The prestige car market
improved in June after a subdued couple of months, according to
specialist luxury car funder Bridford Financial
Solutions.
After arranging a record
£4.4m in March, which helped the company notch up a record first
quarter of £10.2m, April and May were slower, with sales down
50%.
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Business in June, however,
was buoyant, topping £3m. This included finance arranged for a
£425,000 Ferrari F40, a £97,000 Porsche Cayenne Turbo, and a number
of new Bentley Continental GTs, which cost around
£140,000.
Bridford owner Tim Marlow
blamed a poor April on the Royal wedding, the bank holidays and the
unusually good weather.
In May, Marlow said, all his
footballer clients were on holiday following the end of the season,
and there were fewer big City bonuses.
Marlow also said there are
problems sourcing stock.
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By GlobalDataHe said: “A lot of dealers
are having difficulty physically getting hold of the most sought
after cars and they are struggling to keep up with demand as a
result.
“We recently arranged finance
for a Ferrari 458 Italia, but the customer had to wait 12 months to
receive it, so in the interim we organised funding for a Ferrari
California.
“The demand is recognised in
the prices too, with one 458 selling for £199,000 compared to the
£173,132 list price and others we’ve financed have sold for as much
as £237,000.
“This is not exclusive to Ferrari; it is the same with all
the prestige manufacturers.”
