One year before their contract together expires, General Motors and Tiger Woods have mutually decided to “cut the cord” and end their endorsement deal.
Woods, who has carried the Buick logo on his bag for the past nine years, said recently that he wants more time for himself, especially with a second child on the way.
Larry Peck, golf marketing manager for Buick agreed saying, “Timing is everything.”
The General Motors Corporation has been looking to cut costs in attempts to endure their worst drop in sales in nearly 25 years, but separating from Woods wasn’t easy.
Since the world’s No.1 golfer signed on, the average age of the brand’s buyer has dropped.
“We attribute the awareness of our product to Tiger,” Peck added.
Due to the slowing American economy however, Buick’s U.S. sales have dropped 54% since 2000.
The decision to remove what is believed to be a $7 million a year contract, was a budget efficiencies move for GM.
“We’ve had such a great partnership with Tiger,” Peck said. “It’s hard for us to walk away from that. But this frees up time for him. And it sure frees up a lot of money for us.”
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