Gross sales of Bentleys and Lamborghinis are booming as a result of wealthy persons are bored

2021-04-02 05:41:02

“I have been on this enterprise 40 years and I’ve by no means seen it like this,” mentioned Brian Miller, president of Manhattan Motors, a high-end dealership that sells Bentleys, Lamborghinis and Bugattis, amongst different ultra-luxury manufacturers.

Whereas auto gross sales as a complete have suffered from manufacturing unit shutdowns and different disruptions as a result of pandemic, gross sales of super-expensive automobiles, like Ferraris, Bentleys and Lamborghinis, completed 2020 at a blistering tempo.

In the USA, general passenger automotive gross sales have been down 10% final 12 months in comparison with 2019. At the same time as auto gross sales recovered strongly within the fourth quarter, they solely simply matched the tempo seen within the fourth quarter of 2019, mentioned Tyson Jominy, vp for information analytics at J.D. Energy.

However gross sales of automobiles costing greater than $80,000 have been virtually double within the fourth quarter what that they had been the 12 months earlier than. And for automobiles costing greater than $100,000, gross sales within the US have been up 63% that quarter, mentioned Tyson Jominy, vp for information analytics at J.D. Energy.

“There is a pretty unbelievable wealth impact happening,” Jominy added.

The booming inventory market has performed an enormous half, he mentioned. And for the reason that rich have not been capable of spend cash on journeys, many have turned to luxurious items, like costly automobiles.

Clients typically order these automobiles to their actual specs and wait months for them to be constructed, Miller mentioned. However he typically retains some readily available to promote to those that need to drive out of their new Rolls-Royce or Lamborghini that day. That is simply not attainable proper now, he mentioned. He cannot preserve the automobiles on the lot.

Miller credit the growth, partially, to individuals sitting round with not a lot else to do however take a look at costly automobiles on the Web.

One of many extra exceptional issues concerning the run-up in gross sales, mentioned Jominy, is that it has been largely younger consumers driving the wave. “[T]he wealthy Millennial tech worker in Austin is now the archetype,” he mentioned.

File gross sales and ‘immediate progress’

Bentley, the 101-year-old ultra-luxury automotive model, had its finest 12 months ever final 12 months, regardless of the pandemic completely shutting down its manufacturing unit in Crewe, England, for seven weeks. Even after the manufacturing unit reopened, it was working at half its regular tempo for 9 extra weeks, mentioned Bentley CEO Adrian Hallmark in an interview with CNN Enterprise.

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Nonetheless, Bentley bought 11,206 automobiles and SUVs final 12 months — simply over 100 extra automobiles than in 2019, which had already been a file 12 months.

China was additionally particularly large for Bentley, with gross sales there rising by about 50%, Hallmark mentioned. The redesigned Flying Spur sedan was an particularly large hit, he mentioned. That mannequin had been absent from the market whereas the manufacturing unit modified over to the brand new model, which got here out on the finish of 2019.

“When it got here, it was like a desert that acquired rain and all of the flowers popped up,” Hallmark mentioned. “On the spot progress with a product that’s usually greater than 30% of [Bentley’s] quantity.”

Lamborghini, in the meantime, had its most worthwhile 12 months ever in 2020 and its second finest gross sales 12 months within the model’s historical past. Solely in 2019 have been extra Lamborghinis bought. For the entire 12 months, the unique automaker bought 7,430 automobiles and SUVs, down 9.5% in comparison with 2019. However the final quarter of 2020 was the most effective within the Italian supercar maker’s historical past and its order banks are already crammed for the primary 9 months of 2021, Lamborghini CEO Stephan Winkelmann mentioned.

Each Bentley and Lamborghini are owned by Volkswagen AG (VLKAF).

Gross sales at Ferrari have been down about 10% for the 12 months, together with a seven week manufacturing unit shutdown. However the automaker set information for gross sales and income within the fourth quarter. Orders for future automobiles are additionally at file ranges, the corporate introduced.

Not all high-end automakers did so nicely final 12 months, although. The timing of latest product introductions, which do not at all times align properly with the calendar 12 months, can have loads do with it.

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Rolls-Royce’s gross sales, as an example, have been down greater than 26% final 12 months in comparison with a file 12 months in 2019. That prior 12 months, 2019, was the primary full 12 months of gross sales for the Rolls-Royce Cullinan SUV, one of many model’s hottest fashions. In contrast, in 2020, Rolls-Royce’s manufacturing unit stopped making the Ghost sedan for a lot of the 12 months because it ready for the brand new redesigned model.

Nonetheless, in line with BMW, Rolls-Royce’s father or mother firm, the order financial institution for Ghosts is full for many of 2021 and the corporate had file curiosity in its bespoke customization enterprise final 12 months.

Correction: A earlier model of this text misstated the age of Bentley.

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