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 £10.2 million, April and May were slower, with sales
down 50 percent.
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Business in June,
however, was buoyant, topping £3 million, including finance
arranged for a £425,000 Ferrari F40, a £97,000 Porsche Cayenne
Turbo, and for a number of the new Bentley Continental GTs, which
cost around £140,000.
Bridford’s owner Tim
Marlow blamed his poor April on the Royal wedding, the bank
holidays and the unusually good weather. In May, he 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. He 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
either; it’s the same with all the prestige
manufacturers.”
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