As required by the articles of incorporation, ChampCar is releasing the 2019 financial report for member review.
Greetings ChampCar Members:
If 2018 was an exciting year, 2019 built upon and continued its successes. The club had built a solid financial foundation and as such reinvested member money into much-needed equipment to ensure our events ran smoothly. New radios and Timing & Scoring equipment ensured that events could be timed accurately and staff could communicate effectively. A new transport truck replaced the old and tired trailer ensuring all assets would arrive on time at each event and advertise while making the trip. Finally, new people joined the staff to handle the growth of our events and maintain our high expectations.
Up until 2020, I did both the job of CEO and Event Director. During the 2019 season we began training staff member Chelsey Vickery to become an event director for us, thus freeing myself up to focus on the long-term strategy and growth of the club. In December Chelsey was officially hired full time as an Event Director for ChampCar, joining Dana Morrison and Mike Morrison in handling those duties. Look for Chelsey at ten of our events in 2020 and be sure to say hello.
One of the most unique and well-liked aspects of ChampCar is our ChampCar.Live broadcasts. Bill Strong, Paul Veltum, Doc Waldrop, and Tiffany Alexander host the live shows from nearly all of our events, coast-to-coast, and provide in car footage of the race as well as interviews and commentary from pit road and victory lane after the race. In its third year, ChampCar.Live has improved the video resolution from the in-car cameras, polished the flow of the show to highlight our sponsors, provide in depth analysis of the teams and has even attracted the attention of new sponsors. In the Summer of 2019, ChampCar.Live signed AutoZone to a sponsorship of the show and in the process got every member a 10% off deal on all purchases at AutoZone stores.
The second annual National Championship was held at Charlotte Motor Speedway on April 27th. The event was well attended with 71 cars making laps and 25 cars contending for the title of National Champion. In a 14-hour race that finished under the lights, the #346 BMW of Damson Racing edged out the #90 rbankracing Saab to be the club’s National Champion for 2019. Once again, the winner received a big trophy, but the Gold #1 number panels for their car were highly prized.
For the second year in a row the National Championship weekend held the annual public Board meeting. The club saw a marked increase in the number of petitions submitted for the Board to review. Many of the same requests were present from previous years as well as new ideas that the board deliberated at length over. One of the major changes to come out of 2019 did not happen at the annual meeting, but rather was developed over the Fall and by the end of the year was a reality. A new system of submitting tech questions via an online help desk was created and went live at the start of 2020.
As you read over this report, you’ll see 2019 financial numbers posted alongside previous year statements. This will continue in the coming years so that our finances are transparent to the members and everyone can see how your money is spent. As I mentioned previously, 2019 was a good year. Both entries and sponsorship revenue were up, however we bought assets that reduced the net profit of the club for the year. The good news is that those purchases won’t repeat in 2020 and we have at least one more year on our sponsorship deals. With the cash reserves we have on hand and being debt free, ChampCar is in a strong financial position to continue offering the best endurance racing in America for the foreseeable future.
We look forward to the 2020 season where we anticipate more full events and more new faces than ever before!
Chief Executive Officer