December 2008
Honda Shuts Down F1 Team in Stunning Move
By: Dirk Gibson
The financial crisis around the world has been touted in the news. Of course, many feel we are only really starting to see the actual effect on the ground. With the announcement that Honda will close its Formula One team, the auto industry is starting to show the effects.
Technically, Honda is going to try to sell its Formula One operation before closing it. Given the current economic environment, it seems highly unlikely that a private investor can be found to keep the team afloat. The powers that be at Honda seem to realize this, particularly since they have given only a 30 day window for the sale to occur.
Read moreUS Racing Industry Not Showing Signs of Slow Down
By: Steven Cole Smith
When race driver Ken Schrader began his NASCAR Sprint Cup career 20 years ago, money was not the issue it is now.
The per-cost race then to rent a car from an established car owner was “$3,000, and a set of tires,” Schrader said.
Now, unless you have about $15 million in sponsorship money for the season, don’t bother.
As it is most everywhere, the economy is the hot topic at the 21st Annual Performance Racing Industry trade show, which runs through Saturday at the Orange County Convention Center. The show, which is not open to the public, is for racers and others involved in the industry.
“Orlando becomes the center of the racing universe for three days each December,” said Bob Davis, global-communications manager for Sunnen, a St. Louis manufacturer of gauges and tools. The show moved from Indianapolis to Orlando in 2005, and is contracted to stay here through 2016.