Lowe's has announced it will not renew its naming rights sponsorship deal of Lowe's Motor Speedway when its contract expires at the end of the year.
The company, which has named the Charlotte Motor Speedway since 1999, said it will hold talks with the track about potential future marketing opportunities, but that it was time for a change of strategy.
"When Lowe's entered into this marketing relationship in 1999, it was during the time of our company's rapid national expansion, and Lowe's Motor Speedway gave us the platform to introduce the Lowe's brand to millions of NASCAR fans and consumers across the country," said Robert J. Gfeller, Lowe's senior vice president of marketing and advertising.
"We've enjoyed a great partnership with SMI over the years. However marketing strategies change, and it was time after 11 years to direct our marketing resources in other areas."
Marcus Smith, president and general manager of Lowe's Motor Speedway, added: "Lowe's has been a tremendous partner for Speedway Motorsports and their corporate involvement has strengthened our sport for NASCAR fans. We look forward to moving in new directions to help them accomplish their marketing goals in 2010 and beyond."
Lowe's has over 1,675 home improvement stores in the US and Canada and enjoyed fiscal sales of up to $48.2 billion in 2008.