Chipotle’s chief marketing officer Chris Brandt has revealed the company would have been “priced out” of a deal with a Formula One team like Red Bull.
Confirmed:
- Chipotle signed a season-long deal with Haas in February
- Brandt reveals contract “is in the early stages”, suggesting a future extension
- Haas team principal Guenther Steiner played key role in agreeing deal
- Activation at Miami Grand Prix produced Chipotle’s most liked and engaged Instagram post ever
- Brand visibility in the Middle East a big factor in entering into Formula One sponsorship
Context:
Chipotle seized upon the growing interest around Formula One in the US, becoming yet another US-based company to sign up with the sport’s only US-based team. Haas already has a ‘US$20 million per year’ contract with MoneyGram.
Comment:
Brandt told financial news site The Street: “We might have been priced out if we wanted to be with Red Bull or somebody else. It's okay to be with a team that isn't contending for the wins … You don’t need to be a winner in Formula One.”
Coming next:
The Street reveals that Chipotle is expected to ramp up its activity around the remaining races in the US, the United States Grand Prix and the Las Vegas Grand Prix.