NAPA Auto Parts Drops Michael Waltrip Amid NASCAR Scandal

Waltrip loses sponsorship for trying to help Truex get into playoffs

   

NAPA Auto Parts Drops Michael Waltrip Amid NASCAR Scandal

NAPA Auto Parts (GPC) announced that it will no longer be sponsoring racer Michael Waltrip or his racing company MWR following a scandal regarding NASCAR driver Martin Truex Jr.

The Associated Press reports that NAPA will stop the multimillion-dollar sponsorship at the end of the year as a result of MWR’s attempt to manipulate a race. The company tried to fix the Sept. 7 race so Truex would make it into NASCAR’s version of the playoffs.

NAPA said that it believes in fair play and it does not condone these actions that led to NASCAR penalties. The three-year deal between Waltrep and NAPA was announced last August and it was believed to be worth over $15 million a year.

This isn’t the first time that Michael Waltrip has been in the middle of a scandal as his engine had a fuel additive in the 2007 Daytona 500. And the racer’s company now faces a $300,000 penalty for trying to get Truex into the playoffs by manipulating the race. NASCAR said that racers have to give 100 percent in every race if they want to avoid facing similar penalties.

Nationwide Insurance recently announced that it will not be sponsoring NASCAR’s second-largest series after the contract between the two companies expires.


Article printed from InvestorPlace Media, http://investorplace.com/2013/09/napa-auto-parts-drops-michael-waltrip-amid-nascar-scandal/.

©2014 InvestorPlace Media, LLC

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