Ally announces official sponsorship with NASCAR

Rhea-AI Impact

(Neutral)

Rhea-AI Sentiment

(Very Positive)

Rhea-AI Summary

Ally Financial Inc. has announced a multiyear sponsorship deal with NASCAR, becoming the Official Consumer Bank. This partnership expands Ally's presence in the sport, complementing its existing relationship with Hendrick Motorsports. Starting with the 'Ally Pre-Race Tailgate,' Ally will enhance fan experiences through unique events and initiatives focused on inclusivity in racing. Ally will also sponsor the NASCAR Drive for Diversity Awards from 2024, emphasizing its commitment to fostering diversity and engagement, particularly among people of color and LGBTQ+ audiences. Ally has been active in the racing community since 2019, demonstrating a positive impact.

Positive

Ally becomes the Official Consumer Bank of NASCAR, enhancing brand visibility.
Focus on inclusivity and diversity in racing, aligning with contemporary social values.
Sponsorship includes fan engagement initiatives, potentially increasing customer loyalty.
Past achievements in racing, including community-focused events and partnerships.

Negative

None.

News Market Reaction – ALLY

-3.80%

1 alert

-3.80% News Effect

On the day this news was published, ALLY declined 3.80%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

02/05/2023 - 01:00 PM

Multiyear deal complements Hendrick Motorsports relationship, focuses on creating even greater fan experiences and advancing inclusivity in racing

LOS ANGELES, Feb. 5, 2023 /PRNewswire/ -- Ally Financial Inc., along with officials from NASCAR, today announced a league-wide sponsorship, expanding the brand's presence in the sport, having Ally Bank become the Official Consumer Bank of NASCAR and NASCAR-owned tracks. The multiyear deal is in addition to Ally's existing full-season relationship with Hendrick Motorsports and will also focus on continuing to bring unique and engaging experiences to fans, while advancing inclusivity in racing.

"We've loved every minute of the ride since becoming a sponsor of the No. 48, from seeing the growth in popularity of the sport to the increased diversity among team ownership," said Andrea Brimmer, Ally's chief marketing and public relations officer. "The timing couldn't be better for us to complement our wonderful relationship with Hendrick Motorsports by expanding our footprint as an official NASCAR sponsor."

As part of Ally's new sponsorship, beginning with the "Ally Pre-Race Tailgate" at The Clash in Los Angeles and continuing throughout the season, Ally will focus on enhancing the fan experience through unique at-track experiential events and programming, surprise & delight giveaways, and fan-centric content.

Ally is also prioritizing celebrating the stories, community, and work being done across the cultural landscape of racing in the partnership, as it becomes the presenting sponsor of the NASCAR Drive for Diversity Awards beginning in 2024. Additionally, the partnership includes Ally and NASCAR proactively working together on initiatives to increase fandom among people of color and LGBTQ+ audiences. "NASCAR continues to diversify their audience and is making racing an inclusive place for all. That's a shared goal we've always had and we're ready to help make meaningful change toward that end," Brimmer said.

"Ally is making a positive impact on our sport through their relationship with Hendrick Motorsports, and we're thrilled to now welcome them as the Official Consumer Bank of NASCAR," said Daryl Wolfe, NASCAR's Executive Vice President and Chief Revenue Officer. "Ally's 'Do It Right' ethos aligns perfectly with our values, and we are confident that our partnership will bring new levels of innovation and inclusivity to the industry."

Already a household name among racing fans – especially those who follow driver Alex Bowman and the No. 48, Ally continues to leave a positive impact on the racing landscape since entering the sport in 2019. Among the many exciting milestones:

Ally helped to bring back racing to the city of Nashville with the new and now popular Ally 400
Joining forces with driver Alex Bowman and fans, Ally helped raise hundreds of thousands of dollars for rescue animals in collaboration with the Best Friends Animal Society
Ally has underwritten unique paint schemes by diverse creators, including its most recent work with Caroline Fogle, one of the few female paint scheme designers in the history of NASCAR, who designed the Ally 48 dual primary paint schemes for the 2023 season

"It's been a privilege to work in partnership with Ally these past five years and see them quickly establish themselves as an engaged and admired sponsor in our sport," said Rick Hendrick, owner of 14-time NASCAR Cup Series champions Hendrick Motorsports. "All of us at Hendrick Motorsports are thrilled about Ally expanding their efforts with NASCAR and look forward to the positive impact their energy and commitment will have."

About Ally Financial
Ally Financial Inc. (NYSE: ALLY) is a financial services company with the nation's largest all-digital bank and an industry-leading auto financing business, driven by a mission to "Do It Right" and be a relentless ally for customers and communities. The company serves more than 10.5 million customers through a full range of online banking services (including deposits, mortgage, point-of-sale personal lending, and credit card products) and securities brokerage and investment advisory services. The company also includes a robust corporate finance business that offers capital for equity sponsors and middle-market companies, as well as auto financing and insurance offerings through more than 22,000 dealers nationwide. For more information, please visit www.ally.com and follow @allyfinancial.

For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.

Ally Bank, Member FDIC.

For further images and news on Ally, please visit http://media.ally.com.

About NASCAR
Celebrating its 75th Anniversary in 2023, the National Association for Stock Car Auto Racing, LLC (NASCAR) is the sanctioning body for the No. 1 form of motorsports in the United States and owner of 16 of the nation's major motorsports entertainment facilities. NASCAR consists of three national series (NASCAR Cup Series™, NASCAR Xfinity Series™, and NASCAR Camping World Truck Series™), four regional series (ARCA Menards Series™, ARCA Menards Series East & West and the NASCAR Whelen Modified Tour™), one local grassroots series (NASCAR Advance Auto Parts Weekly Series™) and three international series (NASCAR Pinty's Series™, NASCAR Mexico Series™, NASCAR Whelen Euro Series™). The International Motor Sports Association™ (IMSA®) governs the IMSA WeatherTech SportsCar Championship™, the premier U.S. sports car series. NASCAR also owns Motor Racing Network, Racing Electronics, and ONE DAYTONA. Based in Daytona Beach, Florida, with offices in eight cities across North America, NASCAR sanctions more than 1,200 races in more than 30 U.S. states, Canada, Mexico and Europe. For more information visit www.NASCAR.com and www.IMSA.com, and follow NASCAR on Facebook, Twitter, Instagram, and Snapchat ('NASCAR').

Contacts:
Justin Nicolette
Ally Financial
justin.nicolette@ally.com
704-301-4544

Matt Nordby
NASCAR Communications
mnordby@nascar.com
704-293-1281