Mobil 1 (XOM) has renewed its partnership with NASCAR through 2023, to remain the official motor oil of the racing sanctioning body. While terms of the deal have not been released, NASCAR sponsorships typically run in the low seven figures on an annual basis. The partnership makes sense on several levels. Recognition of Mobil 1 as a NASCAR sponsor is at a three-year high. NASCAR fans are 30% more likely than non-fans to add or change their own motor oil and more than 50% of teams within NASCAR’s 3 national series use Mobil 1 products.
Howie Long-Short: With NASCAR viewership hitting record lows, I hope Mobil 1 got some sort discount on the renewal.
Fan Marino: Seems strange that NASCAR’s biggest race is their first race of the season (Daytona). Imagine the Iron Bowl or OSU/Michigan kicking off CFB season next weekend.