Although NASCAR officials meet routinely, even daily, with official partners, Chairman and CEO Brian France recently took several key executives on a trip to Corona, Ca. to continue his direct involvement in entitlement sponsorship relations with Monster Energy.
There was no emergency and the sky was not falling. Rather, it was a chance to review the season heading into the Monster Energy All-Star Weekend. In fact, many people may not realize it but France was instrumental in bringing in Monster Energy for the naming rights of NASCAR's Cup Series and he is routinely involved in discussions and meetings with major sponsors of the sport. As part of that commitment, he frequently talks with Monster Energy executives and asked for the face-to-face meeting, this past Monday, to see how well the two companies have come together since the announcement in December 2016.
It would appear partnering with NASCAR has benefitted Monster Energy significantly, as the company's 10Q filing for the first quarter of 2017 shows a $61.9 million increase in year-over-year net sales ending March 31. This year Monster Energy ended Q1 with $742,146,000 in net sales and last year the Q1 net sales were $680,186,000. Additionally, net income is up $14.1 million.
A source inside the sanctioning body did say the two companies have met frequently to discuss how to make the racing more exciting and enjoyable for fans, while at the same time, enhancing the brand awareness for Monster Energy. The source said, unlike the previous entitlement sponsors in NASCAR, Monster Energy doesn't have a massive promotions or engagement departments, nor does it have a marketing agency on speed dial to implement the newest idea. Monster Energy just makes things happen, the source said, and they do it with a close-nit group of company executives.
Monster Energy Vice President of Sports Marketing, Mitch Covington, said that overall he is pleased with how things were going with NASCAR.
At Charlotte Motor Speedway, it's impossible to miss how well Monster Energy has integrated into the sport. With haulers moving in for the Monster Energy Open and the Monster Energy NASCAR All-Star Race, logos abound featuring the iconic Monster Claw in what is the best visual representation of the partnership, to date.
Read much more at Kickin the Tires.