Rent-A-Center, University Loft cheer on Indy 500 driver
By Jeff Linville -- Furniture Today, June 21, 2004
Indianapolis — Rent-A-Center and University Loft spent the Memorial Day weekend cheering on their sponsored driver in the Indianapolis 500 race.
The rent-to-own giant and the bedroom furniture manufacturer, along with Eufora Mastercard, co-sponsored racer Greg Ray in the granddaddy of American open-wheel races.
University Loft has been an associate sponsor for Ray this season and stepped up its relationship when he ran into sponsorship troubles.
"We ended the 2003 season and began the 2004 season without the financial resources and stability of primary sponsorship support," said Ray. "Every successful team on pit lane has dealt with these types of issues at one time or another."
He missed five days of practice leading up to the race because he was busy negotiating the business deals for his No. 13 Access Motorsports car.
Rent-A-Center CEO Mark Speese said his company had been involved in NASCAR sponsorship for about a year and had been evaluating other activities to promote consumer awareness of the company and generate business.
Sponsoring Ray at the Indy 500 was a one-race deal, but Speese said the company is talking to the racing team and the other sponsors about continuing the support at future events.
"We know we are a dark horse in comparison to the might and power of the big teams," said Ray, 37. "The cards are stacked against us every day. But we enjoy the fight, and we are looking for sponsors and partners who enjoy that spirit and competition of taking on the big boys."
James Jannetides, president and CEO of University Loft, said he has enjoyed the partnership and expects good things from Ray on the track. Despite an accident that ended his run at Indy, Ray has three Top 20 finishes and won the 1999 IRL IndyCar Series championship.
As an Indianapolis-based company, Jannetides said it was an honor to be involved in the race. He said he also was excited to partner with Rent-A-Center in the venture. "We would love to develop a partnership off the track as well," he said.
Jannetides said University Loft is a big player in contract furniture but is new to the retail channel. Sponsorships are one of the ways the company is creating a consumer brand. In addition to Ray's IndyCar racing, University Loft also is looking to sponsor a Le Mans car and a NASCAR team in the coming months.
While Ray's Indy 500 accident was disappointing, Jannetides joked that having photos of the wreck on sports pages nationwide did provide a lot of exposure for the sponsors.
