**Breaking News: Joe Gibbs Racing Announces New Driver Replacement**

Joe Gibbs Racing has been the topic of NASCAR sponsorship conversations since the 2022 season. They had to deal with Mars’ departure from the No. 18 team, while FedEx has been withdrawing its involvement with Denny Hamlin over the years. The importance of sponsorship for NASCAR teams cannot be overstated, as they are an important source of income while providing brand visibility to those associated with them.

Highlighting Joe Gibbs Racing’s loyalty towards its many sponsors, the team’s president Dave Alpern took to social media to share how everyone associated with the organization uses their products daily.

NASCAR sponsorships. The rise in social media marketing and brands wanting more flexibility means companies look to only sponsor a part of the season, which will generate maximum returns for their investment. This means teams have to bring multiple partners on board to make the business financially sustainable. As things stand, Joe Gibbs Racing has 21 partners associated with them, but considering that they are one of NASCAR’s top teams, it’s easy to see why.

The sponsorship landscape in NASCAR has changed significantly in the last two decades. In the 2005 Daytona 500, 60% of team sponsors were Fortune 500 companies, but by 2023, that figure has dropped to 20%. Major sponsors such as Subway, Mountain Dew, GoDaddy, Jimmy John’s, Home Depot, and Farmers Insurance have already departed and it won’t be surprising if others follow suit. FedEx was once a season-long sponsor for Denny Hamlin’s No. 11 Toyota but has now reduced its sponsorship to almost half the season.

Kyle Busch’s departure from Joe Gibbs Racing can also be attributed to the loss of sponsorship. The team lost its $25 million annual deal with M$M on Busch’s car, after which Mars Inc. followed suit. As a result, Busch later revealed that Joe Gibbs Racing couldn’t find any sponsorship, prompting him to leave for Richard Childress Racing, where sponsors such as Lenovo, Lucas Oil, McLaren Custom Grills, and others were waiting for him.

All things considered, it’s unsurprising why Joe Gibbs Racing president Dave Alpern is highlighting how the team uses their sponsor’s products daily. After all, remaining in their sponsors’ good books is key for the team to succeed on track as well, which in turn helps get more sponsorships. However, one thing is clear, while sponsorship in NASCAR isn’t going away anytime soon, the type of sponsors the sport attracts will see a significant shift in the coming years.