Word has been perculating that even NASCAR is not recession proof. So much sponsor money for these race teams comes from corporations and many of those companies are NASCAR’S own participating members – to the tune of $500 million each year. AP released an article this week that Pittsburgh’s own Chip Ganassi, a car owner who has won numerous events including the recent Indy 500, shut down an unsponsered race team due to lack of funds. The impact of this decision is that 70 plus folks are now unemployed.
What is really happening is this — on a macro level unemployment continues to escalate, foreclosures are at an all time high, home buying is thwarted, consumer confidence is still receding, retailers are filing bankruptcy (Sharper Image, LNT), and, heck, even Starbucks is closing 600 stores. One of the biggest culprits is oil which remains near $150 a barrel and, as summer is in mid-stream, gasoline prices are above the $4.09 threshold. This leaves car and truck sales at double digit decreases compared to LY. It’s an extraordinary and exacerbating time for businesses and people – and personally it's affecting most.
Even in the height of the NASCAR season, it’s a new day for the drivers, the owners, the sponsors – and the all glorious pay-out. What will be impacted next? Will Kobe Bryant or Sidney Crosby be traveling to their first away game next season via a Greyhound or Amtrak? Stay tuned. In the meantime, for the latest in the standings or most up-to-date drama, go to < www.nascar.com.>
Be in the Driver’s Seat,