Sponsorship plays a crucial role in supporting The National Association for Stock Car Auto Racing (NASCAR) due to the high costs involved in running the sport. It contributes to the smooth and efficient operation of the racing series, exemplified by their top associations with Sunoco and Goodyear, supplying fuel and tires to each racing team, says GlobalData, a leading data and analytics company.

GlobalData’s latest report, “The Business of NASCAR 2023,” reveals that in 2023, NASCAR teams generated $767.25 million in annual sponsorship revenue, whilst the NASCAR series generated $425.06 million annually through central sponsorship deals. Team Penske and Richard Childress Racing are expected to generate a significant portion of the $767.25 million revenue in the 2023 season, adding to their esteemed reputation in the sport.

Joe Pacinella, Sport Analyst at GlobalData, comments: “Team Penske and Richard Childress Racing are two of the most valuable teams in the sport with Team Penske having 2022 Champion Joey Logano on its side, whilst Richard Childress Racing boast a long-lasting successful history in the sport.”

The deals with Sunoco and Goodyear offer a huge source of revenue for the racing series and provides solid foundations for operations and car efficiency.

Sunoco is the biggest spender in the NASCAR space and serves as the official fuel provider for all NASCAR series since 2004, including the Cup Series, Xfinity Series and Craftsman Truck Series. The long-term partnership has proved to become an asset for NASCAR’s operations, with the brand having fuelled 15.5 million miles of competition.

Sunoco has a limited sports sponsorship portfolio outside of US-based properties, with the brand clearly targeting American markets much like NASCAR, aiming to assert itself as market leader with NASCAR in the American motorsport space.

Goodyear also primarily focuses on US markets but has branched out and boasts global deals on its roster, giving NASCAR some much needed worldwide exposure. Goodyear provide tires to all NASCAR series and serves as the title sponsor for the Goodyear 400 race in Darlington, South Carolina. The tire brand produces more than 100,000 tires for NASCAR annually, emphasising the importance of the $25 million-a-year deal to the racing series.

Pacinella concludes: “55 of NASCAR’s 58 sponsors are headquartered in the US, highlighting its struggle to appeal to the audiences outside the US and hence hinders its room for growth. Despite the huge appeal and success in the US, NASCAR will always be in the shadow of Formula 1 universally until it finds a way to enter the global frame and make NASCAR something more than just an American sport.”