With new Ferrari registrations restricted by the company to around 600 cars per year, dealers’ main opportunity for growth comes in the used market. Over the past six years, however, used volumes have stayed constant at around 900 units, but volumes sold through independent specialists and the private sector have risen from 500 in 2001 to 1,100 in 2006.
“Dealers haven’t capitalised on this growth in the used market,” said Jason Harris, Ferrari GB head of communications.
“We expect them to have a dominant share of the nine-year-old market.”
Key features of Ferrari Approved, which has been on trial since May, are a 190-point inspection, 12-month factory-based warranty and 12-month roadside assistance. Cars eligible for the programme are up to nine years old and with less than 56,000 miles on the clock.
“The programme – in particular the inspection and warranty – gives customers a clear reason to use dealers,” said Harris. “Dealers have been asking us for this programme and we designed it in consultation with them.”
Dealers have made “significant investments” in training and point of sale materials. They will also invest in bringing some models up to approved standards. This might include replacing non-Ferrari approved modified accessories or replacing tyres with less than 4mm of tread.
Cars that do not meet the criteria will still be sold by Ferrari dealers, but not via the Approved brand.
“Customers should get at least a year’s worth of ownership from their approved Ferrari without requiring additional work,” said Harris.
He expects an uplift in residual values as a result of the checks and the warranty which could be worth several thousand pounds per model.
The UK is the test market for the programme which will be rolled out worldwide during the course of this year. Harris says the UK is always the test bed because it is the most competitive and advanced market.