PEP BOYS BECOMES INDY RACING LEAGUE'S TITLE SPONSOR INDIANAPOLIS, IN - January 20, 1998 - The Pep Boys - Manny, Moe & Jack (NYSE: PBY) and the Indy Racing League today announced a five-year title sponsorship agreement establishing the "Pep...
PEP BOYS BECOMES INDY RACING LEAGUE'S TITLE SPONSOR
INDIANAPOLIS, IN - January 20, 1998 - The Pep Boys - Manny, Moe & Jack (NYSE: PBY) and the Indy Racing League today announced a five-year title sponsorship agreement establishing the "Pep Boys Indy Racing League" series for Indy-style cars.
In addition to strong advertising and promotional support, Pep Boys will award $1 million to the Pep Boys Indy Racing League's championship team. "The Pep Boys Million" will be evenly divided between the winning car owner and winning driver. Also, Pep Boys will contribute to the purse at each Pep Boys IRL event.
"The Pep Boys Indy Racing League series unites two excellent brand names that are targeting the U.S. market," said Rick Hammill, vice president of advertising for Pep Boys. "This partnership brings two organizations together that are committed to leadership and excellence. Both organizations are deeply rooted in the United States and both are growing. And of course both of us share a common business interest in automobiles and driving."
The united effort is symbolized by a new IRL series logo, incorporating the Pep Boys name above the symbol of the Indy Racing League. The new series logo was unveiled during a news conference in Indianapolis where the agreement was announced.
The agreement will present opportunities for Pep Boys to use its stores to help build both brands through in-store promotions, advertising and customer hospitality.
"This is a landmark day in the history of the Indy Racing League," said Tony George, IRL founder and president of the Indianapolis Motor Speedway. "Pep Boys was founded in 1921, just 10 years after the first Indianapolis 500 Mile Race. Both Pep Boys and the Indy Racing League are rapidly expanding companies, building on our heritage. We are proud to be associated with Pep Boys," he said.
"Pep Boys' investment in the series, combined with their advertising and promotion expertise, will help both of our organizations grow and strengthen our brand identities during the next five years," said Leo Mehl, executive director of the Indy Racing League. "Our drivers, teams and car owners are very excited about having such a quality organization as our title sponsor."
Pep Boys will become the official auto parts store of the Indy Racing League and of the Indianapolis 500 Mile Race, in addition to becoming the title sponsor of the Indy Racing League.
Pep Boys is the nation's leading automotive aftermarket retail and service chain with 698 stores in 33 states, the District of Columbia and Puerto Rico. The company employs more than 24,000 people nationwide, with total annual sales in excess of $1.8 billion.
The IRL kicks off its 1998 season this Saturday in the Indy 200 presented by Aurora at Walt Disney World Speedway at Orlando. The race will be covered live by ABC-TV.