# Ferrari Moat

Status: published. Policy: company-analysis-1.

Ferrari demonstrates a brand-based moat through controlled scarcity, realized pricing increases, personalization and substantial repeat purchasing. Existing clients accounted for 74% of new-car sales in 2023 and 81% in 2024. These results support a current advantage, but the supplied evidence does not establish exceptional long-term durability or resilience against specific competitors.

## intangible_assets

Ferrari's differentiated brand and scarcity strategy support premium pricing and repeat demand. Preferential access for loyal clients reinforces the relationship, while personalization adds monetization. These are complementary supports for one brand advantage; the passages do not establish a separate network effect or contractual customer lock-in.

Durability: Repeat purchasing across 2023–2024 and realized pricing actions described across successive filings support persistence. Maintaining exclusivity, desirable products and client relationships remains necessary; exceptional durability is not demonstrated.

Risks: Brand dilution, weaker product appeal, changing preferences, technological transition and volatile luxury demand could erode pricing and repeat demand. These are disclosed possibilities, not demonstrated deterioration. Dealers retain discretion over negotiated retail prices.

Invalidation: The thesis would weaken materially if successive comparable periods showed falling existing-client purchasing alongside discounting or unsuccessful successor-model pricing, or if Ferrari repeatedly failed to recover material-cost inflation despite personalization and product refreshes. Sustained volume expansion accompanied by weaker pricing would also contradict the scarcity mechanism.

Competitors: Not established
- [https://www.sec.gov/Archives/edgar/data/1648416/000164841626000024/race-20251231.htm](https://www.sec.gov/Archives/edgar/data/1648416/000164841626000024/race-20251231.htm) · 2026-02-19
- [https://www.sec.gov/Archives/edgar/data/1648416/000164841625000027/race-20241231.htm](https://www.sec.gov/Archives/edgar/data/1648416/000164841625000027/race-20241231.htm) · 2025-02-21
- [https://www.sec.gov/Archives/edgar/data/1648416/000164841624000032/race-20231231.htm](https://www.sec.gov/Archives/edgar/data/1648416/000164841624000032/race-20231231.htm) · 2024-02-22

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