Andretti Global and Group 1001: How a racing sponsorship became team co-ownership

Group 1001 CEO Dan Towriss didn’t intend to get involved in motor racing until a young driver named Zach Veach sent him an email asking about a potential sponsorship for the 2017 Indianapolis 500. Now, Dan Towriss is co-owner of Andretti Global, a powerhouse of an international racing program.

But how did that happen? How did one email from an aspiring IndyCar driver transform into funding a Formula 1 program? Today, we’re going to dig in.

Gainbridge, Group 1001, and IndyCar

In 2017, young American driver Zach Veach felt like he was at the end of his rope. He was looking to compete in the Indianapolis 500 for the first time with A. J. Foyt Racing, but he was short on the funds. After asking around, Veach called up his pastor Aaron Brockett to ask if he had any leads.

Brockett had one: Dan Towriss.

Towriss is the CEO of Group 1001, a financial services company in Zionsville, Indiana. Gainbridge, a financial savings platform, is one of Group 1001’s subsidiary brands.

Initially, Towriss was perplexed by Veach, wondering how a young racer had discovered his contact information. Then, he got interested.

“I liked his story,” Towriss told Indy Star in an exclusive interview in 2023. “Within the weekend, it was, ‘Hey, what if our [LPGA] golf tournament [at the time held at Brickyard Crossing, the golf course at the Indianapolis Motor Speedway] was the sponsor of the car?’”

Veach’s ride with Foyt at the 2017 Indy 500 evolved into a full-time Gainbridge sponsorship and a three-year deal at what was then called Andretti Autosport in 2018. Then, in 2019, Gainbridge became the presenting sponsor of the Indianapolis 500. Soon after, he purchased a co-ownership stake in the Andretti team.

The latest on Andretti Global:

👉 Michael Andretti relinquishes ownership stake in Andretti Global – report

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Though Veach was dropped by Andretti before his three-year deal came to a close, the Gainbridge sponsorship remained. Colton Herta now competes under the banner.

Towriss’ ample funds came courtesy of his business savvy; by 2021, he was in talks with Michael Andretti about entering the team in Formula 1, first by buying their way in via Sauber, then by applying for entry when the FIA opened applications to join the field.

Andretti also formed the Andretti Acquisitions Corporation in 2022 in order to merge with other businesses. The corporation raised $250 million; RACER reports that Towriss’ separate investment into Andretti Global is “said to match or exceed” that amount.

If you’ve been keeping an eye on Andretti’s growth of late, then you’re familiar with Towriss’ machinations.

In recent years, Andretti’s three-car IndyCar program has flourished, while Andretti and Wayne Taylor Racing have inked a new two-car deal with Cadillac in IMSA. Andretti Global’s new state-of-the-art facility in Indiana is a direct result of Towriss’ funding.

According to RACER, there has been some amount of dissatisfaction arising between Towriss and Michael Andretti of late, but no concrete proof of any in-fighting has come to light.

Andretti will be transferring to an advisory and ambassadorial role, while Dan Towriss will be taking over Andretti Global as its primary owner.

But what’s next for Towriss and Andretti Global?

In the immediate aftermath of Michael Andretti’s departure from team ownership, RACER reports that there will likely be additional personnel changes coming on both its IndyCar program and its prospective Formula 1 initiative.

But after that? It’s not clear. Towriss has obviously been a guiding force behind Andretti Global’s current direction, but rumors of dissent make it challenging to understand exactly how much of that direction has been influenced by Towriss and how much has come from the hands of Michael Andretti.

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