BRITISH business is missing out on massive marketing and sponsorship opportunities in motorsport.

That's the view of Swindon businessman Andy Lane, who specialises in motorsport marketing with Darack Group in Newport Street, Old Town.

The flag has just been lifted on the new Formula One season but Darack Group says it can't believe the way business is being short-sighted and is missing out on the global potential of being associated with drivers and the economic benefits of reaching new markets in China and Bahrain, both of which will host races this season.

Potential sponsors are also ignoring all the latest research that shows sponsors get high returns in terms of marketing and branding.

Mr Lane says they need to take a lesson from US companies which are reaping the benefits of telling race fans why they sponsor motorsport, what they are doing as sponsors and how fans can benefit as a consequence.

The net effect is that up and coming young British drivers are being denied the opportunity to reach the top, including Formula One, through lack of investment and sponsorship.

Mr Lane said: "I travel to the US several times a year.

"I fail to see why American companies where a smaller percentage of the population watches motorsport compared with the UK see the benefits of marketing through motorsport while British companies fail to use it as a tool to increase market share.

"I come back to Britain and I am hit by a wall of malaise. I just want to scream: British business, wake up."

Mr Lane and other motorsport marketing experts believe there is a cultural difference between sponsorship on each side of the Atlantic.

In America racegoers believe that sponsorship makes the race possible, because sponsors hammer home the message about why they are involved.

In Britain sponsors are far more reticent and consequently receive less support from the F1 fanbase.

Mr Lane is currently supporting up and coming driver Matt Whitman who did a Michael Schumacher in the 125cc motorbike racing championships last year by winning the championship well before the season ended.

He is moving to the Yamaha R6 series this year but without a sponsorship deal.

"It is frustratingly sad that companies cannot see the value of supporting British motorsport and therefore our young people. Mark Blundell started out on motorbikes and went on to Formula One. These routes for youngsters are being ignored.

"It is a false economy, yet the cost is far less than commonly believed." added Mr Lane.