Half of Ferrari owners rely on finance
The brand has also launched its own financial services arm.
Ferrari and Macquarie Group are partnering to appeal to the approximately 50% of Ferrari buyers who use finance rather than paying outright for a prancing horse, according to the AFR. They also hope to attract classic car buyers who are looking to invest in vintage vehicles as opposed to shares.
Macquarie leasing will fund a new Ferrari Financial services department, mirroring the set-up Ferrari use around the world.
Ferrari Australasia CE, Herbert Appleroth said rising sales, particularly among entrepreneurs, are allowing the Italian sports carmaker to scale up and create its own branded financing unit. Appleroth has a prestigious CV having worked at Volkswagen, Chrysler Jeep, Maserati and now Ferrari.
When looking for a financier, Ferrari had spoken to all of the big four banks and explored other options. Macquarie particularly shone because of its background in dealing with similar private clients.
This was an important move for the Italian carmaker, as up until press, they had to use financial companies who were part-owned by other car brands.
“That gave other brands access to our customers. Sometimes car brands own these financiers and these other car companies were getting access to our valuable Ferrari family members and that didn’t make any sense,” Appleroth said to the AFR.
Ferrari sales for Australia are going strong. 2017 saw a 12% increase, selling 210 luxury sports cars. In total, there are 3,000 Ferraris in Australia.
Way beyond traditional car financing
Ferrari Financial Services makes it possible to purchase a classic car as an investment. Ferrari will sell you a collectable heritage model or even a former Formula One racing car.
This calibre of vehicle could potentially be worth several million dollars. Investing in vehicles may provide superior returns compared to property or the sharemarket and some investors view it as a credible alternative.
Potential buyers will also be able to get pre-approved finance before attending a classic car auction, for example. This is a unique service that the Ferrari-Macquarie partnership accommodates.
“We know the values of the Ferraris that are available and they tend to be a lot more than the price of a new Ferrari. So that is a unique service that we will be providing our clients," Appleroth said.
Ferrari plans to expand the number of dealerships around the country this year. It has planned three new showrooms, one in Melbourne, one in Sydney and a third on the Gold Coast. The total number of Ferrari outlets will hit nine and each dealership will have a dedicated financial expert.