<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>6
<FILENAME>l87514aex10-2.txt
<DESCRIPTION>EXHIBIT 10.2
<TEXT>

<PAGE>   1
                                                                    EXHIBIT 10.2


                                                                February 1, 2000



Mr. Randy Ruhlman
Ruhlman Motor Sports
2530 Brandt Forest Court
Greensboro, NC  27455


Dear Randy:

We are pleased to have the opportunity to be associated with Ruhlman Motorsports
for the 2000 race season. The move to the Oldsmobile Aurora is very exciting and
should contribute to an enhanced visibility this year.

Regarding our 2000 sponsorship fee, PLP(R) agrees to pay Ruhlman Motorsports
$658,000 this season. Enclosed is a check for $300,000. The payment schedule for
the remainder of the fee is as follows:

<TABLE>
<S>                                       <C>
                        March 2000        $179,000
                        April 2000        $179,000
</TABLE>

As in the past, PLP agrees to pay for crash damage not to exceed $25,000 this
season. "Fender bender" type accidents or maintenance items will not qualify for
crash damage reimbursement.

Currently, we are committed to customer related activities at the Long Beach and
Cleveland events. Other events are still being considered. The Concord event
will be open to many PLP employees from the Albemarle plant, and SMP may be
interested as well. At this point, we do not plan to sponsor a chalet.

We are re-evaluating our requirements for shirts, etc., and, therefore, need to
review this area with you or Cristi before vendor commitments are in place.

Randy, we anticipate an exciting and successful 2000 season. We look forward to
building stronger customer relationships in the coming months through our unique
association with Ruhlman Motorsports. Please call me if there should be any
questions.

                                                      Regards,

                                                      /s/ Jon Barnes
                                                      ----------------------
RJB:jkj                                                     Jon Barnes

cc:   J. R. Ruhlman, R. G. Ruhlman

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