I got the chance to join a friend in Las Vegas for the Formula 1 Heineken Las Vegas Grand Prix late last month. This global motor sport has captured the attention of young US consumers, and brands are piling in with sponsorships to attach themselves to the fervor. In October, Apple agreed to pay a reported $750 million for exclusive rights to broadcast F1 races for US audiences for the next five years. Coca-Cola first put its name on an F1 car, a McLaren, in 2019.

Just this week, PepsiCo announced a global partnership with the Mercedes-AMG Petronas F1 Team starting next year. Mercedes is among the most valuable and elite teams in open wheel F1 racing. The marketing partnership covers...