WEBVTT - IndyCar Champ on Growth and Diversity in Racing

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Jason Kelly on Bloomberg Radio speed Racer. So the Bloomberg

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<v Speaker 1>audience love sorry about him to do with the auto industry,

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<v Speaker 1>from evies and stuff d having cars to really cool

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<v Speaker 1>things like supercars, collectibles, innovation, competition, racing and more just

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<v Speaker 1>fast cars. All right, So today we're talking about the

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<v Speaker 1>business of racing of the perfect duo to do that

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<v Speaker 1>with Indiecar Champion Joseph new Garden joining us in our

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<v Speaker 1>interactive Broker students, So welcome to you. Also, of course

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<v Speaker 1>with us is our auto columness for Bloomberg Pursuits, Hannah Elliott,

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<v Speaker 1>who actually brought us Joseph. I try to bring you

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<v Speaker 1>the best at the weekend of two times Indie champion,

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<v Speaker 1>like Hannah. Yeah. Anyway, alright, so first of all, congratulations, welcome,

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<v Speaker 1>thank you. Um. So, what's the state of racing right now? Well,

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<v Speaker 1>we're here to just just distract everybody, know, with all

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<v Speaker 1>the chaos that's going on right now, we want you

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<v Speaker 1>to just think about racing and good things. Um. But

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<v Speaker 1>the yeah, the state of racing is good, you know.

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<v Speaker 1>We um We're still going forward I think Indie Car

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<v Speaker 1>is an exciting time for us. We're kind of growing. Um,

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<v Speaker 1>you know, we've gone through some swings over the last

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<v Speaker 1>twenty thirty years with just the series, the identity of it,

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<v Speaker 1>the popularity and uh, ever since I joined back in

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<v Speaker 1>two thousand twelve, we've just had this nice steady uptick

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<v Speaker 1>and growth and and I feel like we have a

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<v Speaker 1>lot more momentum on our side now with Roger Penskey

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<v Speaker 1>acquiring the Indianapolis Motor Speedway in the Indie Car Series,

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<v Speaker 1>so we feel like the direction of where that the

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<v Speaker 1>series can go, and really the growth potential is is

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<v Speaker 1>pretty enormous right now. All right, I don't know why

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<v Speaker 1>he's been so serious. What's it like to race? It's awesome,

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<v Speaker 1>that's yeah, No, I I love it. I grew up.

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<v Speaker 1>I'm from Nashville, Tennessee, and I played stick and ball

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<v Speaker 1>sports like most you know, suburban American kids. Baseball was

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<v Speaker 1>kind of my sport as as as a young guy.

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<v Speaker 1>And uh, I always loved racing. I love cars that

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<v Speaker 1>went fasts the first thing you raced. So I raced

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<v Speaker 1>just go karts, traditional like hundred cc carts and um,

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<v Speaker 1>you know, they go like sixty miles superload to the ground,

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<v Speaker 1>and there was nothing like that around Nashville, Tennessee. So

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<v Speaker 1>my dad actually had to take me. Uh we we

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<v Speaker 1>did this round trip three and miles up, three and

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<v Speaker 1>miles back to Indianapolis. It was the closest carting track

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<v Speaker 1>to to Nashville, and we did that. We went up there,

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<v Speaker 1>figured out how carting worked, and then tried to get

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<v Speaker 1>into cars. And then you kind of just learned how

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<v Speaker 1>the you know, the series form up, and then how

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<v Speaker 1>to maybe one day try and pursue a career in

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<v Speaker 1>motorsports and what I'm so curious what separates a champion

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<v Speaker 1>from someone who's really good? And I mean, when you

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<v Speaker 1>were driving these cards, did you know from an early

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<v Speaker 1>age I'm really good? Did that come later? It came later?

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<v Speaker 1>You know, when I was a kid and i'd watch

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<v Speaker 1>indie cars on TV, especially around street circuits, which is

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<v Speaker 1>a track type that we run on. I'd watch these guys,

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<v Speaker 1>you know, handle these seven hundred fifty horsepower super fast

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<v Speaker 1>cars in between you know, twenty foot of walls like

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<v Speaker 1>that's that's you know, the track was the walls basically

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<v Speaker 1>lined the track super tight. And I had no idea

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<v Speaker 1>how they'd be driving these things at two a mile

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<v Speaker 1>miles per hour in the street courses. I was like, man,

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<v Speaker 1>there's there's just no way. It looks so dangerous, it's crazy.

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<v Speaker 1>I mean, they're like it's like riding a raging bull.

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<v Speaker 1>And then there's they're so masterful when I was a

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<v Speaker 1>kid watching the drivers do it, and I never thought

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<v Speaker 1>it was possible, to answer your question, for me to

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<v Speaker 1>be able to be capable of that, and so I

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<v Speaker 1>just got into it for the love of cars, the

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<v Speaker 1>love of racing, the competition, and then quickly you learn

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<v Speaker 1>like I'm pretty good at this, like maybe maybe I'll

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<v Speaker 1>be able to drive cars one day. And then you

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<v Speaker 1>get into cars finally and you're like, yeah, I think

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<v Speaker 1>I could possibly get good at this. Was there a

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<v Speaker 1>discussion you had with your parents about this, Um, yes

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<v Speaker 1>and no. I beg to start racing go cards since

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<v Speaker 1>I was like three years old, and it was always

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<v Speaker 1>a no until I was thirteen, So it took. It

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<v Speaker 1>took a lot of convincing to hey, let's actually go

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<v Speaker 1>try and do this. And so to go back to

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<v Speaker 1>what Hannah said, I mean, you understand you're pretty good

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<v Speaker 1>at it, but then there is that, you know, a

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<v Speaker 1>matter of seconds or middle of seconds in some cases

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<v Speaker 1>inches feet that separate you know, a true champion, a

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<v Speaker 1>winner from someone's like, yeah, this is pretty good, but

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<v Speaker 1>what's the difference. Yeah, it's honestly so like once you

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<v Speaker 1>get to the top level and you're like, hey, you know,

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<v Speaker 1>I'm I'm I'm pretty good at the sport. I'm lucky

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<v Speaker 1>that I have some talent. It's so much more than

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<v Speaker 1>just being fast or being inherently talented at something. You

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<v Speaker 1>have to have such a complete package at the top

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<v Speaker 1>level of it. Um you really have to be diverse

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<v Speaker 1>in your skill sets and and that a lot of

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<v Speaker 1>what the driver does is he's like the quarterback of

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<v Speaker 1>a football team. You know, he's leading the pack. He's

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<v Speaker 1>kind of directing on everything that we need to do,

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<v Speaker 1>not only just on a race weekend and what decisions

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<v Speaker 1>we make, but also globally, like how are we developing

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<v Speaker 1>the race car, what's gonna make the race car fast?

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<v Speaker 1>And all those decisions really derived from the driver. So

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<v Speaker 1>the driver has to have a really good skill set

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<v Speaker 1>to lead the team and lead the engineers and mechanics

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<v Speaker 1>around the right path. That's that's what makes you good

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<v Speaker 1>at the top. Is it a case though, like with

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<v Speaker 1>any I don't know sport, if you will that the

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<v Speaker 1>more you do it, the better you get, like practice, practice, practice,

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<v Speaker 1>or that's not necessarily the case in racing. No, No,

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<v Speaker 1>it's very true, very true. I think with anything, particularly

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<v Speaker 1>indie car racing. IndyCar racing, amongst all of motor sports,

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<v Speaker 1>is probably the most diverse. So with NASCAR, they're so

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<v Speaker 1>predominantly oval racing. You know, probably the tracks that visit

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<v Speaker 1>are all ovals. For indiecr it's split across four different

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<v Speaker 1>track types. So we race street circuits, like I was

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<v Speaker 1>talking about earlier. We'll just go into a city like

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<v Speaker 1>Long Beach and have a long breeze ground prix. They'll

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<v Speaker 1>set up a temporary street circuit. Then we'll race that

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<v Speaker 1>road courses, which are permanent road course tracks. Then we

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<v Speaker 1>race that big superspeedways like the Indianapolis five two and

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<v Speaker 1>a half mile oval, and then we were raced on

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<v Speaker 1>short ovals which are only just like a mile long,

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<v Speaker 1>but there's a little small baby oval, and they are

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<v Speaker 1>all so completely different that if you're not good at

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<v Speaker 1>all of them, you're never gonna win a championship. So

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<v Speaker 1>the diversity that it that it requires to be good

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<v Speaker 1>in Indy Cars is pretty cool. So tell me why

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<v Speaker 1>Indiecar for you? Why not NASCAR? Why not Formula One?

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<v Speaker 1>Why not Formula Even? I think a lot of what

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<v Speaker 1>I honestly, the diversity, like I was just talking about,

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<v Speaker 1>is what draws me in. Um. I also like the

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<v Speaker 1>parody in our sport with IndyCar right now is next

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<v Speaker 1>level um every I mean, you can be with the

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<v Speaker 1>lowest budget team on the grid, you know, with maybe

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<v Speaker 1>the smallest amount of people, and you can have a

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<v Speaker 1>chance at winning races. I mean truly, you actually can

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<v Speaker 1>compete with the top the top teams. Like you know,

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<v Speaker 1>I get the drive for arguably the most successful team

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<v Speaker 1>in the paddock, Team Penskey, Roger Penskey's team, and they've

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<v Speaker 1>won eighteen Indianapolis five hundreds over the hundred and four

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<v Speaker 1>year history. They're like the winning, They're nearly at race.

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<v Speaker 1>He's had some really well known drivers too for his team.

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<v Speaker 1>You know, your predecessors that an iconic in the racing world.

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<v Speaker 1>You're listening to Bloomberg Business, We Carl Master along with

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<v Speaker 1>Jason Kelly and in our interactive Broker Studio. Right now,

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<v Speaker 1>we've got IndyCar Champion Joseph Newgarden, along with our auto

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<v Speaker 1>time champion to time champion, along with our auto expert.

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<v Speaker 1>The person we go to when we talk about really

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<v Speaker 1>supercars and all fun things in the car industry is

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<v Speaker 1>of course Hannah Elliott, who writes for Bloomberg Pursuits. So,

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<v Speaker 1>and I want to toss it over to you. I'm

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<v Speaker 1>so happy to be here. I'm so excited to have

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<v Speaker 1>you here, Joseph, because auto racing is fascinating and we've

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<v Speaker 1>seen some new changes with IndyCar, especially these new errow screens.

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<v Speaker 1>Can you tell us a little bit about them? What

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<v Speaker 1>they do? These are not the halos that we've see

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<v Speaker 1>in Formula One. They're separate and different. So how do

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<v Speaker 1>you feel about them? What are they pro con Yeah?

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<v Speaker 1>I think so for like the average viewer, just to

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<v Speaker 1>give a you know, a digestible, so I used to

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<v Speaker 1>I'll start off average viewer. No, No, it's good. It

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<v Speaker 1>used to be funny for me because like when people

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<v Speaker 1>ask me what I do, I used to be so

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<v Speaker 1>hesitant to say I drive race cars because it's such

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<v Speaker 1>a it sounds like what it's six year old kids,

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<v Speaker 1>which is kind of awesome. It's hard to explain it,

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<v Speaker 1>but now I'm like, I'm trying to embrace it so

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<v Speaker 1>much more because for me, it's like being an astronaut. Yeah,

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<v Speaker 1>I mean, it's such like a wall thing. You know.

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<v Speaker 1>It's like not many people fly rockets into space and

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<v Speaker 1>that's kind of like what our jobs all about. So

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<v Speaker 1>to answer the question, yet, an indiecr it's like a

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<v Speaker 1>jet fighter plane, but we just raced them on the

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<v Speaker 1>ground and so it looks like a jet fighter plane

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<v Speaker 1>with inverted wings. It it goes fast on the road.

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<v Speaker 1>And um, typically open will cars have always been open

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<v Speaker 1>cockpit as well, so it's exposed helmet for the driver

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<v Speaker 1>and the wheels and tires are exposed. But that exposed

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<v Speaker 1>helmet kind of like riding a you know, a fast

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<v Speaker 1>motor GP bike or something. That's been the last big

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<v Speaker 1>safety advancement is well, where can we make the driver's

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<v Speaker 1>safer and and head protection has been the thing that

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<v Speaker 1>we've needed to do. So now we're putting a screen

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<v Speaker 1>on the car. And too, to your question, it's it's

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<v Speaker 1>very similar to Formula one. Formula one just did a halo,

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<v Speaker 1>so so just a structured piece on top of um,

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<v Speaker 1>on top of the cockpit, but on for the IndyCar,

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<v Speaker 1>the aeroscreen is both a structured piece and a windscreen,

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<v Speaker 1>so it's a fully integrated canopy which looks like a

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<v Speaker 1>fighter jet now and I actually think the cars look

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<v Speaker 1>more like fighter jets than did before. Um. It's the

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<v Speaker 1>biggest safety advancement in motorsports in my opinion in the

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<v Speaker 1>last probably twenty five years. Game changer, total game changer.

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<v Speaker 1>I think, you know, any the fatalities that we've had

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<v Speaker 1>in the sport over the last twenty years, UM, this

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<v Speaker 1>sort of device is really what would have helped in

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<v Speaker 1>those situations. And and we've been trying to create something

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<v Speaker 1>like this for a while, so it's it's inevitable. A

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<v Speaker 1>lot of people were against it because of the style

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<v Speaker 1>of it, but it's inevitably had to come. Does that

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<v Speaker 1>change how you drive? Sorry, yeah, definitely. So the weight

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<v Speaker 1>distribution of the car is totally different. It's a lot heavier,

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<v Speaker 1>you know, it's about sixty pounds for the device moves

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<v Speaker 1>the weight distribution forward. Yeah, it's a lot. The weight

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<v Speaker 1>distribution moves forward about one and a half percent. So

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<v Speaker 1>because of that, just mechanically, the car drives quite a

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<v Speaker 1>bit different dynamically, it's still different. Uh well, let's end

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<v Speaker 1>sort of where we began, or start to wrap up

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<v Speaker 1>where he began, which is a lot of changes to

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<v Speaker 1>the circuit, especially the ownership, the investment from Mr Penskey.

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<v Speaker 1>What is change. You've got new sponsors coming, I mean

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<v Speaker 1>there there, it feels like there's a lot of sort

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<v Speaker 1>of winded near sales to use another form transportation. So

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<v Speaker 1>the Penskey group, you know, obviously they're gonna take some

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<v Speaker 1>time to get their hands around everything, but um, you know,

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<v Speaker 1>a lot of it's going right into the speedway to

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<v Speaker 1>start with. You know, the Indianapolis five are Holy Grail.

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<v Speaker 1>It the super Bowl of our year in the championship

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<v Speaker 1>for the month of May. Um, Roger really wants to

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<v Speaker 1>improve the fan experience. So one of the cool things

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<v Speaker 1>is Verizon is going to be putting five G in

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<v Speaker 1>that entire race track, and it's gonna be the first

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<v Speaker 1>facility to have full five G capability by the time

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<v Speaker 1>we get to May. So it's a really really cool

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<v Speaker 1>thing that they're putting in. Everyone in the crowd is

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<v Speaker 1>gonna be able to have access to that they're putting

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<v Speaker 1>in more screens. Uh, they're they're renovating every bathroom in

0:10:25.600 --> 0:10:29.240
<v Speaker 1>the facility. They're creating new walkways for people, just little

0:10:29.240 --> 0:10:30.760
<v Speaker 1>things that you want to think about, but that go

0:10:30.840 --> 0:10:33.440
<v Speaker 1>directly to the fan. So Roger's done a great job

0:10:33.480 --> 0:10:35.360
<v Speaker 1>of that for the Speedway and then the series itself.

0:10:35.480 --> 0:10:37.560
<v Speaker 1>You know, I think we're just trying to figure out

0:10:37.559 --> 0:10:41.080
<v Speaker 1>the best way to move forward continually with audiences. You know,

0:10:41.080 --> 0:10:44.040
<v Speaker 1>it's such a moving landscape right now with digital media

0:10:44.080 --> 0:10:46.720
<v Speaker 1>and how people consume things. So with our partner NBC,

0:10:46.800 --> 0:10:48.440
<v Speaker 1>I think we've got a good foothold on you know,

0:10:48.440 --> 0:10:49.880
<v Speaker 1>where do we want to go five or ten years

0:10:49.920 --> 0:10:51.600
<v Speaker 1>from now? You know, I want to ask, and actually

0:10:51.600 --> 0:10:53.040
<v Speaker 1>this is a hand of question, so I have to

0:10:53.120 --> 0:10:54.680
<v Speaker 1>give her credit for it. Like, you know, what do

0:10:54.679 --> 0:10:57.400
<v Speaker 1>you eat on race day? Like? Do you have anything quirks?

0:10:57.440 --> 0:10:59.880
<v Speaker 1>Like you know our traditions that you do? Um now,

0:11:00.080 --> 0:11:02.920
<v Speaker 1>think nothing crazy. I think you just want to stay

0:11:02.960 --> 0:11:13.280
<v Speaker 1>away from anything new. So here's the weirdest thing, Like

0:11:13.360 --> 0:11:15.680
<v Speaker 1>I need The only thing I like to have before

0:11:15.679 --> 0:11:18.960
<v Speaker 1>a race is a nap. So I used to get

0:11:19.080 --> 0:11:22.240
<v Speaker 1>so tired before races, and I was really concerned because

0:11:22.280 --> 0:11:24.199
<v Speaker 1>I'm like, thirty minutes before the race is gonna start,

0:11:24.240 --> 0:11:27.040
<v Speaker 1>I'm like definitely tired. I'm like, oh my gosh, I'm

0:11:27.040 --> 0:11:29.320
<v Speaker 1>not alert. I can't drive this race. The races that

0:11:29.360 --> 0:11:32.319
<v Speaker 1>I'm most tired are the races I perform my best.

0:11:32.800 --> 0:11:34.120
<v Speaker 1>And I don't know what that means. I don't know

0:11:34.160 --> 0:11:37.760
<v Speaker 1>if that means I'm like focused or or something. I

0:11:37.760 --> 0:11:40.120
<v Speaker 1>have no idea, but I'm super happy when I'm tired

0:11:40.120 --> 0:11:41.800
<v Speaker 1>now before a race. It means I'm gonna do good.

0:11:42.280 --> 0:11:44.400
<v Speaker 1>Jason Kelly Carroll Master here with you in New York

0:11:44.400 --> 0:11:48.520
<v Speaker 1>City alongside Joseph Newgarden, two time IndyCar champion, and Hannah Elliott,

0:11:48.520 --> 0:11:52.199
<v Speaker 1>auto columnist for Bloomberg. Canam okay, So, Joseph, I gotta

0:11:52.240 --> 0:11:57.560
<v Speaker 1>know your twenty nine right under thirty. You're a young guy. Um.

0:11:57.600 --> 0:12:00.600
<v Speaker 1>Everyone saying young people don't care about dry having anymore

0:12:00.600 --> 0:12:04.079
<v Speaker 1>about driving cars. Is driving going away? Man? That's the

0:12:04.120 --> 0:12:06.559
<v Speaker 1>million dollar question, you know, Like, I don't know who's

0:12:06.559 --> 0:12:08.560
<v Speaker 1>tuning in right now, but everyone wants to know a

0:12:08.559 --> 0:12:10.160
<v Speaker 1>lot of people are banking on it, you know. There

0:12:10.160 --> 0:12:13.600
<v Speaker 1>there it's a great question. I think to some degree, yes,

0:12:13.800 --> 0:12:16.160
<v Speaker 1>I think there will be options in the future. What's

0:12:16.240 --> 0:12:18.320
<v Speaker 1>the runway to get there? You know, I think we're

0:12:18.360 --> 0:12:19.960
<v Speaker 1>pretty far out still, to be honest with you, I

0:12:19.960 --> 0:12:21.880
<v Speaker 1>mean I think at least five ten years out before

0:12:21.880 --> 0:12:26.040
<v Speaker 1>you start getting evis um to be super prevalent. I'll

0:12:26.080 --> 0:12:28.400
<v Speaker 1>say this, I don't think race car driving is going away.

0:12:28.440 --> 0:12:31.240
<v Speaker 1>You cannot take out the human element of racing. I

0:12:31.240 --> 0:12:35.839
<v Speaker 1>mean I I personally, but you could remotely. But do

0:12:35.920 --> 0:12:39.080
<v Speaker 1>you want to see a robot race? I don't video

0:12:39.080 --> 0:12:42.080
<v Speaker 1>game people watch video games, and but you have to

0:12:42.080 --> 0:12:44.240
<v Speaker 1>see a human playing it, right, you know, you don't

0:12:44.240 --> 0:12:46.320
<v Speaker 1>watch the computer play each other. So I don't think.

0:12:46.480 --> 0:12:49.319
<v Speaker 1>I think there's always a place for human performance within

0:12:49.480 --> 0:12:52.240
<v Speaker 1>driving and racing. Uh as far as every day on

0:12:52.280 --> 0:12:55.160
<v Speaker 1>the road, I definitely think there'll be a shift. When's

0:12:55.200 --> 0:12:58.120
<v Speaker 1>that shift? Everyone wants to know, and I will say, well,

0:12:58.120 --> 0:13:01.240
<v Speaker 1>I will just say, like, even like we've been some

0:13:01.240 --> 0:13:03.880
<v Speaker 1>some highlights of your winds and things like that, like

0:13:04.120 --> 0:13:06.160
<v Speaker 1>that moment where you jump out of the car and

0:13:06.240 --> 0:13:09.280
<v Speaker 1>like your team is there, like that sport, you know,

0:13:09.400 --> 0:13:13.920
<v Speaker 1>like and I don't think you can really machinize that.

0:13:13.920 --> 0:13:18.520
<v Speaker 1>That's under worn. Okay, So what's your daily driver? Oh?

0:13:18.679 --> 0:13:22.440
<v Speaker 1>My I drive a Tahoe. I'm you know, you can

0:13:22.520 --> 0:13:25.679
<v Speaker 1>do anything. That's my daily driver that checks out a drive.

0:13:27.040 --> 0:13:29.400
<v Speaker 1>I have, yes, And did you like it? Just quickly? Yeah?

0:13:29.559 --> 0:13:32.400
<v Speaker 1>I did. It was very large screen, large screen in

0:13:32.440 --> 0:13:35.360
<v Speaker 1>the center, very interesting, you know, like a massive like

0:13:35.600 --> 0:13:38.959
<v Speaker 1>three iPads and one sitting there. That's good. They do

0:13:39.040 --> 0:13:40.920
<v Speaker 1>a good job. Good luck on your next race. Thank

0:13:40.920 --> 0:13:44.880
<v Speaker 1>you guys, all right. Season starts at mid March. Joseph Newgarden,

0:13:45.320 --> 0:13:49.600
<v Speaker 1>two time IndyCar champion. Hannah Elliott, auto columnist for Hamberg News,