Iredell County Economic Development Corporation (EDC) will launch a technical assistance program, called ReVamp, to help local motorsports teams and component manufacturers diversify to serve new markets. The program was made possible through partnership and funding from the Town of Mooresville and Industry Expansion Solutions (IES) at North Carolina State University.
The ReVamp program will support companies with matching funds, up to $10,000 per company, for technical support assistance. The Town of Mooresville has provided $100,000 to Iredell EDC to support the ReVamp program, which was launched in response to the changes resulting from the impact of both NASCAR’s Next Gen car and the impact of COVID-19 on the racing industry.
“Investing in ReVamp is a win for small businesses and the local economy,” said Mayor Miles Atkins, Town of Mooresville. “With the concentration of our motorsports cluster, there is tremendous opportunity, and supporting them will result in growth and job creation in our community.”
The initiative is modeled on a program previously deployed by IES to help Department of Defense contractors diversify. Two local companies—Roush Yates Engines and MSI Defense— participated.
ReVamp is one of three programs developed by Iredell EDC to respond to the changes happening in the motorsports industry, including ReGen, a series of “lunch and learns” webinars to provide local manufacturers basic tools for diversification and to invite them to the “deeper dive” of ReVamp. Stream 2021, hosted earlier this year, brought together Charlotte region manufacturers to facilitate supplier and procurement opportunities for companies.
Nearly half of North Carolina’s 70 motorsports manufacturers are located within Mooresville, alongside over half of the state’s NASCAR teams. The concentration of manufacturers and teams has yielded a network of highly skilled manufacturers and engineers in Iredell County. This advanced manufacturing ecosystem that supports the racing industry also supports other manufacturing sectors, including defense and aerospace.