McDonald’s and Credit One Bank each issued statements Monday afternoon explaining the decision.

The fast food chain said Larson did not act in a way that reflected its “inclusive values.” The financial institution, which three hours earlier had issued a statement on Larson not specifying whether it would take action, wrote in an updated comment that it denounced Larson’s offensive language.

MORE: Kyle Larson apologizes for slur

Larson has been suspended by NASCAR indefinitely as a result of Sunday’s incident. He also has been fired by both Chip Ganassi Racing and Chevrolet.

iRacing is a realistic simulator drivers have been using during the coronavirus pandemic to entertain NASCAR fans. Larson was competing in the game among racing pals on a live Twitch broadcast when he used the slur.