The Dealers, None Above Three PercentWide moat
Ferrari (RACE) — moat facet
195 dealers, none above 3%, and none of them decides who gets a car.
The dealers sell the cars, and Ferrari decides who gets them.
195 points of sale, largest at approximately 3.0% of shipments, fifteen largest at roughly 25%.1 No dealer is large enough to have leverage, and Ferrari's allocation of limited-series cars runs to clients rather than to dealer order books, which removes the mechanism by which car dealers normally acquire power.
Compare the ordinary arrangement. A volume manufacturer needs its dealers to take inventory, so the dealer negotiates on price, floorplan support and allocation. Ferrari's dealers have order books running years long for cars they cannot get more of. The negotiation runs the other way.
The relationship still matters, because the dealer is where the personalisation happens — the configuration session that turns a list price into an invoice roughly a fifth higher — and where the local client relationship lives. Ferrari has invested in that: new Tailor Made centres in Tokyo and Los Angeles by 2027, alongside the existing ones in Maranello, New York and Shanghai, extending the highest-value configuration programme into two of its most important markets.2
The risk is straightforward and small: a dealer network is a set of independent businesses, and their financing, their staff and their local reputations are not under Ferrari's control.
Watch the largest dealer's share. At 3.0% there is no dependency. It has to roughly triple before there is one.
195 points of sale with the largest at about 3.0% of shipments and the fifteen largest at about 25% — a distribution that has not concentrated.
The dealers sell the cars and Ferrari decides who gets them, which inverts the usual negotiation — a dealer with an order book running years long for cars it cannot get more of has nothing to bargain with. The relationship still matters because configuration happens there, which is why Ferrari has added Tailor Made centres in Tokyo and Los Angeles. Watch the network count against shipments; expanding distribution faster than volume would be a demand signal.
Source: Ferrari Form 20-F, FY2025 ↗- Reported195 points of sale, largest at approximately 3.0% of shipments, fifteen largest at roughly 25%. No dealer is large enough to have leverage, and Ferrari's allocation of limited-series cars runs to clients rather than to dealer order books, which removes the mechanism by which car dealers normally acquire power.Ferrari N.V., Form 20-F FY2025 — Item 4, sales and distribution, client management and the controlled volume strategy. Ferrari sells in over 60 markets through a network of 181 authorized dealers operating 195 points of sale as of the end of 2025; its largest dealer accounted for approximately 3.0% of shipments in 2025 and its fifteen largest dealers for approximately 25%. As part of supply and demand management, allocations are determined by geography and by dealer based on various metrics including expected developments in the relevant market, the number of cars sold historically by the various dealers, the current order book of dealers and the average waiting time of the end client in the relevant market; an order reporting system allows Ferrari to collect and monitor information regarding end client orders and assists in production planning, allocation and dealer management. Ferrari relentlessly focuses on preserving product exclusivity and nurturing its client community, rewarding loyal clients through driving events and other initiatives and, most importantly, offering its most loyal and active clients preferential access to its newest, most exclusive and highest value cars. Competition among similarly positioned luxury performance cars is driven by price and total cost of ownership, and the filing states that resilience of the car value after a period of ownership is an important competitive dimension because higher resilience decreases the total cost of ownership and promotes repeat purchases, which Ferrari believes is a strong competitive advantage. Its controlled volume strategy contemplates a measured increase in shipments above current levels as it targets a larger customer base and modes of use, increases its focus on periodically rejuvenating its customer base and creating new Ferrari collectors, and its product portfolio evolves with a broader product range. It sold 13,640, 13,752 and 13,663 cars in 2025, 2024 and 2023. — FY2025 · publ. 2026-02 · source ↗
- ReportedFerrari has invested in that: new Tailor Made centres in Tokyo and Los Angeles by 2027, alongside the existing ones in Maranello, New York and Shanghai, extending the highest-value configuration programme into two of its most important markets. The risk is straightforward and small: a dealer network is a set of independent businesses, and their financing, their staff and their local reputations...Ferrari N.V., Capital Markets Day 2030 Strategic Plan — business section, filed with the SEC as Exhibit 99.1 to a Form 6-K on 9 October 2025. An average of four new car launches per year is planned between 2026 and 2030. The Ferrari elettrica will be an addition to the range product offering. In 2030 the product line-up will be 40% ICE, 40% hybrid and 20% electric. Ferrari targets 90,000 active clients, a 20% increase compared to 2022. New Tailor Made centers will open in Tokyo and Los Angeles to get closer to clients, and two new flagship stores in London and New York. The audience is described as ranging from 180,000 Ferraristi to more than 400 million tifosi. Strategic electric components are designed, engineered and handcrafted in Maranello. — October 2025 · publ. 2025-10-09 · source ↗