In the UK, a lot of new road cyclists are the target market for Jaguar. They aren't after the mass market, they are appealing to people who will spend £5K on a push-bike and hundreds on Rapha clothing without any background or history with the sport. Look at another key sponsor for Sky - IG Markets. I don't think they really appeal to the average Frenchman either.
Throw your Cervelo in the back of the new Sportbrake? Fits the image perfectly.
Also, a lot of sports sponsorship is about the corporate hospitality rather than the exposure. IG Markets/Jag can entertain their key customers as part of the deal - that's often the key driver behind the sponsorship. Gazprom sponsoring the Champions League? Nothing to do with people buying more of it from seeing adverts, all to do with corporate entertainment.
(I'm not sure what this has to do with the original post though, apologies to the OP for continuing a discussion that has nothing to do with your original question! I can't see how Jag sponsoring Sky is putting people off cycling to work - do people really think that at your place of work? That cycling is just for skinny pros?)