DAYTONA BEACH, Fla., March 23, 2018 /PRNewswire/ -- PNC Bank and NASCAR today announced a five-year agreement that introduces PNC as the "Official Bank of NASCAR®" and "Official Wealth Management Partner of NASCAR®."
The agreement provides PNC exclusive status and promotional rights around retail, corporate and private banking across the country and U.S. military bases abroad. PNC will be present at key NASCAR races throughout each season and offer its services to the industry, providing valuable insights to drivers, teams, tracks and sponsors. The agreement takes effect immediately.
"PNC Bank has a trusted reputation and national reach and we couldn't be more pleased to welcome them to our family of partners," said NASCAR EVP and Chief Global Marketing, Media and Sales Officer Steve Phelps. "Like many blue-chip brands, we are thrilled PNC sees the value of the NASCAR fan. I'm confident we'll deliver unique opportunities for PNC to connect with our industry and diverse fan base."
The announcement signals another step in an ongoing effort to establish a stronger national PNC brand, even in markets without a retail branch presence. Last year, PNC announced a national digital retail strategy. Since 2016, the bank has announced the opening of expansion markets focused primarily on middle market corporate lending in Dallas-Ft. Worth, Kansas City, the Twin Cities, Nashville, Denver, Houston and the Port Cities market of Jacksonville, Savannah and Charleston.
"As we continue to focus on establishing a more powerful national presence, PNC's new alliance with NASCAR will open more avenues to build on our brand and business coast-to-coast," said PNC Chairman, President and Chief Executive Officer William S. Demchak. "NASCAR is a storied part of Americana that built a national fan base. Millions of Americans say they are NASCAR fans, and so are we."
PNC becomes the latest Fortune 500 company to invest in the sport. In 2017, more than 1 in 4 Fortune 500 companies invested in NASCAR - a 7 percent increase year-over-year - showing sustained investments or growth year-over-year for the past five years.
"PNC Bank has earned the reputation as a reliable and trusted financial institution with strong client relationships," said Susan Schandel, senior vice president and chief financial officer, NASCAR. "We look forward to leveraging their capabilities and technology solutions as they become NASCAR's primary provider of banking services moving forward."
Announced during the NASCAR Fuel for Business Council® meetings in Charlotte, N.C., the agreement is PNC's first with a sports league. PNC joins the NASCAR Fuel for Business Council®, bringing together an exclusive group of more than 50 official NASCAR partners to buy and sell products and services from one another.
About PNC Bank
PNC Bank, National Association is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
The National Association for Stock Car Auto Racing, Inc. (NASCAR) is the sanctioning body for the No. 1 form of motorsports in the United States. NASCAR consists of three national series (Monster Energy NASCAR Cup Series™, NASCAR XFINITY Series™, and NASCAR Camping World Truck Series™), four regional series, one local grassroots series and three international series. The International Motor Sports Association™ (IMSA®) governs the IMSA WeatherTech SportsCar Championship™, the premier U.S. sports car series. Based in Daytona Beach, Fla., 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').
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SOURCE PNC Bank