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Will The UK Remain the World’s Leading Supercar Market?

Will The UK Remain the World’s Leading Supercar Market?

If Britain is known for anything, it’s tea, football and supercars...

Even with its somewhat conservative reputation of automobiles — Moris Minors, red buses, black cabs — the country is known all around the world for its high-performance vehicles. Particularly from brands like Aston Martin, whose cars appeared in over a dozen James Bond films.

Certainly not harmed by 007’s international fame, the UK luxury car industry has been on the uptick for several decades. A trend that, according to a new report, has recently experienced an impressive surge in sales.

It’s not just a uniquely British phenomenon, though. Around the world, it’s reported that sales of Bentleys, Ferraris, Lamborghinis, Rolls-Royces, and McLarens have risen 51 percent over the past five years. But as the leading force in the industry of supercars and luxury automobiles, the UK’s luxury car brands are experiencing some of the most impressive growth of all.

Any observant member of the public would note this is contrary to the general state of things. The surge in luxury car sales is happening amidst an overall declining car market in the UK, partly caused by increasing tension over the prospect of leaving the EU. New car registrations dropped by nearly 10 percent in September of 2017, the first time its done so in over 6 years. Yet the number of supercars on UK roads has increased 40 percent only the past 5 years.

Much of the UK’s success stems from its prominent positioning and partnerships within the largest market for exotic vehicles in the world: Europe. With close ties with European markets, the UK can serve the growing number of billionaires that are fuelling the market. It’s believed many supercars stay at home with wealthy local customers, but the majority of luxury vehicles bought in the UK head overseas.

Statistics show that the total number of billionaires has as much as doubled since 2010. With some reports stating the world’s richest hold the greatest concentration of wealth since the turn of the 20th century.

The roaring success of the UK’s luxury car market can be seen in the sales of HR Owen. The luxury car dealer reported a huge 78 percent increase in profits, up 20 percent in 2017 to £428m compared to the last fiscal year. The company is on track to hit its target of €1 billion annual profit two years earlier than expected.

It’s unclear whether the market will continue its winning streak or crash when Brexit comes into force. But manufacturers are certainly not holding back.

Rolls Royce’s latest Phantom is one of the most expensive and luxurious cars you can buy. While Aston Martin’s latest Vantage will come in at a whopping £100,000 more than the current model. Not to mention McLaren’s 720S, a car that is as quick as the Veyron and has already been dubbed the most ‘complete’ supercar ever produced. 

It can’t be denied that Britain brings something unique to the world of supercars and luxury vehicles. But more importantly is what it does for the manufacturing industry and the creation of local jobs.

If the UK car industry is to weather Brexit and keep the positive trend rising, luxury British brands may need to move more and more toward catering for billionaires, building ever more elaborate and exotic supercars. Although dubious, it’s an albeit exciting prospect that could yield even more powerful and down-right bonkers results.

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