Home123 signs 2-year sponsorship deal
By MortgageDaily.com staff
4/21/2005

New Century Financial Corp. likes fast growth and fast cars.

The Irvine, Calif.-based entity announced yesterday its direct lending unit, Home123 Corp., will become the official National Association of Stock Car Auto Racing mortgage company for the next two years.

"After an extensive review of a variety of opportunities, it was clear to us that NASCAR would deliver an audience that matches up with our family oriented customer demographic and would increase our brand visibility to its loyal fan base," said Home123 President Carl Vernon in the announcement. "Another sponsorship advantage that NASCAR offers is a 10-month season -- that's longer than any other major professional sport."

The real estate investment trust said NASCAR fans are three times more likely to purchase a sponsor's goods or services than a non-sponsor's, and 40% will switch to a competing product from a NASCAR sponsor.

New Century, which has gone from a 1995 startup operation to one of the largest subprime lenders in the country, is no newcomer to auto racing. New Century Mortgage's president Pat Flanagan is a racer for Aasco Motorsports. Flanagan is a lifelong racer and three-time Rolex Series competitor, according to Aasco.

With the NASCAR deal, Home123 will be sponsoring Jamie McMurray and Reed Sorenson -- two top performers that are part of the most respected teams in all of motor sports, the announcement said. McMurray will be running car no. 42 under the Home123 paint scheme in Phoenix this weekend.

"We are excited to welcome a company that will help NASCAR fans simplify what might be the most important transaction in their lives -- buying or refinancing a home," said NASCAR Managing Director Justin Johnson in the statement.

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