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In times of economic regression such as these, Lowe's decision not to renew their deal with Charlotte Motor Speedway from 2010 onwards seems logical. Although the NASCAR fans have already gotten used to referring to the North Caroline track as Lowe's Motor Speedway, the US company has now decided to change their strategy and bring an end to their title sponsorship of the oval circuit.

One good news (at least) is that Lowe's will not abandon the idea of still being in business with the Charlotte Motor Speedway in the years to come. According to a statement from Marcus Smith, president and general manager of Lowe's Motor Speedway, the US-based retail home improvement and appliance stores company is still willing to participate in a number of marketing projects NASCAR-related.

“When Lowe's entered into this marketing relationship in 1999, it was during the time of our company's rapid national expansion, and Lowe's Motor Speedway gave us the platform to introduce the Lowe's brand to millions of NASCAR fans and consumers across the country,” said Robert J. Gfeller, Lowe's senior vice president of marketing and advertising.

“We've enjoyed a great partnership with SMI over the years. However marketing strategies change, and it was time after 11 years to direct our marketing resources in other areas,” added Gfeller.

“Lowe's has been a tremendous partner for Speedway Motorsports and their corporate involvement has strengthened our sport for NASCAR fans. We look forward to moving in new directions to help them accomplish their marketing goals in 2010 and beyond,” stated Smith.

Lowe's decision doesn't come as a shock to anybody though, as it was the very owner of the Speedway Motorsports Inc. (owners of the Charlotte track) Bruton Smith who last week revealed he was expecting the US company to end their partnership with the SMI soon. Apparently, Lowe's had asked for a bump of over $3.5 million in order to continue their title sponsorship, which the SMI representatives decided against, as reported by The Sports Business Journal last Friday.

As for Lowe's sponsorship programme of the No 48 Chevrolet driven by 3-time Sprint Cup champion Jimmie Johnson, the company did not issue any statement. The Hendrick Motorsport driver's deal with Lowe's is to expire at the end of 2010.

(Source: autoevolution.com)