Hookit and McLaren Honda sign long-term partnership

Formula One team secure official digital valuation partner.

by George Dudley

Hookit and McLaren Honda sign long-term partnership

Formula One team McLaren Honda have agreed a long-term strategic partnership with Hookit, the leading sponsorship analytics and valuation platform in sports marketing.

Under the terms of the contract, Hookit becomes the official digital valuation partner of the Woking-based constructer. Hookit will measure, value and help optimise the team’s sponsors’ return on investment (ROI) across their social and digital media platforms.

McLaren Honda’s marketing team will have access to real-time analytics and insights for comparative benchmarking. The financial terms of the partnership have not been revealed.

“It’s clear that Hookit is a pioneer in this space and provides the deepest, most comprehensive solution that aligned with our needs,” said Zak Brown, executive director of McLaren Technology Group. “Hookit’s capabilities complement our strategy for industry-leading insights and business intelligence enabling us to demonstrate tangible ROI across all of our marketing activities.”

Scott Tilton, chief executive of Hookit, added: “Hookit prides itself on being the first, most trusted standard in the marketplace for next-generation sponsorship analytics and valuation and we’re thrilled to be partnering with McLaren Honda.”

While McLaren Honda have had a strong year commercially, their on-track performances have been less than satisfactory. After 13 races of the 2017 Formula One season, the historic British team lie ninth in the constructors’ championship with just 11 points. 

It has been widely reported that in response to vocal complaints from star driver Spain’s Fernando Alonso, the team’s misfiring Honda engines will be replaced from next season. Rival supplier Renault is in pole position to replace the Japanese manufacturer and although the constructors would take a financial hit Zak Brown believes that “we can make a sporting decision and deal with the economics”.