RTBC – 2016 – Panel Highlights and Takeaways:

Market Research and Investment Expert

1) Business is recovering nicely- thank God and SEMA
2) SEMA working hard to figure out how big the racing market is but preliminary total of 200K active cars
3) Private equity loves the stability and growth and continuous cash flow of the racing business

Risk Management

1) Incorporate your business and race team no matter how small
2) Get a regular insurance check up and communicate with your agent
3) Manage your data and plan ahead for the worst case scenario

Track Operations

1) Need to continue to advance use of technology because the price of a life is too high
2) There are affordable ways to upgrade your equipment
3) Be prepared for new technology because it is coming whether your track is ready or not

Marketing Panel

1) Over deliver for your marketing partners and maybe try some kind of collectible
2) Always a learning experience to understand your brand and what you have to offer
3) Try lots of different ideas and do more of what works

Next Gen Panel

1) Technology is our friend
2) If you have a great way to do something at your track there is a developer waiting to help you bring it to market
3) Put many of the new tools together and turn your drivers into salesmen

Sanctions

1) Have a goal in mind for your social media targets
2) Easy to host special events and they might open up a new market for you
3) Need to learn the culture of those new events but growth potential makes that worthwhile

Track Design

1) Planning ahead can save you time, money and headaches
2) Safety changes need to be incorporated into any plans
3) Commercial feasibility often drives the need for changes
4) Environmental impact is more than just being a good neighbor

Compiled by RTBC Moderator – Dennis Michelsen – (dennis@racetalkradio.com)