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CHAMPBUCKS SALE NOW UNTIL SEPT 30 SAVE UP TO $6,500 BUY NOW AND SAVE ON 2024 RACING


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CHAMPBUCKS SALE NOW UNTIL SEPT 30
SAVE UP TO $6,500
BUY NOW AND SAVE ON 2024 RACING

 

 

SAVE UP TO $6,500!

BUY NOW AND SAVE ON 2024 RACING

 

From time to time, ChampCar borrows money to help pay track deposits for the next season or other short-term operating capital. Rather than borrow right now at high interest rates, we are offering you, our members, the opportunity to save on next year's entry costs while at the same time helping ChampCar, your racing series. ChampCar is offering a “ChampBucks Sale” between now and the end of September 2023; ChampBucks are race credits applied to the club members' accounts that can be used to pay for race weekends for the rest of the 2023 season and beyond. 

 

The sale is as follows: (UPDATED!)

 

  • Buy $2,500 and get $2,700 ChampBucks (7% Discount)
  • Buy $5,000 and get $5,500 ChampBucks (9% Discount)
  • Buy $7,500 and get $8,500 ChampBucks (12% Discount)
  • Buy $10,000 and get $11,500 ChampBucks (13% Discount)
  • Buy $15,000 and get $17,500 ChampBucks (14% Discount)(limited quantities)
  • Buy $20,000 and get $24,000 ChampBucks (17% Discount)(limited quantities)
  • Buy $25,000 and get $31,250 ChampBucks (20% discount) (limited quantities)

 

 

  • You may transfer your ChampBucks to other ChampCar Members.
  • You may use your ChampBucks to enter any ChampCar race event.
  • ChampBucks on your account do not expire.
  • There are a limited number of the three top-tier options available. 
  • Please allow up to 48 hours for your ChampBucks to be applied to your ChampCar account.

 

 

Click the link to get your discounted ChampBucks below

https://champcar.org/web/champbucks.php

 

Please let me know if you have any questions at info@champcar.org

 

Thank you for being a part of our organization,

 

Chelsey Vickery

Executive Director

812-431-7716

 

 

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Agreed...we recently had a BoD annual meeting with a healthy CEO state of the club and a decent (though maybe a little cash poor) balance sheet.  Now the CEO has left abruptly, and we are looking to raise several hundred thousand dollars at a hefty discount?  It raises questions if there is something more going on in the background.

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It's not a discount, it's the cost of money. If you take a loan you're paying that cost to the bank in the form of interest against the principal. Depending on the cost of interest from a bank-specific loan, these rates (depending on the size and lengths of the loans) might actually be close or better for the club. Plus, who better to give the "cost" of the loan to? Some faceless bank or the people who actively support the series?

 

I think this is both a clever and shrewd idea by the leadership. Fast access to a loan they likely would've taken anyway, assured race entries (since we'll want to spend our league specific credits), and the financial benefit remains within the club's membership.

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4 hours ago, MattGent said:

Agreed...we recently had a BoD annual meeting with a healthy CEO state of the club and a decent (though maybe a little cash poor) balance sheet.  Now the CEO has left abruptly, and we are looking to raise several hundred thousand dollars at a hefty discount?  It raises questions if there is something more going on in the background.

Where does it say we need to raise "several hundred thousand" ?

Edited by DEE DEE
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Even at the bottom of the scale, its 8%, assuming you let it ride for a year.

 

If I buy in at $2500 and sign up for races that are all done by April, then it is more like 30% per year because it is the same gain, shorter period.  This math doesn't really work, because you can't keep re-investing.

 

However.

 

Compared to short term commercial paper which is showing at about 5.5%......

 

 

A company borrowing money to bridge times is no big deal, happens all the time, I worked for a company that was about $25M a year gross.  The CFO told me they could go from -$1M on Monday when all the payroll checks hit, then to +$1M in the same week when a client paid a bill.  The question is at what rate do you borrow it?

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Don't over think this just because of the comment about borrowing money. Many many track orgs sell packages, memberships, gift certificates, etc, etc. to raise funds for deposits. 

 

On the other end, the early pay discounts and late fees that nearly every club uses are essentially the same thing. Not only does it help with head count for event planning, these polices help ensure that the money has been raised to pay the rest of each events' rental fee to the track as the event approaches.

Edited by Wheelman_99 - C Rallo
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15 hours ago, MMiskoe said:

Compared to short term commercial paper which is showing at about 5.5%......


I would ask you to do a little experiment. Go ask lending institutions for your short term commercial loan you mention. But tell them it’s for a non profit mutual benefit corporation with very few real assets. Let’s see if you get quoted your 5.5% terms. Please come back and share what you find out.

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1 hour ago, Rodger Coan-Burningham said:


I would ask you to do a little experiment. Go ask lending institutions for your short term commercial loan you mention. But tell them it’s for a non profit mutual benefit corporation with very few real assets. Let’s see if you get quoted your 5.5% terms. Please come back and share what you find out.

On one hand I'd say what difference does it make profit, non profit?  Its a well established business that I suspect has done this before so the credit rating should be good.

 

OTOH, I really have no idea the details of such things.  But I was surprised by two things - one how low the short term loan rates on line seemed to be, second was the difference between what Champ is offering and the quoted rates.

 

Maybe we're all just over thinking it.  Champ says "hey we can pay the bank or we can offer some benefit to our supporters, the benefit to our supports might cost a bit more, but we can handle that".  Kind of like companies that pay bonuses instead of paying taxes, it costs more to pay the bonus, but bonuses make for better moral.

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We really don’t know enough details to know for sure what’s going on.  There are a couple red flags that beg questions but we have people doing that I assume.    This prepay thing is pretty sweet for folks that happen to be sitting on a couple bags of cash. (Not me).   Us regular folks will get by like we always do.  
 

Question. So of Joe cash bags buys eleventy thousand champ bucks does he also get early entry discounts when he signs up for specific races?  

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13 minutes ago, JDChristianson said:

We really don’t know enough details to know for sure what’s going on.  There are a couple red flags that beg questions but we have people doing that I assume.    This prepay thing is pretty sweet for folks that happen to be sitting on a couple bags of cash. (Not me).   Us regular folks will get by like we always do.  
 

Question. So of Joe cash bags buys eleventy thousand champ bucks does he also get early entry discounts when he signs up for specific races?  

Yep. I paid for a race this year in Champ Bucks earned from podiums and it worked just like if I was using PayPal (pay X amount, discount automatically applies). And I assume these Champ Bucks are identical to the Champ Bucks earned from podium finishes. 

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1 hour ago, enginerd said:

Yep. I paid for a race this year in Champ Bucks earned from podiums and it worked just like if I was using PayPal (pay X amount, discount automatically applies). And I assume these Champ Bucks are identical to the Champ Bucks earned from podium finishes. 

exactly. you can use them for your car, or transfer them to someone else to pay for a race or ride.

 

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I'm on our local SCCA board and we only deal with Watkins Glen 1-2 times a year for our races (Super Tour and a Regional). WGI has both increased the deposit amount and required us to pay it earlier than in previous years. The deposit date used to be after we've opened registration so we at least had those funds to put toward the deposit. Unfortunately, the combination of the above has also forced us to get creative with our finances.

 

I don't know if this is the reason for these discounts, but I can't imagine having to deal with 20+ tracks and their deposits/contracts. Dealing with Watkins Glen is bad enough.

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