Ben Gilbert: observation

Transcript context

…And Ferrari now centrally controls the waitlist. Yes. Dealers do, however, play a huge role in the secondary market, and Ferrari knows it's in their interest to have a thriving secondary market since, given how few new cars there are, the entry-level Ferrari is really a used Ferrari. And so it's the way to sort of cultivate the next generation of owners. So they incentivize dealers to buy and sell by giving them 100% of the economics on a secondary market transaction rather than being involved in that in any way. So dealers often exist as a way to source used Ferraris for buyers. And the secondary market for Ferraris is enormous. There's a crazy stat out there. Over 90% of all Ferraris ever made, going all the way back to 1947 and the 166 Barchetta, are still on the road. That's right. Nobody scraps a Ferrari like an ordinary car. It depreciates down to zero because it will eventually be scrapped. Ferraris only go off the road if they're involved in a terrible crash and, you know, can't be restored.…

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