The Business of Being a Race Driver for October 25, 2022

This week in the Business of Being a Race Driver, I kick things off with the announcement that a major automotive brands group has announced the opening of its sponsorship applications for the 2023 season. You have until December 15, 2022, to make your pitch.

I also feature several actionable tips that you can use to assist you in your sponsorship acquisition efforts.

Finally, I include a new racing opportunity that you may find of interest in pursuing if you are an endurance racer with a budget. Let’s go!

The Business of Racing

• First Brands Group has announced the opening of its sponsorship application for the 2023 season. Competitors in stock car, kart, dirt track, drag racing, motocross and other circuits can apply today through Dec. 15, 2022.
  • StopTech, Autolite, Raybestos and FRAM will provide support to teams that are selected for racing sponsorships. Selected teams will represent these automotive parts brands in hundreds of events across the United States.
  • “Our racing program is back for 2023, and with the support of four of our industry-leading brands, this is shaping up to be our biggest year yet,” said Carl Weber, senior marketing director, First Brands Group. “We’re confident that our support and high-performance brakes, filters and spark plugs will give our sponsored teams a boost as they race towards a victory.”
  • In 2022, StopTech, Autolite, Raybestos and FRAM sponsored more than 50 race teams competing in stock car, kart, dirt track, drag racing and motocross circuits. The 2023 sponsorship program will offer more co-sponsorship opportunities to give selected race teams support from multiple brands.
  • If you think you’ve got what it takes to make it to the sponsorship winner circle, apply here, fbgsponsorships.com.

• Sports marketing agency Sport Dimensions explains how B2B relationships work in motorsport. It is essential that you understand this concept and how can be integrated into your sponsorship acquisition strategy, “Professional racing has evolved from the days of “impressions” and “branding” to one founded on business relationships and direct ROI. The brand exposure numbers generated on the track have gone from the priority to being icing on the cake of well-executed B2B and activation programs. Looking around the paddocks of the various professional series, you will find that most of the teams are customers of their own sponsors. This is not a coincidence and is a fundamental characteristic of what makes racing such a unique platform to tell your brand’s story.”

• Megan Meyer looks at 4 overrated sponsorship proposal details you need to delete. “Your sponsorship proposal deck is the final step in your journey with your potential sponsors. Making a great last impression is important! But there are a few details that have become standard in proposal decks that are totally overrated. Cutting out these parts will focus all the attention on the most important part of working with you — what you can do for them. If your sponsorship proposal deck has these elements, try creating a version with these adjustments.”

• Jess Shanahan at The Racing Mentor explains how to structure your motorsport sponsorship packages. “I’ve seen many drivers go into a pitch with three packages with prices such as £10k, £30k, and £50k. There’s nothing wrong with these prices but the way they’ve presented the offering means the only big differences between those packages is the location of a sticker on the car, a few extra hospitality passes, and a track day for the top level. A business isn’t going to cough up £20k extra for those things.”

• The Women’s Motorsports Network will be offering online courses geared towards drivers, team owners, crew members, promoters, track announcers, and team members, beginning January 9, 2023. You can get more information by contacting them at iwmanation@gmail.com or via Direct Message at the Women’s Motorsports Network Facebook Page. Course topics will include:
  • Social Media Strategy: Using it to your Advantage—Facebook, Instagram, LinkedIn, TikTok, Twitter
  • Using Canva for your Social Media Posts
  • Sponsor Avatar Worksheet
  • Branding Yourself and Your Team
  • Telling Your Story
  • Become the Favorite Driver
  • Life Priorities for Success
  • Media Management: Interviews, podcasts, press releases
  • Etiquette On and Off the Track
  • Become a Natural at Networking
  • Goals: Vision Board Exercise – putting your goals on paper
  • Working Together for Track Success
  • Appreciation Marketing: Gratitude Pays
  • Email Marketing

• Power Sponsorship discusses How to Increase Sponsorship Revenue: Getting Creative with Benefits. “You want more sponsorship revenue. Everyone does. The problem is that you only have so many benefits to offer, so if you want more money, you have to figure out a way to divvy up your benefits pie into smaller pieces, while simultaneously charging more for them.”

• Considering offering NFTs as part of your sponsorship inventory in the United States? In NFTs As Expressive Works? Does The US First Amendment Protect Against Trademark & Copyright Concerns, LawinSport looks at the legal status of NFTs. “Beginning with a case comparison of trademark and copyright decisions from differing jurisdictions, we then explore how those cases might inform treatment of NFTs under the First Amendment. Concluding with implications for interested parties, this article suggests best practices to protect both existing IP and newly minted and sold NFTs.”

Racing Opportunities

Pirate Racing DAO is a new racing team and they are looking for funded drivers.

Pirate Racing DAO is founded by Florian Budts. Florian is a racing driver himself and struggled with the financial part of the sport. Since he does not have a wealthy background he had to rely on sponsorships which are hard to find, especially when you have big ambitions. Therefore he started his own racing team. A team that will work towards a different system so that talent can be the priority instead of the financial side of the sport. Pirate Racing DAO will achieve this by making use of communities in the Web3 world. While building this system to change the sport, the team will have to follow the traditional path for now until we are able to finance everything and everyone from the community budgets.

We will start with the Belcar Endurance championship or the 24h Series and build up towards WEC. We will race with a BMW M2 CS R or a BMW M4 GT4. To know the budget for sure we have to wait for the organisers to give their numbers but the prospect is between 100.000-150.000 euro per driver. This includes everything to be able to race during the race weekends. The only thing the driver has to take care of themselves is their transport to the track and their accommodation. We are looking for 2 more drivers to complete the line-up. Ideally we want to work with the same drivers for multiple years because we believe the greatest success comes when the whole team is attuned to each other.

Interested drivers can contact Florian through this email address: budts.florian@gmail.com or on whatsapp on +32497129584. More information on the team can be found at their Twitter page @PirateRacingDao or on Discord at https://t.co/NpJDRR10ZF.