CONCORD, N.C. - In a unique arrangement, Mike Wallace announced he has signed a three-year sponsorship with Geico, taking the deal to Phoenix Racing for at least two seasons.
Wallace holds the option for 2009 but said he'd like to stick with Phoenix for three seasons and beyond. Phoenix will switch to Chevrolets in 2007, with Wallace driving the No. 7 Phoenix's No. 1 will remain, team owner James Finch said Friday, but the driver is to be named.
The sponsorship is unique because Geico is paying Wallace, and Wallace is in turn contracting with Phoenix.
"We've established a relationship directly with Mike Wallace the driver, not through a team," Geico Executive Vice President Bill Roberts said. "In the auto insurance business, we work directly with our customers. We felt we wanted that same type of relationship with Mike in NASCAR."
Finch said Wallace has been a "man of his word" as long as he's known the driver and isn't worried about Wallace taking the sponsorship elsewhere.
"I'm comfortable with it," Finch said. "Me and Mike go back a long ways. As long as the money comes in, it doesn't matter to me."
Wallace replaced Jason Keller in Phoenix's No. 1 Dodge in April and has posted three top-10 finishes in 18 races. Wallace said he shopped the Geico deal to other teams before settling on Phoenix.
Wallace said Phoenix would take care of the performance side of the deal, with Geico and Player Management International taking care of the marketing side.