Geico Saves On Parking Garage

Geico has landed a naming rights deal with the Orlando Magic, but not for its new $480 million arena, already christened Amway Center. The insurance company got the next-best thing: the parking garage.

The insurance company is the sponsor of the under-construction, seven-level parking structure next to the arena, including the skywalk connecting the two buildings, Magic president Alex Martins told the Orlando Business Journal. Geico is also the title sponsor of the 15-minute halftime countdown clock.

Geico agreed to pay $125,000 annually for five years for the GEICO Garage, according to the Orlando Sentinel, which also noted that the 1-800-Ask-Gary Amphitheatre in Tampa gets $375,000 a year from its new naming sponsor.