Pandemic, Economy and Increased Lending Capacity Fuel Growth of Specialty Financing of New and Previously Owned Ferraris, Porsches, McLarens, Lamborghinis, and other Luxury Marques
Premier Financial Services – the nation’s leading provider of specialty financing for exotic, vintage and luxury automobiles – said that 2021 was the most successful year in the company’s 25-year history, with a 20% increase in the number of cars financed, and a 40% improvement in the total dollars financed, compared with 2020. Premier noted that all 5 of the company’s nationwide sales regions reported strong growth.
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According to Doug Ewing, Premier’s Vice President of Sales, “The strong economy and increased interest in driving during the pandemic certainly had a positive impact on our record performance. There were also two other important factors. Externally, the rapid growth of online auctions has provided much greater visibility and purchasing access to exotic and vintage cars; reflected in the increased volume of interstate transactions at Premier last year. Internally, Premier’s acquisition by 1st Financial Bank USA (1FBUSA) in 2021 has greatly increased our capacity to finance larger acquisitions.”
Historically, Premier has offered specialty leasing as a financing strategy, which – unlike pre-packaged, closed-end lease arrangements — provides car owners with greater flexibility, such as favorable options for lease termination. In 2022, Premier intends to introduce additional methods of financing for car enthusiasts, Mr. Ewing said.
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Mr. Ewing also noted that, “Half of Premier’s lease transactions in 2021 came from returning clients, but last year’s growth also reflects many first-time vintage and exotic car owners and collectors from all age categories – including Millennials, Gen-Xers and Baby Boomers – who appear unwilling to wait for retirement or to win the lottery before they can acquire the car of their dreams. The pandemic has encouraged people to enjoy life now.”
Over the past 25 years, Premier has operated successfully in a range of economic environments, and at all times has been extremely vigilant in protecting their clients’ financial interests by properly valuing the current and projected values of the cars they purchase. Mr. Ewing said, “Particularly when market demand and car values are high, Premier combines its deep knowledge of vintage and exotic cars with a first-hand appreciation of market volatility to provide financing in a responsible manner. That’s why we’re respected in the automotive industry, and why we have a loyal client base that refers other clients to us.”
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