James Roe’s bold push to fuel his IndyCar dream by exploiting the series’ charter system is just one of the things you will learn about this week. You will also learn about the importance of PR for a race driver, the difference between sponsorship decks and proposals, and why a race driver needs spousal income protection insurance. All this and more in the latest Business of Being a Race Driver.
The Business of Racing
From the Driver’s Point of View
If you think you don’t need PR, consider reading motorsport PR expert Alexandra Schieren’s article “Motorsports PR: I am a race driver – I don’t need PR” to understand why this mindset is not only incorrect but could also harm your career.
“Recently I came across my very first blog article that I wrote when I started AS Sports Communication back in 2016. It is titled ‘I am a race driver, I don’t need PR’. I was struck by how valid that still is. I see a lot of young drivers who post more or less regularly on one or two social media channels, not many have a website and even fewer a PR strategy. It is not the race drivers fault, it is not their job to do PR. It is the job of agencies like mine. I think one of the problems is that not many people outside of the PR business actually understand what PR is, therefore they don’t understand why they need it.”
MotiV8 Training has produced a free downloadable ebook called “The Winning Formula,” your ultimate guide to sponsorship success and social media guidelines. “Gain valuable insights on how to build a successful brand and take your racing career to the next level. Don’t let the competition pass you by!”
You can download the book here.
At the 2023 Motorsports Sponsorship Summit, filmed live from Mechanix Wear HQ on January 7, 2023, Don O’Neal, co-host of Racers in Rental Cars podcast said the number one thing for racers to think about is creating sales for sponsors. Watch the video above to understand why.
RACER looks at how Indy NXT racer James Roe is taking an unconventional approach to attracting investors to fund his future IndyCar racing career. He is working a group of investors who want to connect with a team to buy into Roe’s future entry, infusing capital into the team for a stake in that entry’s charter, and bringing traditional sponsorship to the team through other supporters.
“As a result of the charter system announcements, there’s been a mix of Irish and American investors reach out who are interest in supporting me through the charter system,” he said. “And I think that’s the beauty of where the sport’s going. It creates a lot of opportunity for those that can deliver a real business offer to teams. It’s a very different lens to look through.”
Read more about his approach at RACER.
In the video above, Jordan Cochrum, the cofounder of Bob The Cooler Company gives sponsorship advice to riders, racers, and teams seeking sponsorship. Jordan was interviewed by Alex Striler at the 2024 Motorcycle Racing Sponsorship Summit on June 12, 2024.
In Part 3 of our series Driven to Succeed: Financial Planning for Motorsport Athletes by financial advisor Elliott Ellis, Elliott looks at why a race driver needs spousal income protection insurance. You can read his explanation here.
In the video above, Enzo Mucci breaks down his recent appearance on the BSDriver podcast which features a lot of great advice for the young race driver.
From the Sponsor’s Point of View
Sports marketing agency Sport Dimensions explains how to activate your sponsorship.
“Sponsorship ROI does not happen with a magic wand. You cannot spend a lot of money on sponsorship, sit back, relax and watch the new business come in. You must build unique programs using a strategic mix of assets that best aligns with your ongoing business objectives. This requires a variety of specialties working in harmony to generate maximum value for your brand.” Read the full post here.
Author: Mark Boudreau
Mark is the publisher of Motorsport Prospects. As a former lawyer, he applies his legal background and research skills to assist race drivers by showcasing the resources they need to make their motorsport careers happen.
