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Written by:
Tom Jensen
07/16/2008 - 03:01 PM
Charlotte, North Carolina
The last three NASCAR Championships have been won by drivers in Chevrolets. (Photo: Robert Laberge, Getty Images) ยป More Photos
With General Motors Corp. bleeding cash at a rate of nearly $1 billion per month, CEO Rick Waggoner on Tuesday announced a drastic cost-cutting plan designed to increase liquidity by $15 billion. And GM’s NASCAR program will not be immune from the sharp swing of the budget axe.
What’s unclear is just how deeply those cuts will extend into NASCAR, where GM spends an estimated $125 million per year, according to industry sources.
“While we are committed to maintain adequate resources to support launch products and brand advertising, we will implement significant reductions in promotional and event budgets, motorsports activities and back-office expenses,” Wagoner said in remarks to employees on Tuesday.
In a news conference on Tuesday, Troy Clarke, president of GM North America, added, “I'm not going to get into specifics about NASCAR.
GM currently competes in NASCAR, the NHRA, USAC, the American Le Mans Series and the Sports Car Club of America, among other motorsports activities. “There are some elements of motorsports that are very effective means of promotion and communication with certain customer segments. The ones that are less are the ones that will be ... scaled back,” Clarke added.
First up on the block to be cut in NASCAR will be track sponsorships. GM is the official track sponsor at 12 of the 22 tracks where NASCAR Sprint Cup Series are run. By being track sponsor, the automaker gets to use its cars as pace cars for the event, uses its cars or trucks to take drivers around the track in pre-race ceremonies, receives signage and exhibition space at the track and other perks.
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