Publisher's Synopsis
A $2 billion industry, stock car racing is the largest and fastest–growing spectator sport today. Now celebrating its 50th anniversary, this once–upon–a–small–time competition began with moonshine runners and back–street dragsters. How, then, did it explode into a business phenomenon?
Beneath the roar of the V8 engines powering the high–speed cars, you can hear the gentle hum of the finely tuned business that drives the sport: the National Association for Stock Car Auto Racing (NASCAR). Steered by brilliant leadership, astute commercial vision, and razor–sharp financial savvy, this flourishing organization single–handedly changed the face of stock car racing and, as a result, the outlook of the entire sports entertainment industry.
In this brilliant examination of the sport–as–business/sport–as–investment phenomenon, Robert Hagstrom combines an investor′s keen insight with a racing fan′s unbridled enthusiasm to bring you the complete inside story. Here, the bestselling author of the blockbuster The Warren Buffett Way turns a perceptive eye on a unique business model, exploring the singular mission, guiding principles, and economic structure that, from stock cars to the stock market, have successfully propelled NASCAR.
Founded by Big Bill France in 1948, and still run by the France family, NASCAR today rivals the likes of such heavy hitters as the NFL and the NBA. Its meteoric rise to the top has been fueled by an uncanny understanding of consumer–oriented sponsorship, sophisticated marketing, and national promotion. Yet, its greatest strength, perhaps, is an unyielding commitment to forging mutually beneficial relationships with fans, track owners, drivers, and other participants. Hagstrom′s fascinating analysis probes all the essential elements underpinning NASCAR′s tremendous success, from licensing and broadcasting rights to the two most important components: sponsorship and fans.
As the bread and butter of NASCAR, corporate sponsorship is treated very seriously. Conversely, as a source of high return on investment, NASCAR is regarded in much the same vein by a host of sponsors, including such Fortune 500 companies as DuPont, Kellogg′s, Pepsi, Coca–Cola, General Motors, Ford Motor Company, and Kodak. The highly lucrative symbiotic partnership between NASCAR and its sponsors is unlike any other in the world of sports, and offers an invaluable lesson in sponsorship–based marketing.
However, if corporate sponsorship is the backbone of NASCAR, the fans are its heart. Not only do they bring an infectious enthusiasm to grandstands across the country, they are eager and generous customers, buying millions of dollars worth of souvenirs, videos, and clothing. What′s more, as the largest group of brand–loyal sports fans, they are most likely to purchase products from NASCAR sponsors. With so much of its survival depending on the fans, it is no surprise that, at NASCAR, keeping them happy is a primary goal.
As NASCAR roars into the next century, it shows no signs of slowing down. By capitalizing on new opportunities in technology and licensing, and striving to build on "the NASCAR way," it will continue to be the strong economic force it is today.
The NASCAR Way captures all the vibrancy, pulse–pounding excitement, and heart–stopping action of stock car racing as both an enticing sport and a booming business opportunity. Taking you onto the track, into the grandstand, and behind corporate doors, this is a ride you won′t soon forget.
From the bestselling author of The Warren Buffett Way, a revealing inside look at the booming business and investment opportunities of NASCAR
"Hagstrom′s insights and observations bring a refreshing ′outside′ business perspective to our industry." From the Foreword by William C. France, President, NASCAR
"From its origins in Daytona in the ′50s to today′s live network broadcasts for millions of devoted fans, Robert Hagstrom offers an in–depth look at the fastest–growing sport in the country. The NASCAR Way explains how and why dozens of Fortune 500 companies have been lining up to jump on board." Michael T. Hargrave Senior Motorsports Manager, Anheuser–Busch Inc.
"It is great to be associated with NASCAR, the France family, and for me to get paid for what I love to race! In The NASCAR Way, you see a prime–time sport." Dale Earnhardt 7–time NASCAR Winston Cup champion
"An accurate and entertaining perspective to the unbridled capitalism that has built NASCAR into the #2 sport in America after football." Bill Nielsen Director, Promotion Development & Licensing, Kellogg USA Inc.
"Hagstrom understands how our business works both on and off the track. His perception of our sport will have you racing through the pages on the edge of your seat. The book is definitely a winner!" Dale Jarrett Winston Cup driver
