One sport being hit particularly hard — and I’ve been meaning to write about it more but haven’t — is auto racing. First fuel prices put a hit on the sport from several angles, and now the weak economy has big-name sponsors pulling out in alarming numbers.
The latest hit comes today, to ARCA, which will lose RE/MAX as a sponsor after 2009.
The two released a joint statement that included the following:
“Economic conditions continue to present challenges to all segments of the business community, and especially those in the real estate industry,” said Ron Drager, ARCA President. “The challenge RE/MAX faces led them to inform us of their need to address a change in our relationship.”
The announcement signals the end of a nine-year run by RE/MAX as ARCA Series title sponsor, among the longest-running motorsports marketing programs of its type. ARCA has crowned a national stock car champion since 1953, and RE/MAX has been the title sponsor of the tour since 2001. The company will reduce its ARCA sponsorship role in 2010 to that of series presenting sponsor.
“The leadership RE/MAX has provided to our flagship property and their immense contribution to the ARCA organization will be sincerely missed,” Drager continued. “We at ARCA look forward to a great 2009 as the final year of the ARCA RE/MAX Series, and we have begun the search for a new series title sponsor for 2010 and beyond.”
The construction and housing industry has been hard hit by the current recession, and even worldwide real estate leader RE/MAX has been forced to react to the economy.
“In business, we are all called upon to make difficult decisions, and the decision to reduce our role from series title sponsor to presenting sponsor has been very, very difficult to say the least,” said Randy Morse, RE/MAX International Vice President.