Ferrari dealer sues client who resold Purosangue at a profit
When a highly anticipated product is brought to market, it’s not uncommon for demand to outweigh supply as customers line up to be among the first to take delivery.
This is particularly true of highly prestigious brands such as Ferrari, which deliberately limits its production numbers in order to preserve exclusivity.
One thing we’ve seen a lot of in the auto industry, is that some customers who get onto the waiting list early will unashamedly ‘flip’ their products in order to make a profit out of someone who is both well-heeled and desperate to take ownership of their dream ride.
That is why some manufacturers sell their cars with resale clauses, and in the case of a Ferrari Purosangue in Texas, this has led to legal action.
According to CarBuzz, the Ferrari dealer in Houston is taking one of its customers to court for reselling his Purosangue.
Court documents show that the client, who had bought his Ferrari crossover in June, had signed an “Opportunity Agreement” stipulating that if the vehicle was sold within 12 months of initial purchase, the Ferrari dealer would get the first option of buying it, at same price it was purchased for.
In an earlier document, Ferrari states that its intention is to sell vehicles to enthusiasts who are buying cars for their own use and not for price speculation or profit. The carmaker points out that flipping harms its image.
It is not known how much the vehicle was resold for, but in the US market the Ferrari Purosangue starts at around $423,000 in the US (R7.37 million). In South Africa, which has a different tax structure, it starts at R9.7m.
Currently a lengthy waiting list exists for the Purosangue, with Drive stating that customers are likely to wait until at least 2026 for their vehicle to be delivered, or longer if there are considerable personalisation options.
The Purosangue is the Italian marque’s first crossover product and unlike most of the SUVs launched by performance car manufacturers in recent years, the higher-riding Ferrari boasts a sports car-derived technical architecture. It is powered by a normally aspirated V12 engine that produces 533kW and 716Nm.
It’s not entirely uncommon for a car company to sue a customer for ‘flipping’ one of its products. Perhaps the most famous case is Ford’s court action against John Cena for selling his ultra-rare GT40 sports car too early back in 2017. The pro wrestler reportedly settled out of court in 2018 for an undisclosed sum.
IOL