Formula One racing has seen plenty of setbacks amid the auto industry’s financial struggles. With automakers pulling out of motor sports regularly, the latest fatality appears to be BMW which has announced it will withdraw from Formula One racing at the close of the 2009 season.
BMW’s decision to leave F1 was due to corporate decisions, and not about motor sports performance according to BMW Loveland. Although BMW has not seen its best season in F1, the automaker appears to be more concerned with financial sustainability. Other automakers such as Honda have found being involved in F1 is a huge financial drain, particularly as auto sales remain stagnate.
Money saved from existing F1 will be invested in new technologies and other projects intended to boost the environmental-friendliness of BMW products. Motor racing has always played a large role in BMW’s brand and image says Cincinnati used car dealers, but it will continue to be involved in other activities outside of F1 racing, such as the American Le Mans series.
In December, Honda announced its exit from F1. As with BMW, Honda had to recognize that the expense of the sport was simply not worth it financially in a time when all automakers are feeling the effects of a global recession. While BMW will certainly disappoint plenty of motor sports enthusiasts among Used Cars Utah‘s clientele, there are greater business needs to consider.
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Read more on BMW motorsports at BMW in the News.
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