There are lots of reasons why a company sponsors you but primarily you are a walking advert for their products, they don't expect you to win everything (but would be nice), but promote their products in a positive and good manner. They do also expect feedback and communication about the equipment you use of theirs. And, I think, the most important is being approachable and helpful to other racers using their product.
I seem to have my fair share of sponsors at the moment, am very lucky and never abuse it.
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