Ferrari is the most valuable car company in Europe and in the top echelon worldwide. The odd thing about that is that it's difficult to actually buy one of its cars, notes the Wall Street Journal. And it's not because of price: Plenty of potential customers exist with pockets deep enough to drop a few hundred thousand on an entry-level model, or a few million on a specialized "hypercar." It's more because of scarcity, explains Stephen Wilmot's story on the company's "wild economics." Ferrari delivered fewer than 14,000 vehicles last year, compared to say, the 9 million by Volkswagen. And yet, Ferrari is valued at $90 billion, about $40 billion higher than Volkswagen.
But another factor at play is being allowed to buy one. A first-time buyer who wants to purchase a basic model can expect to be on a waiting list for a couple of years. Limited-edition models require something else altogether: Buyers must have an established relationship with the company—previous purchases, attendance at company events, restoration of heritage models, etc. "What we try to measure is: What is your interaction with Ferrari?" says Enrico Galliera, the company's commercial director.
When Ferrari unveiled an F80 hypercar in October, those who made the cut were invited to plunk down $3.7 million. Only 799 are promised to customers such as Montreal real estate developer Luc Poirier, who says he feels privileged to add the 43rd Ferrari to his collection. The Journal explains that Ferrari considers itself a luxury company, not an auto company, and CNBC reported last year that it surpassed Hermès for the first time as the world's most valuable luxe brand. (More Ferrari stories.)
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