sponsor Nascar's pickup truck racing series, replacing the toolmaker Craftsman, which had sponsored the series since 1995.
Camping World's deal is worth about $5 million a year, said a source familiar with the deal who requested anonymity. Sprint Nextel Corp (S.N: Quote, Profile, Research, Stock Buzz) and Nationwide Insurance pay an estimated $75 million and $25 million a year, respectively, for their title sponsorships in NASCAR's two popular car race series.
The National Association for Stock Car Auto Racing boasts a fan base of about 75 million, a large stable of corporate sponsors and TV deals worth almost $4.5 billion through 2014.
However, attendance, merchandise and concession sales at Nascar events has suffered amid a weak U.S. economy and high gasoline prices.
Lincolnshire, Illinois-based Camping World already sponsors a truck driven by Ron Hornaday Jr., who won the championship last season.
"We feel strongly that this sponsorship will dramatically increase our customer base," Camping World Chief Executive Marcus Lemonis said in a statement.
Craftsman, a unit of Sears Holding Corp (SHLD.O: Quote, Profile, Research, Stock Buzz), has sponsored the truck series since it began in 1995. It said last year that 2008 would be its last season as the lead sponsor.
The sponsorship was attractive to Camping World because many NASCAR fans treat trips to the track as mini-vacations, driving long distances and parking their RVs at nearby campgrounds.
"Camping and tailgating is an essential part of the NASCAR race experience," NASCAR CEO Brian France said. "Thousands of RVs pack the campgrounds at every NASCAR event, often for three or four days at a time. This makes Camping World the perfect match."
(Source: Reuters)
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