Ferrari’s (NYSE:RACE) Michigan Dealer Debuts Major Expansion
Michigan’s only Ferrari dealership debuted its $5-M expansion when it opened for business on Monday inside a 53,000sqf store in the Detroit suburbs.
Cauley Ferrari, in West Bloomfield, put the finishing touches on a makeover to match the luxury sports cars it has been selling there since Y 1999, said Jeff Cauley, co-owner and GM of the dealership.
The expansion began 2 years ago on the building, originally 17,000 sqf. Since then, the dealership has been operating out of the Cauley Performance Automotive body shop next door.
Mr. Cauley said he plans to sell that property once Ferrari is fully moved into its new home.
The building process was meticulous because of Ferrari’s demanding requirements for the Ital design and specifications of dealerships it authorizes.
“The design is very sleek and modern; very stunning and inviting,” Mr. Cauley said. “I think it’s going to be really good and timeless.”
Jeff Cauley was born into the car sales world.
His father, Jack, opened a Chevy dealership in Y 1969 in Ferndale and moved it to West Bloomfield in Y 1978. Jeff became a co-dealer principal in Y 1988 and took over the store in Y 1993 when his father retired.
They shuttered the Chevy point in Y 2010.
For Jeff Cauley the expansion of Ferrari is a vote of confidence in strengthening his Supercar business and it is added flair for bringing new customers and caring for his loyal ones. The Key is emphasis on building brand loyalty, not volume.
“Ferrari is pure selling, selling the product, selling the relationship,” he said. “No discounts, no rebates, no special deals.”
If you want 1 you pick it out, get in line and pay the price + tax and license.
The dealership has more than 500 clients, 70% of whom are repeat buyers.
Top clients have purchased as many as 17 Ferraris each. Mr. Cauley said the dealership sells 40-50 new cars and 40-50 pre-owned cars each year, with sales growing steadily. Around 25 different cars, new and used are on display at the dealership.
The store, accented with Silver and Red, is 3X its original size, with a canopy over the concrete car park. A 2nd level was added along with balconies and elaborate glass panels to display early-model and classic Ferraris.
The façade is matched by a futuristic feel and Ital design inside, where more space was built for showcasing cars, which range from $215,000 to well more than $1-M.
The 1st floor is where most of the buying transactions are expected to happen.
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The upstairs pays homage to the automaker’s history. Its design is inspired by the Maranello, Italy, home of founder Enzo Ferrari.
There is also a graphic timeline of the iconic Italian Supercar maker along the wall behind vintage Ferraris.
Ferrari history books are there for the clienti to read, learn and enjoy.
Beyond the showcase is an expanded vehicle maintenance area and custom painting department, as well as a storage for clients cars.
The Italian firm Fortebis Group, which handles all Ferrari dealership remodels, worked with Northville-based Inform Studio on dealership’s design.
Jeff Cauley’s dealership is the only authorized Ferrari dealership in Michigan and one of 37 in the US.
|NYSE:RACE||133.84||16 May 2018||-0.05||133.46||134.23||132.35||203,252|
|HeffX-LTN Analysis for RACE:||Overall||Short||Intermediate||Long|
|Bullish (0.37)||Bullish (0.34)||Neutral (0.23)||Very Bullish (0.54)|
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