WEBVTT - Cadillac F1 CEO Daniel Towriss Talks Debut of Team

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>This set of rules is here with us for five years,

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<v Speaker 2>so it's not about the first racer too, it's about

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<v Speaker 2>the next five years. Again, extremely confident. We have the

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<v Speaker 2>right people, we have the right tools, we have the

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<v Speaker 2>right processes, we have the right partners. So I'm very

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<v Speaker 2>confident for extremely confident for our future.

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<v Speaker 3>So that was Laurence Stroll, the billionaire owner of the

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<v Speaker 3>Aston Martin Aramco F one team. He sat down with

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<v Speaker 3>me earlier to talk about his confidence in his team

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<v Speaker 3>leading the high stakes motorsports category, but he faces challengers

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<v Speaker 3>including General Motors Cadillac, which just unveiled it's four and

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<v Speaker 3>to F one with a splashy Super Bowl commercial featuring

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<v Speaker 3>the new Livery and joining us now live on the

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<v Speaker 3>set is Dan Towers, the CEO of Cadillac Formula one

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<v Speaker 3>and this is a high stakes league here. Dan, very

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<v Speaker 3>cool to see Cadillac GM coming in to this sport,

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<v Speaker 3>especially at the same time as Ford, its crosstown rival,

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<v Speaker 3>enters the scene.

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<v Speaker 1>But tell us.

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<v Speaker 3>About what your expectations are now, because you've had testing

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<v Speaker 3>If I'm not mistaken in Barcelona and you're just about

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<v Speaker 3>have testing in Bahrain with your yes.

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<v Speaker 4>So for us, Barcelona was mostly shakedown, so it's testing

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<v Speaker 4>a lot of new systems and everybody's talked about the

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<v Speaker 4>fact that it's a new chassis, so a new set

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<v Speaker 4>of regulations, new tires, new power units. But for us,

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<v Speaker 4>for Cadillac, we're building everything for the first time, the

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<v Speaker 4>fuel system, you know, just all the pieces on the car,

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<v Speaker 4>and so a lot of it was just reliability focused.

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<v Speaker 4>As we go into Bahrain this week, we're very excited.

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<v Speaker 4>It's now start to push the limits of the car

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<v Speaker 4>and to see what we see what we have.

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<v Speaker 3>You have incredibly experienced drivers right in valcher Botas and

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<v Speaker 3>Sergio Perez. What did they make of the car? And

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<v Speaker 3>you know what kind of feedback did you get from

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<v Speaker 3>those superstars?

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<v Speaker 4>I think some of their feedback similar to the other drivers.

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<v Speaker 4>There's a lot less load under the set of regulations

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<v Speaker 4>on this car, which just means there's less downforce. The

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<v Speaker 4>car is going to feel a little slippier to drive,

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<v Speaker 4>and it's going to be a whole new technique as

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<v Speaker 4>they figure how to use this power unit with the

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<v Speaker 4>electrication piece and the combustion piece, you know, combined. So

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<v Speaker 4>again it's a very different. It's a very different car

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<v Speaker 4>to drive this year, and so everybody's in a big

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<v Speaker 4>learning curve right now.

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<v Speaker 1>And I mean to that point, to that learning curve,

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<v Speaker 1>you're a newcomer in this space. I know that you've

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<v Speaker 1>said previously that you want to be America's team in

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<v Speaker 1>F one, and I wonder, you know what you see

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<v Speaker 1>that looking like if your vision is actualized.

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<v Speaker 4>So it's really leaning into you know, a new fan base.

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<v Speaker 4>If you think about the success that Drives to Survive

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<v Speaker 4>has had or F one the movie which just you know,

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<v Speaker 4>crushed every record, it's created a lot of F one

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<v Speaker 4>curius fans in the US. And that was really the

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<v Speaker 4>thought behind the super Bowl commercial. It's a big stage

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<v Speaker 4>and we wanted to get to people that don't maybe

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<v Speaker 4>consume F one every day. If I want to speak

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<v Speaker 4>to the diehard motorsport fan, it's very easy to that.

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<v Speaker 4>You know, media ecosystem is very developed. The super Bowl

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<v Speaker 4>let us, you know, create a conversation about Cadillac Formula

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<v Speaker 4>one to people who, like I said, saw the movie,

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<v Speaker 4>thought it was interesting and say wait this this team's

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<v Speaker 4>going to be on track in thirty days. I need

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<v Speaker 4>to check this out.

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<v Speaker 1>Well, That gets a little bit to what I was wondering,

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<v Speaker 1>which is why is Super Bowl commercial? I mean, you

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<v Speaker 1>take a look at some of the numbers. On average,

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<v Speaker 1>I believe super Bowl ads were eight million dollars. We

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<v Speaker 1>heard some reports that they got to ten million dollars

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<v Speaker 1>for thirty seconds. I mean, why was it important to

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<v Speaker 1>sort of have your debut at the Super Bowl so

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<v Speaker 1>to speak.

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<v Speaker 4>Yeah, it's really just that big audience. I think it's

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<v Speaker 4>also just you know, it's it's this cultural moment in sports.

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<v Speaker 4>The Super Bowl has become so much you know, about

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<v Speaker 4>the ads as much as the game, you know, depending

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<v Speaker 4>who you talk to. And again, so this let us

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<v Speaker 4>have that platform to reach the F one curius, to

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<v Speaker 4>reach a new fan base for Cadillac Formula One, to

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<v Speaker 4>say that we're coming and let's us kind of put

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<v Speaker 4>that American spin, this bold American team. I mean, what's

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<v Speaker 4>more American than announcing your showing your first ever livery

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<v Speaker 4>than at the Super Bowl.

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<v Speaker 3>Talk to us about the business of Formula One and

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<v Speaker 3>really the business of racing. Because you've been involved in

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<v Speaker 3>motorsports for a solid decade now with Game Ridge, with

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<v Speaker 3>Andretti now a TWG, So how do you make money

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<v Speaker 3>in this sport.

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<v Speaker 4>Well, you know, it starts with growing a fan base,

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<v Speaker 4>which is really was job number one with the Super

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<v Speaker 4>Bowl commercial, building up the fan base, and then you know,

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<v Speaker 4>taking those metrics and reaching out to sponsors and building

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<v Speaker 4>up that piece. And so it's a you know, you

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<v Speaker 4>have a marketing machine. I mean really, when you think

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<v Speaker 4>about today's modern F one, you know it's yeah, you've

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<v Speaker 4>got the team, maybe you have a power unit company.

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<v Speaker 4>You need to have a media company inside your Formula

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<v Speaker 4>one team as well, because you're marketing to the world,

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<v Speaker 4>You're creating content, you're creating, you know, drawing in eyeball's interest,

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<v Speaker 4>you're storytelling, You're doing all those things to create commercial

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<v Speaker 4>value for the team. And that's essential in today's Formula one.

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<v Speaker 3>By the way, Checko and Botas are perfect for that.

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<v Speaker 3>I mean absolutely, Terry is an amazing storyteller in his

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<v Speaker 3>own right. What did you what was your strategy when

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<v Speaker 3>you group these brands together? Because I see like an

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<v Speaker 3>American heritage line here through Jim Bean and Tommy hillfigure

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<v Speaker 3>for example.

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<v Speaker 1>Yeah.

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<v Speaker 4>Absolutely, I think as we think about what does it

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<v Speaker 4>mean to be a you know, a American, we want

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<v Speaker 4>to have these iconic American brands, these American originals that

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<v Speaker 4>really create a you know, a foundational pillar in our

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<v Speaker 4>in our sponsorship ecosystem. And I mean Tommy is fantastic,

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<v Speaker 4>Jim Beam, you know, Cadillac. These are iconic American brands,

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<v Speaker 4>and so we're you know, formula ones of global business.

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<v Speaker 4>So we're going to want to have non American brands

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<v Speaker 4>on the car as well, but we definitely want to

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<v Speaker 4>have those bona fide set up where we're anchored in

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<v Speaker 4>these iconic American brands.

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<v Speaker 3>What do you make of the sort of Win on Sunday,

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<v Speaker 3>Cell on Monday Mantra from the fifties and sixties. I mean,

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<v Speaker 3>GM is getting in a big way back into racing,

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<v Speaker 3>not just an F one. I went to Lamar with

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<v Speaker 3>Mark Royce and crew and watched their hypercar there, which

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<v Speaker 3>was amazing to see. But they also have you know,

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<v Speaker 3>vehicles that nobody else can produce right now. They have

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<v Speaker 3>a super Charge V eight with a stick and the

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<v Speaker 3>CT five V Black Wing, So I'm really pumped about

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<v Speaker 3>their offerings.

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<v Speaker 2>Yeah.

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<v Speaker 4>No, the product line is just as spectacular. It's actually

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<v Speaker 4>actually after one of the F one bar to meetings,

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<v Speaker 4>Cadillac They brought out every car in the lineup and

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<v Speaker 4>we just spent the afternoon driving them. And so the

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<v Speaker 4>product lineup is so strong, and so there's this upward

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<v Speaker 4>mobility from a market share standpoint in Cadillac. It's the

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<v Speaker 4>perfect time to bring Formula one in the Cadillac car

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<v Speaker 4>brand together