Musician Eric Clapton caught the attention of car enthusiasts and luxury aficionados alike during the 2013 Goodwood Festival of Speed with his striking custom-designed Ferrari, the SP12 EC, reportedly valued at around £3 million. This uniquely crafted vehicle was based on Ferrari’s 458 Italia but paid homage to the iconic 512 Berlinetta Boxer, a model that Clapton has often cited as his favourite. The SP12 EC exemplifies Ferrari’s exclusive “One-Off” programme, which allows the wealthiest patrons to create bespoke vehicles that reflect their personal tastes.

The rise of bespoke car manufacturing highlights a pivotal shift in the luxury automotive market, where customer desires extend far beyond mere transportation. As Frank-Steffen Walliser, chief executive of Bentley, articulated at the FT’s Future of the Car summit, “Our customer needs are not transportation — our customer needs are a lot about fulfilling wishes.” This sentiment resonates across the industry, as manufacturers invest heavily in personalisation options to meet the demands of their clientele. According to various industry analysts, the emphasis on bespoke features is becoming a significant contributor to profitability for brands like Ferrari, Lamborghini, Rolls-Royce, and Bentley, all of which are seeing substantial returns even amid broader challenges facing the automotive sector.

Ferrari’s financial performance underscores this trend. In a recent quarter, the company reported a remarkable 23% increase in operating profits, rising to €542 million, alongside a 13% jump in revenues to €1.79 billion. Notably, 19% of these revenues were attributed to customisation and spare parts, with analysts estimating that bespoke features can bolster car prices by an average of 30%. Scott Sherwood, an independent analyst, noted that the extensive options available can significantly inflate a vehicle’s price; a client can easily add an extra €100,000 to what might initially seem like a €400,000 car after personalising a few features.

Moreover, the option for clients to customise their vehicles opens doors to models with lengthy waiting lists, such as the recently launched Ferrari Purosangue. Stephen Reitman, an automotive equity analyst, explained that to secure this highly coveted model, clients were often encouraged to enhance their personalisation choices.

Personalisation goes beyond aesthetics; it provides clients with a participatory role in the design journey. “When you commission a motor car from us, you also commission an experience,” emphasised Marius Tegneby from Rolls-Royce. The intricate design process, which involves collaborating with experts to choose materials and finishes, is enhanced through private offices located in key cities around the world. These spaces allow clients to engage in an interactive experience akin to commissioning a work of art, choosing from an expansive palette of 44,000 paint colours or even creating their own.

Ferrari is also stepping up investment in its Atelier and production facilities to accommodate the growing interest in customisation. The company is expanding its capabilities with new infrastructure, including a sophisticated paint shop aimed at delivering more elaborate and lucrative bespoke options. The One-Off programme represents the pinnacle of this personalisation trend, where Ferrari produces a limited number of highly exclusive models each year. These projects, characterised by extensive client engagement over several years, culminate in the creation of vehicles that are more than just cars; they are manifestations of personal dreams. Flavio Manzoni, Ferrari’s chief design officer, described the process as a “creative journey,” where clients become integral to the creative team, ensuring that the finished product is unique to each patron.

While there’s considerable potential to increase the number of one-off projects given the demand, Manzoni has indicated a reluctance to do so, citing the intensive resource demands associated with each commission. He noted that these exceptional creations are as much about rewarding Ferrari’s most dedicated collectors as they are about business. “Ferrari doesn’t do it as a business,” he pointed out. “It’s a way to reward the most important clients and collectors… We give them a chance to materialise their dreams with a car that is absolutely unique.”

As the luxury automotive market continues to evolve, the trend towards personalisation presents both an opportunity and a challenge for manufacturers. The ability to create distinct vehicles not only enhances customer satisfaction but also significantly impacts the financial success of these prestigious brands in an increasingly competitive landscape.

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Source: Noah Wire Services