Bank of America extends its NASCAR connection with new deal

Updated: February 21, 2006, 8:44 PM ET
Associated Press

CHARLOTTE, N.C. -- Bank of America Corp. said Tuesday that it has reached a five-year agreement with International Speedway Corp. to sponsor four race tracks, including California Speedway near Los Angeles.

It's the latest of several recent high-profile deals involving NASCAR and the nation's second-largest bank, which for years paid little attention to the marketing potential of stock-car racing despite being based in Charlotte, the sport's hub.

Financial terms of the latest sponsorship deal, which also includes tracks in Kansas City, Mo.; Avondale, Ariz.; and Watkins Glen, N.Y., were not disclosed.

"Joining the ISC family enables us to expand the ways in which we can reach a significant base of racing fans among our customers, and is further proof of our commitment to the sport as a central part of our marketing strategy," Rick Parsons, executive vice president for brand marketing at Bank of America, said in a statement.

Headquartered in Daytona Beach, Fla., ISC is controlled by the France family, which also runs NASCAR. ISC owns 11 tracks, including Daytona International Speedway.

"We look forward to working with Bank of America to develop at-track marketing programs to effectively complement their overall motorsports platform," ISC President Lesa France Kennedy said in a statement.

In return for its financial support, Bank of America wins the right to place advertisements and ATMs at each of the four tracks as well as entertainment space and other promotional rights.

Last summer, Bank of America struck a deal with ISC's chief rival, Speedway Motorsports Inc., to sponsor Lowe's Motor Speedway in nearby Concord, N.C., and tracks at Atlanta, Dallas, Las Vegas and San Francisco.

Bank of America also will sponsor the Nextel Cup race at Lowe's Motor Speedway in October, the Bank of America 500.

Copyright 2006 by The Associated Press

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