OCTOBER 4, 2003
Why Travelex is leaving Toyota
Travelex, the foreign exchange operator, has pulled out of its deal with Toyota two-years into a $11m five-year deal but in spite of stories suggesting that Formula 1 is not delivering what Travelex wants, the reality is that the company has changed its strategy and cannot use F1 to the same extent as had originally been planned. The initial strategy of Travelex was to build up brand presence in Europe and Asia but a recent shift in corporate plans has meant that the firm's main goal is now America where F1 has a much lower presence.
"With the change in strategy it no longer makes sense to continue with Toyota and Formula 1," the company head of marketing Anthony Wagerman told Marketing Week.
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