A primary sponsor for Ryan Newman the past two years at Richard Childress Racing has joined the No. 5 Hendrick Motorsports team of Kasey Kahne for the 2016 season.
By Jared Turner
Dec 1, 2015 at 10:32a ET
Quicken Loans, which has been a primary sponsor for Ryan Newman the past two years at Richard Childress Racing, has joined the No. 5 team of Kasey Kahne for the 2016 season.
Hendrick Motorsports made the announcement in a team release on Tuesday morning when it was revealed that the nation's second largest retail mortgage lender will be Kahne's primary backer for three races and be an associate sponsor for all the remaining races next year.
Financial terms of the agreement with Quickens Loans were not disclosed.
The Detroit-based company joins Farmers Insurance, Great Clips and LiftMaster as primary sponsors on Kahne's No. 5 Chevy for the upcoming season.
One of Quicken Loans' primary sponsorship races will include a joint promotion with Hendrick Automotive Group, the largest privately held operator of auto dealerships in the United States.
"It's evident from meeting the Quicken Loans team that both of our organizations share a passion for competition," said Rick Hendrick, owner of Hendrick Motorsports and chairman of Hendrick Automotive Group. "Quicken Loans has a reputation for exceptional client service, something we take to heart across all of our own businesses. We look forward to working together to achieve great things in 2016."
Kahne, whom it was announced last November had signed a three-year contract extension with Hendrick through the 2018 Sprint Cup season, failed to win a race and make the Chase for the NASCAR Sprint Cup in 2015.
Kahne won at least one race and qualified for NASCAR's playoff in each of his first three seasons with the fabled organization.
He is already feeling optimistic about 2016.
"Having an engaging and supportive brand like Quicken Loans backing the No. 5 Chevy gives us even more reason to think 2016 will be a great year for our team," Kahne said. "Quicken Loans has made a big name for itself in our sport, in its industry and certainly in the Motor City. Good partners are important to succeed in racing, and we're thrilled about building this new relationship with Quicken Loans."