David Rosenthal

their models once a decade, or maybe not quite that long, but they can't turn around and make new models and keep the momentum going year after year in the same way that Ferrari can.

Yep.

Very interesting.

Okay.

So you mentioned dealerships a minute ago and their margin.

How did dealerships work in Ferrari?

And Ferrari now centrally controls the wait lists.

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 can't be restored.

Yes, still on the road, still owned, still operated.

It's truly incredible.

Now it's interesting here.

Ferrari is militant about what meets the bar for Ferrari Classy K certification.

It has to all truly be original with official Ferrari parts and specifications.