April 15, 2008

Courtesy of moneycentral.msn.com

Bank of America Corp. has expanded its NASCAR banking program via licensing agreements with some drivers on the NASCAR Sprint Cup Series circuit.

NASCAR drivers added to the bank's portfolio include Bill Elliott, Dario Franchitti, Dale Jarrett, Mark Martin and Juan Pablo Montoya. Their images will be featured on check cards, with a large assortment of additional drivers appearing on credit cards.

The NASCAR banking program is the only nationwide suite of NASCAR and driver-branded banking products, including check cards, checks and credit cards with a rewards program.

With NASCAR banking, race fans can use their personal check card or credit card to earn points that can be redeemed for NASCAR licensed merchandise, tickets and programs.

"The loyalty NASCAR fans have for their favorite drivers is legendary," says Mike Hargrave ('87), motorsports-platform executive at BofA. "Much of this loyalty is attributed to the accessibility of NASCAR drivers. With the enhancements that we are making to our NASCAR banking and RacePoints programs for the upcoming season, Bank of America is creating unique opportunities for fans to get closer than ever to the sport they love."

Charlotte-based BofA is a major corporate supporter of motorsports, serving as the official bank of NASCAR and provider of the officially licensed NASCAR credit card.

Affinity credit cards are Bank of America's most visible touchpoint with consumers, but a lesser-known group within the bank is gobbling up business in the NASCAR community.

The collection of about 10 commercial and private bankers form what Bank of America is calling the Motorsports Advisory Committee, and they've worked on everything from the change of ownership at Gillett Evernham Motorsports to financing Speedway Motorsports' purchase of New Hampshire Motor Speedway.

The bankers typically work the garage area at Sprint Cup events each week to forge new relationships or deepen existing ones with teams, owners and drivers. The bank reports that 23 new private banking relationships were created last year.

"We're talking about supporting the growth of teams, owners and drivers, the key business players in the sport," said Hargrave. "Our bankers are trying to be creative with the special needs of the NASCAR community."