Ferrari is the iconic Italian automaker of what might well be the best sports cars ever. While other automotive icons have gone mass market, Ferrari has remained ‘exclusive.’
Many auto enthusiasts are familiar with Enzo Ferrari (the company’s founder) and the Enzo Ferrari automobile, but who should also be given credit for making Ferrari what it is today (famous)? The man is Luca Cordero di Montezemolo.
He was born the year Ferrari was founded, and he came from an aristocratic family. He has stated that the Ferrari 348 was one of the worst Ferraris ever built. He hated the car ever since one tried to kill him on a winding two-lane at Salisbury Plain in the early 1990s. Furthermore, Luca actually bought a 348 just before he rejoined Ferrari in 1991 (he previously manager the Ferrari F1 team for Enzo from 1971-1979). Last, but not least, he and the 348 reportedly lost a traffic light drag race to a Volkswagen Golf GTI!
To understand how Luca has influenced Ferrari during his 20 years with the company, it can be understood in the difference between the Ferrari 348 and the 458.
Luca said that Ferrari was not in bad shape when he was asked to head the automaker, however, regarding the company, he was quoted in Motor Trend saying, “But after Enzo died, it lost the ability to innovate and look ahead.”
When Luca took over, Ferrari was making two similar sports cars – the 348 and Testarossa in small numbers at factories that were not much more than hyped workshops. Frank Beard, ZZ Top’s drummer and Ferrari collector (some guys have all the luck), was disparaging about the automaker. He was quoted in Motor Tend saying, “I guess Enzo is like a god, but that stuff about Italian craftsmanship is horseshit. They were just a bunch of communists banging out cars to fund the racing, and they didn’t give a shit about the road cars.” So, Luca and Beard were seeing some things alike.
Ferrari is now committed to its road cars! Although Ferrari earns substantial profits from its global marketing business, Luca knows that it’s the cars that represent Ferrari’s real success. Therefore, he puts 17-20 percent of yearly profits into Ferrari research and development.
Today, the Ferrari complex looks high tech. It can match anything from the very best German or Japanese auto plants. The factory builds over 7,000 new Ferraris including the eight-cylinder 458, Italias and California, 12-cylinder 599s and FFs.
The benefits to Ferrari workers include free school books for their children, free medical check-ups for their families, free childcare, plus a special home mortgage rate. These benefits are not from a union contract but rather have been put in place by Luca.
Montezemolo has said that his proudest achievement is London’s Financial Times stating that Ferrari is the ‘best workplace in Europe.’
And what idea does Luca have that will keep Ferrari going strong? He told Motor Trend, “But there are three things that define a Ferrari: the emotion of driving, extreme performance, and beauty of design.” He then added, “There will always be at least 7,000 people in the world who will want to buy this.”
Indeed, I think the Ferrari boss has his priorities and math just right!
Kyle Busch is the author of “Drive the Best for the Price: How to Buy a Used Automobile, Sport-Utility Vehicle, or Minivan and Save Money.” He welcomes your comments or car questions at his newly redesigned auto web site at: www.drivethebestbook.com or www.cartown1.com. Follow Kyle on Facebook and Twitter.
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