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NASCAR is going after Hispanics and millennials

We’re smack dab in the middle of NASCAR season, and the third-generation, family-owned stock car racing company is breaking records both on and off the track.

The company has an $8.2 billion distribution deal with NBC and FOX and brought in a record 12.4 million viewers for its 2015 Sprint Cup Finale—that’s second only to the NFL in terms of television viewers and fans in the U.S. NASCAR also plays a mean ad game. Nearly 1 out of 2 Fortune 100 companies currently advertise with NASCAR, and 70% of NASCAR fans support brands that are sponsors, the company says.  

But NASCAR has a demographics problem. According to Nielsen data from 2015, 42% of NASCAR’s fan base is located in the South. Three out of five fans are over 44 years old and 77% are Caucasian. Appealing to such a limited group is bad business and Chairman and CEO Brian France wants to broaden the sport's appeal to a wider fan base.

France tells Yahoo Finance that NASCAR is targeting two key demos: Hispanics and millennials. The company is increasing its focus on digital and social media (NASCAR recieved a record 4.1 billion social media impressions during its 2015 season). They’ve also partnered with Mexican movie star Eugenio Derbez to develop a NASCAR-centric comedy film.

NASCAR now supplies Wi-Fi at events so that fans can post on Instagram and Twitter even in remote locations. They trained key racers on how to interact with fans on social media and build their personal brands. In order to attract more millennials to events, NASCAR and various vanues have partnered to provide DJs, foam parties, go-karts and hangout areas that are open until 3 a.m. They’ve also publically asked fans to stop displaying the Confederate flag and have denounced anti-gay “religious freedom” laws.

“The majority of revenue today is created by your television broadcast, but everybody is trying to sort out digital and social media,” France says. “We’re working on monetizing it but also figuring out how we’re going to communicate our message week-in and week-out.”

As for the future, “If it’s commercial and it makes sense we’ll be doing it—whatever it is,” says France. That includes the possibility of racing driverless cars and including a fourth car manufacturer in NASCAR events (cars are currently made by Ford, Chevrolet and Toyota). What would Ricky Bobby think?

Correction: In an earlier version of this story it was stated that NASCAR had a television deal with NBC, they also have a television deal with FOX.

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