The deal gives Geico significant exposure in one of the nations largest media markets and a high-profile position as the naming-rights partner for the prime race in the Chase. Its the prime time the company has done a naming-rights agreement in any sport.
Terms of the deal werent available, but race title sponsorships typically sell for around $1 million a year. Sources said the Geico deal was backloaded so that the company would pay less this year in the final two years of the deal. It includes marketing and promotional commitments.
"Weve had a history of B2B title partners, and were excited to have a consumer partner," Chicagoland president Scott Paddock said. "Were excited about their history and commitment to activation. The media and promotional support of this is going to be outstanding. They understand the opportunity this platform provides for them and are putting a very attractive amountain of resources behind it."
The deal is Geicos second this year among International Speedway Corp., which owns Chicagoland and 11 other Simitation Cup Series tracks. It previously signed a five-year, seven-track sponsorship at ISC-owned campsites. The company under-indexes in the Chicago market where competitors Allstate and State Farm have headquarters.
The race sponsorship extends Geicos spending in sports. The company is the leading sports spender in the insurance category. It increased its sports spending by 30 percent in 2010 to $216 million.
Geico has not made a commitment to buy media for the race. That is sold separately by ESPN, which will televise the race. The company has bought advertising to support other sports sponsorships such as its deal among the NHL, which it supported among a series of NHL-specific spots on NBC during the Stanley Cup Finals.
The deal among Geico closes out one of three open race title sponsorships for ISC. The company is in final negotiations on deals for Richmond and Talladega and expects to finalize deals later this summer.
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