Texaco Havoline quits NASCAR

UPDATE Oil company Chevron Corp. will stop sponsoring a NASCAR team through its Texaco and Havoline brands at the end of this season. San Ramon, CA-based Chevron (NYSE: CVX) didn’t say why it is ending its sponsorship. Chip Ganassi Racing with Felix Sabates has been sponsored by the two brands for five years. Chevron itself has been involved with NASCAR for 20 years. Chevron will change its marketing strategy for the two brands, focusing on local and regional campaigns.

Chevron bought White Plains, N.Y.-based Texaco in 2001 for about $44 billion. The company kept Texaco as part of its name for a few years before dropping it and taking the name Chevron again in 2005. It has been changing its Texaco business lately, selling stations with that brand. Last week the company said it would sell 2,000 Texaco gas stations in Brazil for about $730 million. SF Business Times

08/19/08 Sirius Speedway has learned that Chevron-Texaco will not return as sponsor of Juan Pablo Montoya’s #42 Dodge next season. The Texaco-Havoline brand is in the final year of its sponsorship contract with Chip Ganassi Racing with Felix Sabates, and a media representative for Ganassi Racing confirmed the move this afternoon.

Texaco-Havoline will not move to another team in 2009, electing instead to end their longstanding involvement in NASCAR. That decision leaves Ganassi Racing in need of at least two new sponsors in 2009, and possibly three. Team owner Chip Ganassi recently parked the #40 Dodge driven by Dario Franchitti due to lack of sponsorship, and there are longstanding rumors that Target may not return to the #41 Dodge currently driven by Reed Sorenson.