The 2014 Thomas H. Regan Executive Lecture Series kicked into high gear on Thursday as Mike Helton, President of NASCAR, spoke at the Belk Auditorium.
The lecture came as the featured event of the second annual HRSM Week, during which the College of Hospitality, Retail and Sport Management hosted events tied to each of the college’s four main academic programs according to their website.
Helton spoke about NASCAR business strategy and his own personal experiences from his time working in the sport. NASCAR is hailed as the most popular motor sport in America. In recent years, however, it has seen its popularity, revenues and sponsorships plummet, according to NPR news.
NASCAR can have a reputation for being a primarily Southern sport, with its demographics primarily composed of older, Southern white males. As a result, a common question asked of Helton by the audience was surrounding NASCAR’s attempts at continued relevance into the 21st century.
Helton, in his initial speech, mentioned the lessons to be learned from such companies as Kodak, which once controlled up to 89 percent of photographic film sales in the United States but filed for Chapter 11 bankruptcy protection in January 2012.
Helton also mentioned efforts that NASCAR has made in recent years to reinvigorate the fan base through rule changes and technological innovations that allow for more competitive races while maintaining driver safety.
NASCAR’s famous “Chase for the Sprint Cup” championship style was radically redesigned this year, with the previous points-based format being amended into an elimination style playoff system that culminates in a four man race for the overall championship.
“Our responsibility is to ensure that what happens on the racetrack draws people to the racetrack,” Helton said. “We have a large social media presence set up, so we’re constantly reviewing feedback from fans.”
Helton also said the key to keeping NASCAR relevant is to attract young and more diversified audiences, stating that NASCAR was looking for fans “as young as 4.”
Overall, Helton said that he remains optimistic NASCAR will be able to steer itself back into the main stream of American culture, a place which it has occupied since its foundation in 1947.