The NASCAR Way : The Business That Drives the Sport by Robert G. Hagstrom

By Robert G. Hagstrom

A $2 billion undefined, inventory automobile racing is the biggest and fastest-growing spectator activity this present day. Now celebrating its fiftieth anniversary, this once-upon-a-small-time festival all started with moonshine runners and back-street dragsters. How, then, did it explode right into a enterprise phenomenon?Beneath the roar of the V8 engines powering the high-speed autos, you could listen the mild hum of the finely tuned enterprise that drives the game: the nationwide organization for inventory motor vehicle automobile Racing (NASCAR). instructed by means of wonderful management, astute advertisement imaginative and prescient, and razor-sharp monetary savvy, this flourishing association single-handedly replaced the face of inventory automobile racing—and, accordingly, the outlook of the complete activities leisure industry.In this impressive exam of the sport-as-business/sport-as-investment phenomenon, Robert Hagstrom combines an investor's prepared perception with a racing fan's unbridled enthusiasm to convey you the full within tale. right here, the bestselling writer of the blockbuster The Warren Buffett approach turns a perceptive eye on a special enterprise version, exploring the singular challenge, guiding ideas, and monetary constitution that, from inventory automobiles to the inventory marketplace, have effectively propelled NASCAR.Founded through monstrous invoice France in 1948, and nonetheless run through the France relations, NASCAR this day competitors the likes of such heavy hitters because the NFL and the NBA. Its meteoric upward push to the head has been fueled via an uncanny realizing of consumer-oriented sponsorship, subtle advertising and marketing, and nationwide merchandising. but, its maximum energy, maybe, is an unyielding dedication to forging collectively invaluable relationships with lovers, tune vendors, drivers, and different members. Hagstrom's attention-grabbing research probes all of the crucial components underpinning NASCAR's large good fortune, from licensing and broadcasting rights to the 2 most vital parts: sponsorship and fans.As the bread and butter of NASCAR, company sponsorship is handled very heavily. Conversely, as a resource of excessive go back on funding, NASCAR is seemed in a lot a similar vein via a bunch of sponsors, together with such Fortune 500 businesses as DuPont, Kellogg's, Pepsi, Coca-Cola, normal cars, Ford Motor corporation, and Kodak. The hugely profitable symbiotic partnership among NASCAR and its sponsors is in contrast to the other on this planet of activities, and gives a useful lesson in sponsorship-based marketing.However, if company sponsorship is the spine of NASCAR, the lovers are its center. not just do they convey an infectious enthusiasm to grandstands around the kingdom, they're keen and beneficiant consumers, purchasing thousands of bucks worthy of souvenirs, movies, and garments. what is extra, because the biggest workforce of brand-loyal activities enthusiasts, they're probably to buy items from NASCAR sponsors. With loads of its survival counting on the lovers, it's no shock that, at NASCAR, preserving them chuffed is a first-rate goal.As NASCAR roars into the subsequent century, it indicates no indicators of slowing down. by means of capitalizing on new possibilities in expertise and licensing, and striving to construct on "the NASCAR way," it is going to remain the powerful financial strength it's today.The NASCAR method captures the entire vibrancy, pulse-pounding pleasure, and heart-stopping motion of inventory vehicle racing—as either an attractive activity and a booming company chance. Taking you onto the song, into the grandstand, and in the back of company doorways, this can be a trip you will not quickly forget.From the bestselling writer of The Warren Buffett method, a revealing within examine the booming business—and funding opportunities—of NASCAR"Hagstrom's insights and observations carry a fresh 'outside' enterprise viewpoint to our industry." —From the Foreword by way of William C. France, President, NASCAR"From its origins in Daytona within the '50s to modern-day stay community proclaims for hundreds of thousands of committed enthusiasts, Robert Hagstrom deals an in-depth examine the fastest-growing recreation within the nation. The NASCAR means explains how and why dozens of Fortune 500 businesses were lining as much as leap on board." —Michael T. Hargrave Senior Motorsports supervisor, Anheuser-Busch Inc."It is excellent to be linked to NASCAR, the France relatives, and for me to receives a commission for what i like — to race! within the NASCAR approach, you notice a prime-time sport." — Dale Earnhardt 7-time NASCAR Winston Cup champion"An exact and enjoyable standpoint to the unbridled capitalism that has outfitted NASCAR into the #2 recreation in the USA after football."—Bill Nielsen Director, advertising improvement & Licensing, Kellogg united states Inc."Hagstrom is familiar with how our company works either off and on the song. His conception of our game could have you racing throughout the pages at the fringe of your seat. The booklet is easily a winner!" —Dale Jarrett Winston Cup driverROBERT G. HAGSTROM is common associate of concentration Capital Advisory, L.P., a Wayne, Pennsylvania, funding advisory company. he's additionally portfolio supervisor of concentration belief (www.focustrust.com), a no-load fairness mutual fund. Mr. Hagstrom is the writer of the hot York occasions bestseller, The Warren Buffett approach.

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But it is clear that the leverage stock car racing has in selling itself to advertisers is increasingly based on its television and radio audience. More than any other single factor, television is credited for stock car racing’s phenomenal growth. Because television, both cable and 16 T H E N A S C A R WAY network, still reaches the widest audience, it is the preferred vehicle for corporate advertising. Although network television first broadcast live stock car races— with CBS’s coverage of the infamous 1979 Daytona 500—it was cable television that significantly increased the television audience for racing.

France instinctively knew there would be significant fan interest for this type of racing. What he couldn’t overcome was the lack of available cars. After World War II, Detroit was slow in revamping production for passenger cars. The waiting list for many automobiles stretched for months. So the 1948 racing season began with the modifieds and the roadsters. There were plenty of cars available for these two divisions. In the modified division, for instance, cars had to be 1937 or later 31 Rules of the Road models; they had to have windshields and fenders, but after that, almost any modification was allowed.

The points fund, at the end of the year, was worth $3,000, and it was divided among the year’s top finishers. Still, France was troubled. Throughout the year, he had to deal with different rules at different tracks. Some track owners falsely advertised big purses that were never paid to the winners; some even took off with the gate receipts before the race concluded. Stock car racing had a reputation of being disorganized at best, crooked at worst. If the sport was ever to succeed, France knew it would require a central racing organization whose authority outranked all drivers, car owners, and track owners.

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