Nascar and Geico to part ways at end of season

• Geico initially signed on as official insurance partner in 2019
• Company also title sponsors the Geico 500 at Talladega Superspeedway

Nascar and Geico will end their premier partnership at the end of the 2024 season, with the insurance company becoming the first premier partner to depart the series since the sponsorship model was introduced in 2020.

First reported by Sports Business Journal (SBJ), Nascar has now confirmed the collaboration will come to a close.

A statement from Nascar read: ‘The partnership between Nascar and Geico has demonstrated the immense value and weekly excitement that two consumer-driven brands can create, and we are proud of the extraordinary brand value, exposure and growth opportunities we’ve built together. We’ve appreciated their partnership and presence in the sport as one of our first premier partners.’

Nascar implemented the premier partnership model in 2020, moving away from having a sole title partner for the series. Busch Light, Coca-Cola, Geico and Xfinity signed on as the first batch of partners in this model, so this represents the first time the series has lost a top-level sponsor.

The decision ends six years of partnership between Nascar and Geico. The firm initially signed on as the stock car racing series’ official insurance partner in 2019. It is unclear what this means for the future of the Geico 500, with the company having title sponsored the Talladega Superspeedway event since 2015.

For Nascar, the series will need to look for a new premier partner, something which should be sped up once Creative Artists Agency (CAA) Sports helps the series find a new chief commercial officer.

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BlackBook says…

Nascar’s move to a premier partner model means that when a sponsor decides to step away it softens the overall impact. Instead of losing 100 per cent of a title sponsor, Nascar only loses 25 per cent of the top-level group.

Branding-wise, it’s an intelligent move from the series as it centres the public perception around the ‘Nascar Cup Series’, rather than associating its image with a brand. However, the series’ positioning will now be tested with the calibre of brand it can attract as a replacement for Geico.

A bumper US$7.7 billion TV deal with four broadcasters makes Nascar an intriguing sponsorship proposition, but which brands will be ready to commit before seeing the viewership impact of a series jumping between channels?