How can I provide value to sponsors beyond just displaying their logo?

Provide content your sponsors can use in their own marketing. One sponsor put race reports in their company e-newsletter that went to over 100,000 people globally, translated into multiple languages. Give sponsors access to live streaming of your events - buy them passwords so their staff can watch. Send text messages letting them know when you're in staging lanes or qualifying. Provide quality photos and videos they can use on their website. There's a marketing person at every sponsor company who needs to show results to their CEO - help them by providing content that gets the whole company excited about the partnership.