Auto Racing, like many professional sports, is also a business, and like all businesses certain financial factors need to be taken into account for the good of the sport. Number one is the fans – those who pay for race tickets and merchandise. Fans drive the sport of auto racing, literally. If auto racing events are well-attended and race merchandise is flowing off the store shelves, then the various auto racing organizing bodies such as NASCAR, the Indy Racing League and F1 have a lot of money with which to advertise and promote their events.
Advertising and promotion are directly related to the second factor – sponsorship. Operating an auto racing team is a very expensive proposition, and the costs can run into the millions of dollars. Formula One is the most expensive racing sport, since F1 teams must construct their own cars instead of simply buying off-the-shelf parts. How is it all paid for? Sponsors. Companies pay – and pay very well in the case of winning drivers – to have their logos and products emblazoned on a race car driver’s car and uniform. Even the events themselves may be sponsored, and often are: the Busch Series, the Molson Grand Prix of Toronto and the UAW-DaimlerChrysler 400 are just a few examples. Here are some of the topics we’ll be elaborating on to assist you in learning about the business of auto racing:
The Industry – Race car manufacturers and component suppliers are squeezed between the desire to win at all costs and the need to conform to rules and regulations that can change suddenly. It’s a roller-coaster ride, and we’ve got the latest scoop on how the winds of change are buffeting the auto racing industry.
Services – A modern auto racing team simply cannot function without the various services that they depend on to keep their cars performing at a fine edge. Many such services are offered to racecar owners and drivers.
Sports Book and Betting – Gambling on sports events is a multi-billion dollar business, and racing fans are no different than other sports fans when it comes to putting their money on the line. Learn more about the world of sports wagering – it’s a fascinating science whether or not you’re a participant.
The sport of auto racing, despite its massive popularity, faces a number of key business challenges – not least of which are how it develops and grows in the future and how it can retain the interest of those who follow its twists and turns both on and off the race track. Here at Autoracing.com, our challenge is to provide our visitors with the finest, most up-to-date information on racing. We invite you to not only learn about the auto racing business at Autoracing.com, but also to contribute to our site for the benefit of auto racing fans everywhere!