Al Rondon of Coca Cola explains what sponsors want

Instead of thinking 'I need sponsorships so I can continue to race,' racers should think 'what can I do to help this company achieve their goals?' It's similar to a job interview - you can't just ask to be paid, you need to demonstrate what you can contribute. As a racer, you're a brand and an ambassador for any company that sponsors you, so you need to show how you align with their target audience and can help them reach their objectives.

Large companies plan sponsorship budgets 12-18 months in advance. For companies following a calendar fiscal year, decisions for the following year are typically being made by mid-year. By the time you're in Q1 of a given year, budgets are already closed for traditional fiscal cycles, so you should be pitching for the year after next.