FRUSTRATED VINCENT TAN BUYS AND DOUBLES PROFIT ON
Sat Aug 25, 2018 8:03 am
Vincent Tan’s super car dealership doubles profits
BUSINESS NEWS (Saturday, 25 Aug 2018)
LONDON: Yes, it is true. The rich indeed seems to be getting richer. Berjaya Group’s Tan Sri Vincent Tan can attest to that. His London’s super car dealership is proof.
Tan’s H.R. Owen, the world’s largest Ferrari, Lamborghini and Bentley dealer doubled profits last year, driven largely by improvements under new ownership.
Pre-tax profits for the year to April 30 for H.R. Owen, which owns 15 showrooms across Britain dealing in super-luxury brands including Bugatti, Rolls-Royce and Aston Martin, rose from £2.9mil to £6mil. The group is planning to build a new £50mil London headquarters in order to provide a end-to-end service.
H.R. Owen was delisted from the London Stock Exchange in 2016, following a takeover from Tan. Tan decided to buy the group after receiving poor treatment in one of its Rolls-Royce dealerships.
Britain’s car sales have declined by 6.3% in the first six months of the year but there is no lapse in demand at H.R. Owen.
“The ultra luxury segment continues to show strong momentum and growth and there is a desire among the affluent customer to personalise their cars,” Choo said.
Fashion experts can often lead to customers paying an additional £75,000 to tailor the car to their exact specifications, colour and trim at H.R. Owen. The wealthy continue to get richer, Choo said, but the range of vehicles offered by the top-end nameplates is also increasing, further expanding the scope of the sector.
Lamborghini and Rolls-Royce have launched sport utility vehicles, Aston Martin’s will arrive next year and Ferrari has promised its own version of an SUV. H.R. Owen’s own expansion will see it open a new London headquarters within two years, funded largely by its parent company.
The company’s proposed five-acre site will house several showrooms, about 500 spaces of underground storage for cars to cater for an increasing trend where customers buy vehicles but want them kept safely when they are out of the country for extended spells.
The expansion is all part of offering more services, including flying Lamborghini buyers to the Sant’Agata Bolognese plant in Italy to see their vehicles being hand-crafted.
“There are more billionaire’s in London than any other city and people come from all over the world to London to buy cars and keep them here,” Choo said.
The company’s attention to details and customer services has paved the way for it to win many Dealer of the Year Awards, most recently from Rolls-Royce Motor Cars, where H.R. Owen was the first dealer to score 100% in ever single category.
“In many ways, this was the perfect validation of Tan’s vision, to go from the poor service he received to the best dealer in the world,” Choo said.
Read more at https://www.thestar.com.my/business/bus ... RKf6S7Y.99
BUSINESS NEWS (Saturday, 25 Aug 2018)
LONDON: Yes, it is true. The rich indeed seems to be getting richer. Berjaya Group’s Tan Sri Vincent Tan can attest to that. His London’s super car dealership is proof.
Tan’s H.R. Owen, the world’s largest Ferrari, Lamborghini and Bentley dealer doubled profits last year, driven largely by improvements under new ownership.
Pre-tax profits for the year to April 30 for H.R. Owen, which owns 15 showrooms across Britain dealing in super-luxury brands including Bugatti, Rolls-Royce and Aston Martin, rose from £2.9mil to £6mil. The group is planning to build a new £50mil London headquarters in order to provide a end-to-end service.
H.R. Owen was delisted from the London Stock Exchange in 2016, following a takeover from Tan. Tan decided to buy the group after receiving poor treatment in one of its Rolls-Royce dealerships.
Britain’s car sales have declined by 6.3% in the first six months of the year but there is no lapse in demand at H.R. Owen.
“The ultra luxury segment continues to show strong momentum and growth and there is a desire among the affluent customer to personalise their cars,” Choo said.
Fashion experts can often lead to customers paying an additional £75,000 to tailor the car to their exact specifications, colour and trim at H.R. Owen. The wealthy continue to get richer, Choo said, but the range of vehicles offered by the top-end nameplates is also increasing, further expanding the scope of the sector.
Lamborghini and Rolls-Royce have launched sport utility vehicles, Aston Martin’s will arrive next year and Ferrari has promised its own version of an SUV. H.R. Owen’s own expansion will see it open a new London headquarters within two years, funded largely by its parent company.
The company’s proposed five-acre site will house several showrooms, about 500 spaces of underground storage for cars to cater for an increasing trend where customers buy vehicles but want them kept safely when they are out of the country for extended spells.
The expansion is all part of offering more services, including flying Lamborghini buyers to the Sant’Agata Bolognese plant in Italy to see their vehicles being hand-crafted.
“There are more billionaire’s in London than any other city and people come from all over the world to London to buy cars and keep them here,” Choo said.
The company’s attention to details and customer services has paved the way for it to win many Dealer of the Year Awards, most recently from Rolls-Royce Motor Cars, where H.R. Owen was the first dealer to score 100% in ever single category.
“In many ways, this was the perfect validation of Tan’s vision, to go from the poor service he received to the best dealer in the world,” Choo said.
Read more at https://www.thestar.com.my/business/bus ... RKf6S7Y.99
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Re: FRUSTRATED VINCENT TAN BUYS AND DOUBLES PROFIT ON
Mon Aug 27, 2018 7:02 am
He s got plenty of dosh ,pity he doesn't spend more on the team
Re: FRUSTRATED VINCENT TAN BUYS AND DOUBLES PROFIT ON
Mon Aug 27, 2018 10:48 am
Scoularfan wrote:He s got plenty of dosh ,pity he doesn't spend more on the team
