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SunTrust Stakes its Claim as the Official Bank of Motorsports

November 18, 2006


Renewal of Role as the Official Bank of the Grand American Road Racing Association Highlights SunTrust’s Expanding Motorsports Portfolio

SunTrust Banks, Inc., one of the largest commercial banking organizations in the United States, is back in 2007 as the "Official Bank of the Grand American Road Racing Association." The three-year extension announced last fall serves as the cornerstone of SunTrust’s burgeoning motorsports portfolio, one that extends from the pinnacle of sports car racing and reaches all the way to future racers competing in the Snap-On Stars of Karting.

SunTrust officials are in the midst of executing a multi-tiered platform of motorsports sponsorships designed to fuel growth across a variety of motorsports series. SunTrust pioneered motorsports banking through a strategic focus on providing financial support to the industry and its participants.

"Through multiple sponsorships in a wide array of racing-related endeavors, SunTrust has become the official bank of motorsports by bringing its resources and initiatives to all corners of the racing community," said Craig Kelly, Corporate Executive Vice President, Chief Marketing Officer, SunTrust Banks, Inc. "Whether it’s entry-level motorsports via the Snap-On Stars of Karting, the top divisions of sports car and motorcycle racing or the premiere venues of the NASCAR NEXTEL Cup Series and the IRL IndyCar Series, SunTrust is there."

SunTrust’s motorsports portfolio now includes:

  • The Official Bank of the Grand American Road Racing Association
  • The Official Bank of Daytona (Fla.) International Speedway, Homestead-Miami Speedway and Richmond (Va.) International Raceway
  • Primary sponsor of the No. 10 SunTrust Racing Team in the Grand American Rolex Sports Car Series
  • Title sponsor of the IRL IndyCar Series race at Richmond International Raceway – the SunTrust Indy Challenge
  • Official Partner of Motor Racing Outreach – a non-profit organization founded to serve the NASCAR community
  • Sponsor of the Kyle Petty Charity Ride – an annual philanthropic, cross-country motorcycle trek
  • Official partner of Michael Waltrip Racing in the NASCAR NEXTEL Cup Series and NASCAR Busch Series
  • Title sponsor of the SunTrust MOTO-ST motorcycle racing series
  • Founding partner of Sprint Sound & Speed presented by SunTrust – a music and motorsports celebration benefiting the Country Music Hall of Fame and Museum® charities and the Victory Junction Gang Camp
  • The Official Bank of the Snap-On Stars of Karting – a popular national karting series presented by the IRL IndyCar Series that provides young racers a stepping stone for a career in motorsports

SunTrust will continue to have a presence in NASCAR despite its decision not to renew as the "Official Bank of NASCAR."

"For over 50 years, SunTrust has played an integral role in the growth of NASCAR and in the growth of motorsports in general," said Jim France, founder of the Grand American Road Racing Association and a driving force behind SunTrust MOTO-ST. "SunTrust helped NASCAR become the strong and respected sanctioning body it is today. Now other racing endeavors such as the Grand American Road Racing Association and the new MOTO-ST motorcycle series are getting the same kind of backing from SunTrust that NASCAR received when it was founded in 1948."

"NASCAR has continued to grow beyond its Southeastern roots, and they should have partners whose marketing strategies reflect their national presence," said Kelly. "SunTrust wants to ensure that NASCAR’s growth is not restricted by geography. Sponsorship activation for consumers needs to take place on a national level."

While not in NASCAR, one owner and driver fully aware of SunTrust’s prowess in the motorsports banking field is Wayne Taylor. The two-time winner of the prestigious Rolex 24 Hours At Daytona recently formed his own team in the Rolex Sports Car Series thanks to the unique financial services provided by SunTrust.

"SunTrust understands the business of racing," said Taylor, who campaigns the No. 10 SunTrust Pontiac Riley in the Daytona Prototype division. "They’ve turned the motorsports industry around by offering financing solutions that are in tune with the complexities of racing for a living."