$34.6 Million-Worth CEO Resigns to Join Rick Hendrick; HMS’ Fascinating Sponsorship Ploy Could Hint at Something Greater

The success of a team in the NASCAR Cup Series depends on a lot of factors. On-track performance is the most obvious one, but behind the scenes, it’s the finances that rule the show. Over the years, Rick Hendrick has done a fantastic job in managing his team’s finances. His shrewd business mind is one of the main reasons for HMS being what it is today. And now, the NASCAR veteran has made yet another important move that may have long-term implications for Hendrick Motorsports finances.

Hendrick Motorsports has a lot of partners across different industries working with them. When it comes to the financial sector, Detroit-based bank holding company Ally Financial is arguably one of the most important. After recent events, the relationship between the two organizations seems to have strengthened.

Rick Hendrick’s latest move could financially bolster Hendrick Motorsports

It was recently announced that $34.6 million-worth Ally Financial CEO Jeffrey Brown will leave the company to work even more closely with Rick Hendrick. The Hendrick Automotive Group is the largest privately held operator of car dealerships in the United States. Brown has been named the President of the organization and he will start from February 1 next year.

Right now, the Hendrick Automotive Group has Rick Hendrick as its President. The legendary NASCAR team owner will step aside for Brown, but will remain as the owner of the company. In a recent press release, the 74-year-old team boss heaped praise on the Ally CEO after the announcement.

“I’m delighted to welcome JB to the Hendrick Automotive Group family,” said Hendrick as per HendrickCars’ website. “We’ve worked together for many years, and I consider him a friend and like-minded servant leader. At only 50 years old, he has incredible experience in both the car business and across a wide variety of complex subject matters from his tenure in the financial services industry.” 

“When I look at everything he’s already accomplished in a relatively short period of time, I believe his leadership will put us in a position to grow and be successful for decades to come,” he added.

Rick Hendrick’s comments prove that Brown is here to stay for the long term and so is Ally. The bank holding company is currently the main sponsor of the #48 HMS car which is driven by Alex Bowman. Safe to say that his role in the team will be secure in the near future.

So what kind of impact can this change in leadership have going forward? From a NASCAR perspective, it is honestly hard to tell. Obviously, the first thing that comes to mind will be sponsorship. Financially, it will make HMS even stronger. Since it looks to be a deal for the future, it would also help HMS attract the biggest names in the sport at the time. Who knows, maybe with a greater financial influx, Hendrick Motorsports may be able to venture into other types of motorsports that are contested globally.

Right now, the Ally logo is mainly seen on Alex Bowman’s #48 but may extend to more HMS cars. It might be seen on the Arrow McLaren car that Kyle Larson will drive in the IndyCar Indianapolis race next season as well. NASCAR Fans have a lot of interesting theories about what the future could look like with an ex-Ally CEO steering the ship at Hendrick.

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Fans on Twitter, and Reddit share their thoughts on recent HMS development

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One fan on Twitter seems to believe that Ally Financial will become a part-time sponsor of Kyle Larson. The organization already has its name on Alex Bowman’s car and it wouldn’t hurt to be present on the car of a Cup Series champion.

“@Ally  –> Part time Larson sponsor?” one fan asked on Twitter.

There are several people who believe that despite having a tough season, Alex Bowman’s job security would be a lot better.

“Well this should help Bowman’s job security,” one fan wrote on Reddit.

“Good news Alex Bowman fans. In other words, AB is sticking around for a while,” said another.

However, there are people who believe that Alex Bowman and Ally’s relationship was not as deep as people make it out to be.

“And people say if @Alex_Bowman went to another team, @Ally would go with him. Ally likes Rick Hendrick, not Alex Bowman. A monkey could be driving that car. Rick can put whoever he wants,” a fan commented on Twitter.

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The deal has been signed, and the change will come into effect in February next year. How will Jeff Brown’s appointment as President of the Hendrick Automotive Group affect Rick Hendrick’s NASCAR team? Only time will tell.