Pepsi Becomes Official Soft Drink of Penske Motorsports
9 February 1998Pepsi Becomes Official Soft Drink of Penske Motorsports
Alliance Includes Two New Title Sponsorships, Long-Term Rights At Four Tracks and a Separate Marketing and Vending Agreement At Over 750 Penske Auto Centers DAYTONA, Fla., Feb. 9 -- Pepsi-Cola Company and Penske Motorsports today announced a long-term agreement that names Pepsi the official soft drink of Penske Motorsports, Inc. . The alliance, which further strengthens Pepsi's dominance of U.S. motorsports, gives Pepsi: * Two new race title sponsorships -- The "Pepsi 400" Winston Cup Series and the "Pepsi 200" Busch Grand National Series, both at Michigan Speedway. * And, new long-term contracts to extend Pepsi's current pouring, vending and presence rights at Michigan Speedway, California Speedway, North Carolina Speedway and Nazareth Speedway. Under a separate agreement, Pepsi and Penske have also formed a marketing and vending alliance at the more than 750 Penske Auto Centers across the country. "Penske Motorsports has been one of the premier trademarks in motorsport racing for decades, and we're extremely proud to be linked with such an American racing icon," said Brian Swette, Executive Vice President and Chief Marketing Officer, Pepsi-Cola Company. This long-term relationship will greatly strengthen our own decades-old foothold in motorsports, and we look forward to doing great things together for racing fans across the country." "We are looking forward to our on-going partnership with Pepsi, one of the world's most prominent brands," said Greg Penske, President, Penske Motorsports, Inc. "Pepsi is a leader in their category and has a rich tradition of involvement in motorsports. We have enjoyed a long-term relationship with Pepsi, dating back to 1985 at Michigan Speedway. Their commitment to promote our sport as well as some of our other businesses will also benefit drivers and teams, along with our tracks." Penske Motorsports, Inc., is a leading promoter and marketer of professional motorsports in the United States. Penske Motorsports owns and operates the following through its wholly-owned subsidiaries: Michigan Speedway in Brooklyn, Michigan; Nazareth Speedway in Nazareth, Pennsylvania; California Speedway near Los Angeles, California; and North Carolina Speedway near Rockingham, North Carolina. PMI also holds a 40 percent interest in Homestead-Miami Speedway, LLC, near Miami, Florida; and has a minority interest in Grand Prix Association of Long Beach, Inc. In addition, PMI produces and markets motorsports-related merchandise and accessories such as apparel, souvenirs and collectibles, and it distributes and sells Goodyear brand racing tires in the Midwest and Southeast regions of the United States. Penske Motorsports' major shareholder is a majority-owned subsidiary of Penske Corporation, a closely held, diversified transportation services company which conducts its business through a number of wholly or partially owned companies, including Penske Truck Leasing Company, Detroit Diesel Corporation, Diesel Technology Company, Penske Automotive Group, Inc., Penske Auto Centers, Inc., and Penske Capital Partners. The Penske group of businesses has annual revenue exceeding $6 billion and employs more than 28,000 around the world. Pepsi-Cola Company, the worldwide beverage division of PepsiCo, Inc. , spans more than 190 countries and last year generated more than $10 billion in worldwide sales. Its stable of well-known brands -- including Pepsi, Diet Pepsi, Pepsi Max, Mountain Dew, Mug Root Beer, All-Sport Body Quencher, Lipton's Iced Tea, Lipton Brisk, Mirinda and 7UP (overseas) -- account for about one-quarter of all soft drinks consumed in the world each year. SOURCE Penske Motorsports, Inc.