Ferrari bucks sales trend with growth

FERRARI Australasia remains on track this year for its fourth consecutive annual sales record, with its year-to-date volume improving by 19.5 per cent against an overall sportscar segment that has taken a significant 34.6 per cent hit.

 

The Italian brand’s 135 deliveries to the end of July represent a 22-unit increase over the vehicles it sold during the same period in its record 2017. Ferrari’s model line-up currently ranges from the entry-level Portofino to the flagship 812 Superfast.

 

Speaking to GoAuto this week at the launch of the Targa Florio Australia Tribute motor sport event in Melbourne, Ferrari Australasia chief executive officer Herbert Appleroth was upbeat about the Italian brand’s sales performance this year.

 

“The marketplace is still buoyant,” he said. “Demand continues to gain momentum as we focus on bringing more and more new-to-Ferrari people to the family.

 

“In the last year, it was about 53 per cent of all Ferrari customers, who bought a new car, were new to Ferrari.

 

“Now with GTC4Lusso, the Lusso T and, particularly this year, with the Portofino, it just keeps on multiplying.

 

“We’re extremely happy with the position. Marketplace, for us, is still strong. (There) seems to be good signs of confidence to the point whereby our topic now is really about ‘collectionism’ – people moving from the traditional one-car ownership to multiple.

 

“We’re now seeing that really gain momentum with the gains in resale value. It’s better than putting money in the bank or art or gold. It’s a very good investment.

 

“That then, of course, spurs even more activity in the used-car business or new-car business, so we’re having a very good time with it.”

 

When asked why the weakening economy in Australia has negatively impacted the sales of most high-end brands but not Ferrari, Mr Appleroth explained that the supercar segment can often go against the tide.

 

“I’m not a big observer in the prestige space,” he said. “We obviously continue to focus on our marketplace, which is slightly different.

 

“Unlike any other brand, even in our space, it’s all about scarcity, it’s all about exclusivity. So, we’re certainly not seeing any hiccups. The momentum is gaining, the confidence is gaining right across Australia.

 

“We’ve seen Western Australia now pick up with housing prices now stabilising there. Queensland continued to do extremely well … Sydney and Melbourne remain extremely strong.

 

“The supercar boom is really in South Australia over the last five years, so there’s consistent confidence all over. If you see the state-by-state split, our growth is right across Australia.

 

“Of course, the growth that you’re seeing is simply what we’re delivering, what we can get production for. You’re not even seeing the true impact when it comes to orders taken, which is quite considerable.”

 

Ferrari plays in the $200,000-plus sportscar segment that is down just 0.2 per cent, but, with the exception of Lamborghini (+9.9%), most of its rivals – including Bentley (-28.9%), Porsche (-17.8%), McLaren (-11.7%), Aston Martin (-8.0%) and Maserati (-7.0%) – have lost significant volume in 2018.

 

However, given that the Australian allocation of the 812 Superfast and 488 Pista has already sold out, Ferrari’s sales could take a dive when these orders are fulfilled in the coming years, but Mr Appleroth was confident that this will not be the case.

 

“We continue to bring in the right number of cars to protect our resale value,” he said. “We’re not a one-year-peak company. We will probably sell more 488s this year than we did last year.

 

“So, gains, momentum, all our activations, our engagement, our events that we do … purely just to engage with our clients and friends of those people that are part of the family. So, it’s the opposite, we’re continuing to multiply.”

 

Mr Appleroth added that the Portofino has also been a solid performer since its launch in February, with its first 12 months of local production already sold out, while a similar opportunity presents itself in 2019.

 

“Now we’re trying to get some more production, because it looks even next year is sold out already,” he said. “It’s been very well-received … it’s exceeded our expectation.”

 

Female buyers continue to be elusive for the brand, but Mr Appleroth revealed that plans are in place to improve their representation among owners.

 

“We’ve done some initiatives this year to try and increase the number of women that drive our cars,” he said. “It’s been a typically very male skew.

 

“Now with our GT range and our sportscar range, they’re cars that can be driven everyday. They’re comfortable, they’re practical. Successful people should be driving them, whether they’re male or female.

 

“I’m happy to say that we’ve got the highest percentage of female ownership in the Ferrari world in Australia – about nine per cent – (but) it’s not enough.

 

“We launched the program Ferrari Driven Women, which is aimed at getting women not just behind the wheel of a Ferrari but behind the wheel of a Ferrari where it should be: at a racetrack. That’s gaining huge momentum.

 

“It’s a brand that needs to appeal to everyone. It’s a true sign of success, rather than just showing off, it’s actually about rewarding yourself. We’re after anyone to come to the Ferrari family, no matter age, creed or background.”

 

Since factory-backed Ferrari Australasia took over local distribution from European Automotive Importers in 2013, the average of age of a Ferrari owner has dropped from 52 to 48.