The Business of Being a Race Driver for July 5, 2022

This week in The Business of Being a Race Driver I am featuring Megan Meyer’s report on the recent Motorsport Sponsorship Summit and what she considers the biggest takeaway from that day, the importance of confidence in searching out funding, the costs of racing a Legend car and more.

The Business of Racing

• On June 17th there occurred an online sponsorship conference called The Motorsport Sponsorship Summit. Featuring a wide variety of knowledgeable, prestigious guests, the conference offered race drivers a chance to learn from the best. In Why your sponsorship approach is all wrong, Megan Meyer recaps what went on during the day, what the biggest takeaway was from the show and how you can watch a replay of the summit.

• What are hybrid sponsorship packages? Watch the video above for an explanation.

• Megan Meyer explains how you can get more funding with these 3 confidence-building steps. “Turns out, confidence is a key factor in your success. This is true of lots of moments in life, but most especially when you’re asking for funding. If you’re not confident in yourself as a racer and marketer, your sponsors won’t see you as the diamond in the rough you might think you are.”

• For a business considering sponsoring a driver or team, they need to understand how they can best use those sponsorship assets. This is something that as a driver, you need to best understand in order to anticipate any questions that they may have. Drive Sports Marketing looks at this in How To Use The Sponsorship Assets.

The Costs of Racing

• In Driving a $17,500 Legend Car Proves Affordable Racing Is Alive and Well, The Drive’s Chris Rosale looks at the costs involved in racing Legends cars. “Driving and owning a race car is an opportunity afforded to few people, as it’s all down to steep costs. Normally, you’re out tens of thousands of dollars to purchase the car itself, thousands more in parts and transportation, and thousands in entry fees. I hadn’t heard of U.S. Legend or its cars before I found myself strapped into this miniature hand grenade, but what did entice me was the apparent affordability of the company’s cars. I think that this machine may provide a spectacular solution to the difficult-to-answer question of affordable racing.”