NASCAR's Pit Stop
Auto industry sales are down - and so are sponsorships.
Only 24 cars have received full funding for the 2009 season, according to the New York Times. While automakers normally spend about $500 million annually on NASCAR sponsorships, their businesses are simply too weak to invest precious monies in the sport.
A look at the disappointing sales figures for June shows why.
General Motors (GM) reported an 18.2 percent drop in sales; Ford (F), a drop of 27.9 percent. And the downturn is hardly confined to American automakers: Toyota (TM) posted a sales decline of 21.4 percent.
NASCAR viewership is down, too. Television ratings dropped 18% from 2005 to 2008, according to Fox (NWS). What was once hailed as the fastest growing sport in America has, for the moment, paused for a pit stop.
For more on the business of NASCAR, check out Hoofy and Boo's always astute report.
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