Hall of Fame Attendance and Sponsorships Spur Cuts

In a tough economy cutting costs is always at the top of discussion, but how does the economy affect the motor sports market? Moreover, how do you avoid cutting costs to the point where people are not losing jobs? Unfortunately, the NASCAR Hall of Fame (HOF) is looking to cut between $2.5 million and $3 million annually in order to balance its budget. The reason for cutting costs is that attendance figures have not reached the level anticipated in Charlotte’s bid for the HOF. However, Tim Newman, CEO of the Charlotte Regional Visitors Authority (CRVA), stated in a recent NASCAR.com article that cutting costs at NASCAR’s HOF will not impact plans for any current or future exhibits nor the laying off of 27 ful-time employees. Nevertheless, the NASCAR Hall of Fame has witnessed a decline in the number of people visiting due to a poor and sluggish economy.
Subsequently, when trying to win the business of Hall of Fame participants, NASCAR finds itself competing with places like the Rock and Roll and the Country Music Hall of Fame, two other good attendance draws. Surprisingly, other sources reported that attendance at NASCAR was lower than expected during the summer months. The sluggish turnouts have resulted in a net loss of around $3 million for NASCAR. However, NASCAR is on par with anticipated attendance figures between 250,000 and 350,000 running close to Baseball’s Hall but just ahead of Pro Football’s Hall attendance according to this year’s projected forecast. Meanwhile, Country Music and Rock and Roll Hall’s first year’s attendance for both venues was estimated at around 800,000 respectively compared to the 800,000 respectively for the NASCAR Hall. In spite of a slow economy, NASCAR’s Hall of Fame was still the leader with around 300,000 as compared to baseball’s 280,000 and football’s 196,000. In retrospect, football’s highest attendance ever in the early 70′s was around 247,000. In conclusion, the NASCAR Hall is planning a new advertising campaign to help boost attendance.
It’s important to understand the dynamics of a sluggish economy whether it’s a lack of interest from tourists or the fact that people are just not flocking to the Hall of Fame on which millions were spent building. Ultimately, it’s important to remember that some individuals are able to visit the NASCAR Hall only by dipping into their discretionary income. Tim Newman suggested that there are several local promotions in the works; if successful, the local attendance could make budgets cuts less severe. AS