Photo: Flickr via FotoSleuth
To celebrate the anniversary of its 80th year in business, H.R. Owen, a British luxury motor dealer, is unveiling a new Bentley model tomorrow. It’s understandable if you rolled your eyes. Another Bentley? Who can afford these cars now?
Well, actually, they’re selling quite well.
Joe Doyle, CEO of H.R. Owen, told Linzie Janis on Bloomberg Television’s “Countdown” (via The Washington Post) that business is good despite a profit warning the company issued last October predicting the deterioration of the luxury car market.
“When we talk about luxury, we hear the same old story time and again,” Janis said, “that the very, very wealthy people at this upper end of the market aren’t affected by the recession, and that’s just not true, is it?”
“Actually,” Doyle responded casually, “I think it is, and we see that through the way that people are continuing to purchase from us.” He added, “Our repeat customers are very high.”
Doyle told Janis that “working within the economic wealth of the London bubble” is helping H.R. Owen hold its ground. He explained that what drives his business is “when the manufacturers are releasing new models, they’re innovative, and they’ve got desirability.”
“We’re still quite comfortable,” Doyle said.
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