Company leasing exotic cars says business was good in pandemic year

(February 13, 2021) WOODBURY, Conn. — Premier Financial Services (PFS) — a leading finance company providing specialty leases for new and previously owned Ferraris, Porsches, McLarens, Lamborghinis and other exotic, vintage and luxury automobiles — has noted that overall demand for those vehicles remained strong in 2020, in the face of unprecedented business challenges.

The number of cars financed by Premier remained unchanged in 2020, compared with the company's record-setting performance in 2019. Additionally, Premier's new customer growth increased nearly 10% last year. The outlook for PFS in 2021 also is positive, based on its transaction volume in January.

The company's 2020 results were achieved despite the inability of its nationwide sales professionals to visit dealerships, due to the pandemic. For most of 2020, Premier's operational and customer service professionals have worked on a remote basis, and they've continued to work remotely without compromising lease transaction quality or speed.

According to Mitchell Katz, founder and CEO of PFS, "Given the hardships that so many people have endured over the past year, we are particularly grateful for our strong performance. We credit Premier's 2020 results to the hard work, tenacity and loyalty of our employees, customers, funding sources, and in particular, our network of dealers."

To demonstrate its appreciation and ongoing commitment to dealers, Premier has announced the launch of a new dealer incentive program that is taking place now through the end of March. Details regarding this program have been sent directly to dealers.

Katz noted that, "Undoubtedly, Premier benefitted in 2020 from an increased interest in driving exotic and vintage cars, during a period when social distancing has been a concern, and the opportunities to participate in group hobbies and sports have been limited. External factors certainly were in our favor, but Premier has established a first- class service organization and earned an industry-wide reputation for integrity over the past 24 years that's enabled us to take make the best of a very difficult year. I'm proud of our employees, our partners and our industry."

Specialty leasing has gained wider acceptance as a financing strategy, according to Katz. Specialty leasing — which is unlike pre-packaged, closed-end lease arrangements — provides car owners with greater flexibility, such as favorable options for lease termination. That feature is particularly important to exotic and vintage car owners, who often move in and out of cars on a frequent basis. In fact, Katz noted, the average length of a Premier client's lease is around 18 - 24 months.