Premier Financial Services Sees Record Demand for Exotic and Vintage Automobiles in 2018, Despite Stock Market Uncertainty
Leases of New and Previously Owned Ferraris, Porsches, McLarens and Lamborghinis Reach Company's All-Time Highs, in Dollars and Transactions
WOODBURY, Conn., Jan. 31, 2019 /PRNewswire/ -- Premier Financial Services (PFS) – the nation's leading finance company providing specialty leases for exotic, vintage and highline motorcars – said today that overall demand and prices for those vehicles remained strong throughout 2018. The Company's growth included the 4th quarter of the year; which saw both the Dow Jones and S&P 500 indices post their worst returns since 2011.
Established in 1997, PFS achieved record-high performances during 2018, both in the number of vehicles and the total dollars financed. Compared with 2017, the Company achieved a 22% increase in the number of cars financed, and a 38% increase in total dollars financed. PFS currently maintains a portfolio of leased vehicles in excess of $275 million. Porsche and McLaren outpaced all other marques in the PFS portfolio in 2018, in terms of growth.
According to Mitchell Katz, founder and CEO of PFS, "More than half of our lease transactions in 2018 came from current PFS clients or referrals. First-time automobile enthusiasts and collectors also represented a significant client segment for PFS last year. These new clients were from all age categories – including Millennials, GenX-ers and Baby Boomers – who increasingly appear to be unwilling to wait for retirement or to win the lottery before they can acquire the car of their dreams."
Katz said, "Leasing can make new and previously owned exotic and vintage cars immediately accessible to owners who wish to use available cash or lines of credit for other purposes. Unlike traditional car leasing programs, specialty leasing provides owners with much greater flexibility, for example, in terms of changing vehicles within their lease or ending a lease. Automobile enthusiasts have an insatiable appetite for fine cars, and specialty leasing satisfies their desire to try something new or different on a frequent basis." Katz noted that exotic and vintage car owners change vehicle every 2 or 3 years.
The strong 2018 financial performance at PFS may be good news at the outset of the season for serious automobile enthusiasts. The 2019 season of auctions, rallies and other motorsports gatherings for High Net Worth owners and collectors kicked off in mid-January in Scottsdale, Arizona. The seven auctions held in Scottsdale this year tallied $251 million, the fourth highest take ever for those sales.
About Premier Financial Service, LLC
Since its founding in 1997, Premier Financial Services has been a recognized leader in providing leases for the purchase of exotic, vintage and highline motorcars. The company is dedicated exclusively to innovative, customized leasing arrangements for clients who seek the flexibility of financing with the tax advantages of leasing. PFS success is based on delivering the industry's highest levels of customer service.
Contact:
Gordon G. Andrew
Highlander Consulting Inc.
(609) 987-0200
[email protected]
SOURCE Premier Financial Services
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