Bank of America and NASCAR

BoA continues to make a strong push with its sports sponsorships. The company has a national sponsorship with MLB and recently signed an agreement with NASCAR. Promo Magazine reported, "Bank of America is cashing in on its sponsorship of the inaugural Bank of America 500 NASCAR race with a promo that lets fans jockey for the chance to say four words to be broadcast round the nation—Gentlemen, Start Your Engines!"

According to the article, "it holds the title of the official bank of baseball and is an official sponsor of the 2006-2008 U.S. Olympic Teams. The bank’s nationwide sponsorship portfolio also includes professional golf, football and motor sports."

A spokeswoman added, "The bank recognized that NASCAR has some of the most loyal fans in sports and certainly we want to have a relationship with those fans," said Jill Gregory, senior VP racing platform at Bank of America (BOA). "A lot of NASCAR fans are Bank of America customers and we wanted...to be more of a part of the NASCAR environment and talk to those fans."

This race is during the "Chase for the Cup", which is NASCAR’s postseason. There is tons of additional media coverage and television viewership during the postseason. The sponsorship allows the bank to develop relationships with fans, while also bringing clients to the race. The bank can create a "VIP Experience" for select clients by bringing them to the garage, pit road during the race or by having the opportunity to meet a driver.

I believe this sponsorship will help the bank’s brand over the long term and it was a smart business decision.