Tariffs from the Donald Trump administration harmed $1B-worth Rick Hendrick’s ‘base business’ as per Steve Phelps
NASCAR President Steve Phelps recently spoke on how Rick Hendrick's base business has been affected by the new auto tariffs imposed by President Donald Trump's administration, which took effect at midnight on April 3, 2025. The tariffs are expected to raise the cost of importing cars and car parts from other countries, which will ultimately impact people who run car dealerships, like the owner of Hendrick Motorsports.
Steve Phelps discussed the issue during a recent episode of NASCAR’s new in-house podcast, Hauler Talk. He admitted that no one knows exactly how things will play out, but it's something the sports' governing body is keeping a close eye on. Phelps mentioned having a conversation with $1 billion HMS team owner Rick Hendrick (as per Celebrity Net Worth), whose core business includes car dealerships.
"I had a conversation with Rick Hendrick, and obviously his base business is affected by the tariffs. What that looks like for him, he doesn’t know, but you can bet he’s monitoring it on a daily basis, and we’re doing the same," Phelps stated. (1:07:45 onwards)
The tarrifs are also going to impact motor racing in the USA. A major concern is the cost of car parts. NASCAR’s current generation of race cars uses 26 parts from approved suppliers. Some of those suppliers are based outside the United States. If tariffs increase the cost of these parts, it could make racing more expensive for teams.
Rick Hendrick extends HMS' partnership with Prime Video
Kyle Larson, the No. 5 driver for Mr. Rick Hendrick's team, is set to make his second attempt at the 'Double' on Memorial Day, May 25, after his failed attempt last year. In 2024, the long delay for the Indianapolis 500 due to heavy rains meant that Larson departed quite late to take part in the Coca-Cola 600 at Charlotte Motor Speedway.
By the time he reached the track to take over from his substitute, Justin Allgaier, the race had been called off on lap 249 out of the scheduled 400 due to poor weather. However, HMS and Larson are confident of pulling off the 'Double' this year. Amazon's subsidiary, Prime Video, which had previously signed a multi-year deal with Chase Elliott, will now be the primary sponsor for Kyle Larson on Memorial Day.
Prime Video will also release a documentary in 2026 that will showcase Larson's two-year journey of preparing and attempting the daunting challenge of racing 1100 miles in a single day. Rick Hendrick spoke (via NASCAR.com) about extending the team's partnership with Prime Video.
"We’re proud to grow our relationship with Prime Video... The film is going to show Kyle like people have never seen him – his preparation, his mindset, and what it takes to pursue such a daunting challenge," Mr. Hendrick noted.
The Indy 500 is scheduled to start at 10:00 am ET on May 25, and the Coca-Cola 600 will commence at 6:00 pm ET on the same day.