Joe Gibbs Racing seems to have finally turned its fortunes around. The team has been struggling for sponsorships ever since logistics giant FedEx pulled back on its involvement in NASCAR at the end of 2024. The situation was eerily similar to M&M leaving the team, a factor that ultimately forced Kyle Busch to depart for Richard Childress Racing in 2022. Questions were being raised about Denny Hamlin’s future as well, but it seems like the speculation will now be put to rest.
As things stand, Joe Gibbs Racing is on the brink of securing a lucrative new sponsorship. The blue-chip brand is currently in discussions for a team deal, which could prove to be a game-changer, not just for Joe Gibbs’ side but the sport itself.
Joe Gibbs Racing could be in for a big win
Based in Ohio, Progressive Insurance is no stranger to the NASCAR world. The company has been associated with the stock car racing series for years now, primarily through TV advertisements. The insurance firm, worth an estimated $166.3 billion, was the fourth highest spender in terms of NASCAR-related television commercials. However, despite making its presence known in the advertising space, they are yet to make a significant push when it comes to team sponsorships.
That doesn’t mean the company is a stranger to team-related sponsorships. They have partnered with RFK Racing in the past to back Ryan Newman’s No. 6 Ford in 2020. They have also been involved in The CW’s coverage of the Xfinity Series, operating as the pit road sponsor for the network. However, joining hands with Joe Gibbs Racing will be the biggest step the insurance giant takes when it comes to a team sponsorship deal, which could prove to be beneficial for all parties involved.
The timing couldn’t have been more ideal. Recently, Joe Gibbs Racing has lost FedEx and Mavis Tires & Brakes during the off-season, adding a lot of uncertainty about the revenue streams for the team. Questions have been raised about Denny Hamlin’s future as well, with speculation suggesting that he could leave for 23XI Racing if sponsorship prospects don’t improve. Progressive Insurance will be feeling a big void with their involvement, as it’s expected to be a six-figure-per-race deal, as reported by Adam Stern of the Sports Business Journal.
.@Progressive insurance is in discussions to add a team deal to its advertising presence in NASCAR, sources say, with @JoeGibbsRacing pegged as the favorite to land the Ohio-based company’s business. https://t.co/HY9LZGGXZb
— Adam Stern (@A_S12) March 17, 2025
Joe Gibbs Racing couldn’t have asked for a better start to the season. The team’s new driver, Chase Briscoe, finished first in qualifying at the Daytona 500, while Christopher Bell has secured three wins in a row. Denny Hamlin finished as the runner-up at Phoenix Raceway, coming agonizingly close to breaking his winless streak even at the Daytona 500, running in the top 2 until a last-lap caution. Even though things are looking good so far, having a partner with deep pockets will be key to finally ending Team Penske’s dominance in the NASCAR Cup Series.
Is Hamlin’s future secure with a new sponsorship?
In many ways, Denny Hamlin’s name became synonymous with FedEx. After all, the logistics giant has been associated with the No. 11 driver ever since his Cup Series journey began. You can only imagine the shockwaves that were sent through the NASCAR community when the company announced its withdrawal from the sport. Desperately, Joe Gibbs Racing was forced to scramble to find new partners, bringing in National Debt Relief for a couple of races as well as Sport Clips, King’s Hawaiian, and Yahoo.
The team has also brought in Ampm, a West Coast convenience store chain, as a new partner. Owned by BP America, the company has pledged $10 million to sponsor Denny Hamlin’s race at Sonoma on July 13th, as well as the playoff race in Las Vegas. Revealing his thoughts about the partnership, the 44-year-old said, “It’s exciting to have a first-time partner come on and be able to showcase their business to our fanbase.”
However, does this safeguard Denny Hamlin’s long-term future at Joe Gibbs Racing? It’s too early to tell. While he has no plans of riding into the sunset anytime soon, the veteran racer is in the twilight of his career and is aiming to lift the Bill France Cup at least once before finally calling it a day. The absence of FedEx as a consistent sponsor is a big blow to the team, and if results paint a bleak picture, it’s not beyond the realm of possibility that the Florida native might be forced to switch to 23XI Racing.
So, what do you think? Is Hamlin’s sponsorship situation settled now that Progressive Insurance has joined JGR? Let us know in the comments!
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