Advance Auto Parts Budget Reduction Affects World of Outlaws CONCORD, N.C. -- Nov. 7, 2008 -- World Racing Group officials announced today that Advance Auto Parts will not return as title sponsor of the World of Outlaws Sprint Car Series for...
Advance Auto Parts Budget Reduction Affects World of Outlaws
CONCORD, N.C. -- Nov. 7, 2008 -- World Racing Group officials announced today that Advance Auto Parts will not return as title sponsor of the World of Outlaws Sprint Car Series for the 2009 season, nor will the company continue as the Official Auto Parts Store of the World of Outlaws Late Model Series. Advance has reduced advertising and marketing budgets for 2009 and realigned its business priorities. Advance Auto Parts exercised an opt-out provision in the three-year agreement.
"It is an unfortunate decision for the Series, our Promoters, Competitors and all of the Team Members at Advance who worked so hard to make the partnership the success that it was. The budget cuts came as a surprise to us and are impacting other sports properties as well, but we remain confident in the value of our Series and the sponsorship experience that we delivered," said World Racing Group CMO Ben Geisler. "I would also like to thank our fiercely loyal fans who so warmly welcomed Advance to our sport by visiting their stores, participating in promotions and sending them messages of support."
The marketing team at World Racing Group is in conversations with several companies about replacing Advance as Title Sponsor of the World of Outlaws Sprint Car Series and hope to make an announcement before the end of the year.
World Racing Group CEO Brian Carter commented, "Advance was an important partner, but just one of our partners. The World of Outlaws Sprint Car Series will continue to be 'The Greatest Show On Dirt' and this announcement will not affect our 2009 plans with respect to the series."
The World of Outlaws Sprint Car Series season will kick off the 2009 season at Volusia Speedway Park as the headliner for the first week of the Alltel DIRTcar Nationals by UNOH with single-day shows on February 6th, 7th and 8th. Visit www.volusiaspeedwaypark.com for ticket information.
The following is a statement from Advance Auto Parts:
Effective for the 2009 season, Advance Auto Parts will not be returning as the title sponsor of the Advance Auto Parts World of Outlaws Sprint Car Series and the official auto parts store of the World of Outlaws Late Model Series. While this partnership has been positive for Advance, the Company is in the midst of a turnaround and must repurpose expenses due to the recent trends in the business as consumers navigate the challenging economic environment. The Company must also continue to invest in the turnaround which includes making structural changes to the Company's business model, which included lowering advertising and marketing expenditures. The reduction in sponsorship spending is being repurposed to fund incremental store labor expenses to better serve our Commercial and DIY customers. Advance would like to thank the World of Outlaws and participants, fans and supporters and wish both programs continued success.
About World Racing Group, Inc.
World Racing Group, Inc. (OTCBB: WRGI), a sports entertainment company, is a world leader in the sanctioning and promotion of dirt track auto racing. WRGI, based in Concord, N.C., owns and operates the three highest profile national touring series for dirt track racing in the United States:
* The World of Outlaws® Sprint Car Series
* The World of Outlaws Late Model Series(SM)
* The Advance Auto Parts Super DIRTcar Series
World Racing Group sanctions more than 4,900 local and regional dirt track racing events in the United States and Canada at 126 tracks each year under the DIRTcar Racing brand. In addition, World Racing Group owns and/or operates seven premier dirt track speedways. WRG races can be heard online at DIRTVision.com®.
To learn more about World Racing Group, visit worldracinggroup.com.
About Advance Auto Parts
Headquartered in Roanoke, Va., Advance Auto Parts, a leading automotive aftermarket retailer of parts, accessories, batteries, and maintenance items in the United States, serves both the do-it-yourself and professional installer markets. As of Oct. 4, 2008, the Company operated 3,352 stores in 40 states, Puerto Rico, and the Virgin Islands. Additional information about the Company, employment opportunities, customer services, and on-line shopping for parts and accessories can be found on the Company's web site at www.AdvanceAutoParts.com.