Fifth Third Keeps NASCAR Deal After Losing Big-Name Driver

Fifth Third (FITB) will continue to sponsor a NASCAR team next year, even though it is replacing a seasoned veteran with a relatively untested driver.

The Cincinnati regional bank said Wednesday that it is sponsoring Ricky Stenhouse Jr., a new driver for next year's NASCAR Sprint Cup Series. Fifth Third was just months into a new three-year marketing contract with Roush Fenway Racing when Matt Kenseth left the team abruptly.

Fifth Third has good reason to stick with the sponsorship despite losing a big name driver. Fifth Third is eager to build its name recognition in "priority markets" such as Charlotte, N.C., says Larry Magnesen, the company's chief marketing officer. Fifth Third gained a large presence in Charlotte when it bought First Charter in 2007.

Fifth Third's executives "spent a lot of time in North Carolina and realized that Roush Fenway itself has a lot of companies that they do business with," Magneson says. "And NASCAR has a huge fan-base in areas where we have a majority presence in."

Fifth Third has also been carting around a retired company branded stock car this year to various races, branch openings, sporting events and even auto dealerships to grab attention.

"There's no doubt that when we have [the car] on location, it draws traffic and our sales force is pretty aggressive," Magnesen says. "We've even had about 1,000 employees turn out to have their pictures taken with the car."

Fifth Third and Roush Fenway Racing's co-owner, Jack Roush, also have deep ties. Roush Enterprises, which owns the racing team, owns an engineering firm and an automotive company that do business with Fifth Third in Michigan, Magnesen says. He adds that NASCAR sponsorships have become more affordable, now that the actual labeling of cars can change by the race rather than each season.

"We saw a lot of interesting promotional opportunities because in the old days, somebody would have to sponsor a race car and driver for an entire season which was quite an expensive proposition," Magnesen says. "Now, they can change the paints scheme within 48 hours so you can buy by the drink, if you will."

As a result, Fifth Third, Best Buy and Zest will all rotate sponsorships next year. Fifth Third will be the primary sponsor at the Daytona, Michigan, Kentucky and Martinsville races, and it will serve as an associate sponsor for the other races.

Stenhouse may lack the same cache as Kenseth, but he is considered an up-and-comer in the sport. He was the 2011 NASCAR Nationwide Series champion and current Nationwide Series points leader. "We believe Ricky Stenhouse Jr. is a rising star in NASCAR and we look forward to having him represent Fifth Third Bank both on and off the track," Greg Carmichael, Fifth Third's chief operating officer for Fifth Third, said in a release announcing the sponsorship.

There is also a good chance that the Fifth Third car could swap paint with BB&T. The Winston-Salem, N.C., regional bank is a long-time sponsor of Richard Childress Racing.