Hendrick Motorsports’ near-$11B sponsor battles headwinds, implement big decisions to neutralize the disaster

Ally Financial Inc. sponsor of the No. 48 Hendrick Motorsports team spearheaded by Alex Bowman, is making some changes to their long-term strategy for growth. As per reports, the Detroit-based financial institution will “cut jobs, end mortgage originations, and consider strategic alternatives” to streamline better returns from borrowers.

Currently valued at $11 billion (by Forbes), Ally Financial Inc. has been a longtime partner of Hendrick Motorsports in the NASCAR Cup Series. In February 2023, Ally announced a league-wide partnership with the Chevy team corkscrewing its position in the sport.

As a part of its newest business strategy, Ally Financial Inc. will cut off five percent of its workforce through layoffs from certain areas, while hiring in other departments. Here is a recent statement by Peter Gilchrist, spokesperson for Ally, suggesting the same:

“As we continue to right-size our company, we made the difficult decision to selectively reduce our workforce in some areas, while continuing to hire in our other areas of our business.”

“We remain confident in our long-term strategy and our ability to deliver compelling returns given the strong underlying trends in our core businesses. We’ll continue to be diligent in our expense management going forward,” Gilchrist added.

Bowman and Ally have been working together since the former moved to Hendrick Motorsports in 2021, taking over the No. 48 machine. He is currently under a contract with the Chevy team that will keep him behind the wheel of the 48 through 2026.

Bowman finished his 2025 season ninth on points. In 36 starts, the Tucson, Arizona native amassed one win, eight top-5s and 17 top-10s. His next race is on February 2 at Bowman Gray Stadium. Fans can watch him live on FOX from 8 pm ET onwards.

Hendrick Motorsports signs 19-year-old dirt racing extraordinaire for 2025

Hendrick Motorsports has signed Corey Day, driver of the No. 14 car for Jason Meyers Racing in the Kubota High Limit Sprint Car Series. As per the deal, Day will run select races in the NASCAR Xfinity Series, NASCAR CRAFTSMAN Truck Series, ARCA Series, and Trans-Am Series under the banner of Hendrick Motorsports.

Team owner Rick Hendrick was full of praise for the 19-year-old Californian. Even NASCAR Cup Series champions like Kyle Larson and Jeff Gordon vouched for Day. Speaking of the same, Hendrick said (via Hendrick Motorsports),

“When Kyle Larson and Jeff Gordon say someone is the real deal, it certainly gets your attention. Corey comes from a great racing family and in a short time has shown a level of talent that sets him apart. What he’s already accomplished at this point in his career speaks volumes, and it’s been impressive to see how quickly he’s adapted to pavement. We’re excited to welcome him to our team.”

Hendrick Motorsports is yet to announce exactly when racing aficionados will see Corey Day behind the wheel of a car backed by HendrickCars.com.