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You don't have to be a NASCAR fan to bemoan the latest reports that Petty Enterprises is closing down. The team is one of the oldest and best known racing outfits in stock car racing, or in any other type of racing for that matter. Lee Petty, winner of the very first Daytona 500 in 1959, was its founder, and his son Richard Petty became the best-known driver in the sport's history, wracking up a record 200 victories. But after 60 years in operation, Petty Enterprise is shutting down.

Reports indicate that a deal was reached on Christmas Eve to have the team merge with rival team Gillett Evernham Motorsports. When the deal is officially announced, the new team may very well carry over the Petty name, but it's bad news for the company's staff who will, for the most part, be left without jobs in the new year.

[Source: FoxSports.com]

REPORT: Petty Enterprises to close shop, merge with GEM originally appeared on Autoblog on Thu, 01 Jan 2009 11:26:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>nascarpettypetty enterprisespetty gempetty nascarpetty racingPettyEnterprisesPettyGemPettyNascarPettyRacingThu, 01 Jan 2009 11:26:00 EST<![CDATA[Chrysler won't suspend NASCAR program, will reduce funding]]>http://www.autoblog.com/2008/12/18/chrysler-wont-suspend-nascar-program-will-reduce-funding/http://www.autoblog.com/2008/12/18/chrysler-wont-suspend-nascar-program-will-reduce-funding/http://www.autoblog.com/2008/12/18/chrysler-wont-suspend-nascar-program-will-reduce-funding/#commentsFiled under: , , , , ,



A rubber bullet has been dodged: NASCAR can still count on sponsorship dollars and involvement provided by the Detroit 3. Chrysler has stated that it will reduce the funds that flow from its taps into NASCAR, but won't leave the sport. As far as marketing and advertising goes, the "stock cars" still pay. Mike Acavitti, who runs the motorsports program at Dodge, said "We have to get our expenses in line with our revenues," but also said that "We're not going to pull out. We are going to throttle back. NASCAR is not exempt from anything else that we do to market and promote vehicles."

Chrysler is cutting back 30% on its NASCAR spend, but will still honor its current contracts. Ford has said it's reducing its NASCAR fund by 20%, and GM says that it, too, will be doling out a smaller NASCAR allowance and letting track sponsorships lapse to go along with its getting out of the Yankees business. Even Toyota plans to spend less on NASCAR. No matter what, though, NASCAR isn't going anywhere -- after all, even if all of the car companies and all of the other sponsors left, the guys in the overalls could always race, you know... stock cars.

[source: Reuters via Speedzzter]

Chrysler won't suspend NASCAR program, will reduce funding originally appeared on Autoblog on Thu, 18 Dec 2008 19:39:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>auto bailoutAutoBailoutautomaker loansAutomakerLoanschryslerdodgeevernham motorsportsEvernhamMotorsportsfordgmmotorsportsnascarpenske racingPenskeRacingpetty enterprisesPettyEnterprisestoyotaThu, 18 Dec 2008 19:39:00 EST