SunTrust Offers Stars of Karting Tips on ‘Business of Motorsports’

May 16, 2007

ATLANTA (May 16, 2007) – The young competitors of the Snap-On Stars of Karting presented by the Indy Racing League converge on New Castle (Ind.) Motorsports Park for the latest round of the popular youth racing series’ 2007 national tour.

While they’ll be battling it out on the racetrack once again, honing their on-track skills in an effort to further their racing ambitions, SunTrust, the Official Bank of Snap-On Stars of Karting, has been hard at work behind the scenes helping those same young competitors learn valuable skills relative to the all-important business side of the motorsports industry.

As many a seasoned racing veteran will be the first to tell an up-and-coming racer – whether they are aspiring champions of Indy cars, NASCAR stock cars or trucks, or short-track dirt racers – the business side of racing can have as much or more to do with a young competitor’s ability to reach the highest levels of the sport than the ability to turn hot laps.

SunTrust, with the help of veteran and three-time sports car champion Wayne Taylor, has assembled a short series of tutorials aimed at helping young racers – like those in the Snap-On Stars of Karting – achieve their highest ambitions with valuable tips on how to maximize their racing business potential. The team that bears Taylor’s name currently leads the Grand-Am Rolex Sports Car Series championship with drivers Max Angelelli and Jan Magnussen in the No. 10 SunTrust Racing Pontiac Riley Daytona Prototype. In his more than three decades of driving for championship teams and playing various roles in managing and running world-class racing organizations for major manufacturers and sponsors around the world, Taylor knows full well what it takes to be a successful race car driver and also a successful businessman in racing.

The first piece of advice in SunTrust’s brochure, The Business of Motorsports, is to realize that all successful racing efforts revolve around sponsorships and partnerships. “Partners help each other build their businesses,” the brochure begins. “Use the word ‘sponsorship’ sparingly as companies usually associate it with merely providing financial support. Partners help each other build their businesses and that’s exactly what a partnership with a sponsor is all about.”

In the process of seeking partners, young racers are encouraged to start with a list of what they know and who they know, and to assess how people they know can lead them to the decision-makers in the business world. The decision-makers who decide on establishing partnerships are most likely to listen to individuals introduced to them by someone they know. When decision-makers are found and are willing to listen, thorough research and familiarization with the company’s business is said to be key, as is making it clear what’s in it for them. Potential partners are most interested in what they’ll get in return for their sponsorship support, making it important to show how the partnership can lead to more business for the company. While it’s the racer’s job to win on the race track, it’s the partnership’s job to win more business for the company, the brochure states.

Image is key for any up-and-coming racer with high aspirations. “You are the product, so you have to market and sell yourself and show them your passion,” Taylor says. “Show your partners an unwavering commitment to succeed on the race track and in the board room. And remember that your physical appearance and dress should be appropriate for your audience and environment.”

Other key points in The Business of Motorsports are discussed in sections titled “You are the product,” in which aspiring racing professionals are encouraged to market and sell themselves and to show prospects their undying passion; “Persistence,” where they are told to think out-of-the-box so they will stand out; “Keep your partner,” which stresses the importance of communication and alliances with individuals within partner companies who share the same passion for motorsports; “Your brand: you,” about perceptions, professionalism and credibility; and “Keep in touch,” which explores the need to be outgoing and approachable early in life, and about nourishing relationships.

The Business of Motorsports will be made available to the Snap-On Stars of Karting community through SunTrust Bank, the Official Bank of the series for the second year. To learn more about SunTrust, Official Bank of Motorsports and its specialized banking services, go to http://www.suntrust.com/motorsportsbanking and http://www.suntrustracing.com/.

SunTrust Banks, Inc., with total assets of $182.2 billion on December 31, 2006, is one of the nation’s largest and strongest financial holding companies. Through its banking subsidiaries, the company provides deposit, credit, trust, and investment services to a broad range of retail, business, and institutional clients. Other subsidiaries provide credit cards, mortgage banking, credit-related insurance, brokerage, equipment leasing and capital markets services. Atlanta-based SunTrust enjoys leading market positions in some of the highest growth markets in the United States and also serves clients in selected markets nationally. The company operates 1,701 retail branches and 2,569 ATMs in Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and the District of Columbia. In addition, SunTrust provides customers with a full range of technology-based banking channels, including Internet, PC, and Automated Telephone Banking.