Ferrari, every mention
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Verbatim, from the transcripts: the passages where Ferrari comes up
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- ▶ 4:30:00 Ben Gilbert If you like this episode, go check out our recent episodes on Vanguard, Ferrari, and Coca-Cola, and Back in the Archives, our two-part series on Nintendo.
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- ▶ 2:07:19 Ben Gilbert And we see this in Ferrari with Enzo.
- ▶ 3:39:44 Ben Gilbert If you want to read our article on Ferrari, you can do that by clicking the link in the show notes.
- ▶ 3:41:52 Ben Gilbert It's my LaFerrari law Ferrari in a backpack.
Ferrari: What happens when you staple a luxury brand to a sports team? (Audio) · Acquired
- ▶ 0:00 Ben Gilbert Okay, David, so the question, do you have a favorite Ferrari?
- ▶ 0:47 David Rosenthal The story of Ferrari.
- ▶ 1:49 Ben Gilbert We are talking about Ferrari, one of the most paradoxical companies that we have ever studied here on Acquired.
- ▶ 1:57 Ben Gilbert Ferrari ships very, very few cars, around 14,000 per year.
- ▶ 2:09 Ben Gilbert But of course, we know Toyota and Ferrari are a silly comparison.
- ▶ 2:17 Ben Gilbert Even Porsche ships 22 times the number of cars that Ferrari does.
- ▶ 2:23 Ben Gilbert And yet, even though almost nobody owns a Ferrari, only about a 180,000 people globally,
- ▶ 2:33 Ben Gilbert I would argue that over a billion people know what a Ferrari is.
- ▶ 2:38 Ben Gilbert Which means, David, that Ferrari has the highest ratio of people who know about their products to people who actually own their products of any company in human history.
- ▶ 3:05 Ben Gilbert So I would say Ferrari is the only ultra luxury brand that has reached mass cultural awareness.
- ▶ 3:14 Ben Gilbert There are 10 times more Birkin and Kelly bags made each year over at Hermes than there are Ferraris.
- ▶ 3:24 Ben Gilbert Than there are Ferraris.
- ▶ 3:43 Ben Gilbert Ford, here's another good one, makes a 160 times the number of cars that Ferrari does, yet Ferrari
- ▶ 4:06 Ben Gilbert Ferrari makes all of their cars, mostly by hand, inefficiently, and one-off in a single town, Marinello, Italy.
- ▶ 4:19 Ben Gilbert Of the very few cars that they do make, this is my favorite one, David, about 80% of them are earmarked specifically for people who already own a Ferrari.
- ▶ 4:29 Ben Gilbert So that means there's less than 3000 new customers buying Ferraris in any given year.
- ▶ 4:40 Ben Gilbert So how on earth did Ferrari manage to build this incredibly valuable business while selling their cars to almost nobody?
- ▶ 6:26 David Rosenthal Better known, of course, either by the name of the company he would found that bears his last name, Ferrari, or to his hundreds of millions of fans around the world simply as Enzo.
- ▶ 7:28 David Rosenthal Much of this history, this whole episode, comes from the fantastic, really definitive biography of Enzo called Enzo Ferrari, written by Luca Del Monte, who worked at Ferrari and Maserati for many years, and then after he retired, dedicated…
- ▶ 11:36 David Rosenthal It is, as you all probably know, essentially the Ford Motor Company of Italy, and the family behind it, the Agnellis, are the wealthiest and most important industrialists basically in the history of Italy, and today they own and control…
- ▶ 13:07 David Rosenthal And this is the group of people that ultimately, once Ferrari gets founded, become Enzo's core client base.
- ▶ 20:25 David Rosenthal And thus, the first iteration of the Ferrari business is born.
- ▶ 20:48 David Rosenthal That is the SF that you see on the Ferrari shield everywhere.
- ▶ 23:05 David Rosenthal But before we tell the story of the legend of the Ferrari prancing horse, now is a great time to thank our presenting partner, JP Morgan Payments.
- ▶ 23:16 Ben Gilbert And one thing that kept coming up, listeners, in our research for Ferrari is just how global they have been from their early days, of course, headquartered in Italy, but
- ▶ 25:17 David Rosenthal Yeah, how did all those Ferraris come to have a black prancing horse on them?
- ▶ 28:06 David Rosenthal So in our research, I spoke to Luca di Montezemolo, the legendary Ferrari chairman who would ultimately succeed Enzo and really, in many ways, be his heir, as we will tell in this story.
- ▶ 28:49 Ben Gilbert People today, when I say, oh, we're doing an episode on Ferrari, they say,
- ▶ 30:08 David Rosenthal And then what's the other famous, you know, visual symbol associated with Ferrari?
- ▶ 30:13 David Rosenthal Ferrari red.
- ▶ 30:16 David Rosenthal And sure, you know, Ferraris are red because red was the assigned national racing color of Italy.
- ▶ 30:32 David Rosenthal It's Ferrari's colors.
- ▶ 30:39 Ben Gilbert You're coloring it red, and you're coloring it red because that is Ferrari red.
- ▶ 30:47 David Rosenthal It's all of this that is all deeply wrapped up into a Ferrari.
- ▶ 31:04 David Rosenthal Because Ferrari has co-opted it.
- ▶ 33:46 Ben Gilbert I think he got paid to, to leave, but yes, you know, he, it's a firing forbids him for four years from a building cars to race them and be using the name Ferrari associated with a racing team or a car builder.
- ▶ 34:34 Ben Gilbert It's not called Ferrari.
- ▶ 34:35 David Rosenthal It's not called Ferrari, but
- ▶ 34:38 David Rosenthal This same company is better known today as Ferrari Societea Per Azioni or Ferrari SPA, the Ferrari Joint Stock Company that is publicly traded on the New York Stock Exchange under the ticker RACE.
- ▶ 35:55 David Rosenthal And that's why Ferrari to this very day is in the small little, you know, hamlet of Marinello, not in the
- ▶ 36:51 David Rosenthal The man who brings Ferrari to America.
- ▶ 38:34 David Rosenthal But it is true, Luigi definitely convinced Enzo about America, and America was critical for Ferrari.
- ▶ 39:57 David Rosenthal 1947 is the first year that they get going with the newly renamed Auto Construccione Ferrari, now that he can use the Ferrari name.
- ▶ 40:45 Ben Gilbert Uh, Ferrari
- ▶ 40:54 David Rosenthal Now, he has established the brand and the myth and put all the pieces in place to create Ferrari, but yes, he did not sell a single car to a customer.
- ▶ 41:49 David Rosenthal What a great description of what a Ferrari is.
- ▶ 42:19 Ben Gilbert Yeah, the Ferraris in this era in history that we're talking about here, you know, the late forties, fifties, sixties, these were not the most reliable machines, especially the road cars.
- ▶ 42:54 David Rosenthal Boy, do Ferraris have a lot of flaws.
- ▶ 42:57 David Rosenthal So, this first Ferrari, the one-sixty-six Barchetta, they produce about a dozen of them that year in 1948, both to race themselves with their own team drivers and also sell them to wealthy private clients.
- ▶ 43:56 Ben Gilbert He was one of the first Ferrari customers.
- ▶ 44:57 Ben Gilbert Not endorsed by Ferrari the company, just a sort of gentleman driver.
- ▶ 45:00 David Rosenthal It is the first major international race victory for a Ferrari car.
- ▶ 45:12 David Rosenthal I mean, startup, everybody knows the heritage of Enzo Ferrari and who he is, but here's a Ferrari winning.
- ▶ 45:26 David Rosenthal It's the Ferrari that won.
- ▶ 45:38 David Rosenthal All anybody knows and all anybody in America definitely knows is a Ferrari just won Le Mans.
- ▶ 46:14 Ben Gilbert Eventually Ferrari would become very much about aerodynamics in addition to engines.
- ▶ 47:11 Ben Gilbert As a very early sort of luxury pioneer here, he realized that it only helped build the Ferrari myth.
- ▶ 47:51 David Rosenthal Ferrari at this point in time after Le Mans and when they're selling the one 66 because it's pretty pioneering.
- ▶ 48:33 David Rosenthal And Ferrari is providing that for his own team and for his clients.
- ▶ 49:22 David Rosenthal For many decades in the early history of Ferrari, it's the same people.
- ▶ 50:05 Ben Gilbert But I think you nailed this point that I think is a little bit lost today, which is even then, in 19 fifty-ish, you're not just gonna go buy a Ferrari and then race it.
- ▶ 51:33 David Rosenthal Participating in the pinnacle of motorsport, as we've just been talking about, is integral to what Ferrari is.
- ▶ 51:41 David Rosenthal And if you buy a Ferrari as a client,
- ▶ 51:55 Ben Gilbert There have been many others who have tried that strategy since, obviously less successfully than Ferrari, and we'll talk about why, but yes, this is the Ferrari formula that they uniquely execute well on.
- ▶ 52:27 David Rosenthal Enzo would hire the young Alberto Ascari, who is the son of one of his two mentors who died when Enzo was racing for Alfa Romeo, and Enzo would take Alberto under his wing, treat him almost like a surrogate's son, until in 1955, Alberto is…
- ▶ 53:14 David Rosenthal But before we continue this beautiful tragedy of Enzo Ferrari and his company,
- ▶ 53:32 Ben Gilbert And importantly, just like Ferrari, the crucial part is that every part of the system is engineered to work together at the highest possible level.
- ▶ 55:21 David Rosenthal All right, so here in the 19 fifties, the truly, truly beautiful and truly, truly tragic opera of Enzo and Ferrari continues.
- ▶ 55:55 Ben Gilbert But, David, did you know, it is the Ferris Bueller car, but the car you see on screen is actually not a Ferrari.
- ▶ 56:04 David Rosenthal Yes, it's a replica, and Ferrari sued the replica maker after the movie, right?
- ▶ 56:27 Ben Gilbert So they did not wreck a real Ferrari.
- ▶ 56:30 Ben Gilbert In fact, there is not even a real Ferrari in camera in that entire movie, or at least in that shot.
- ▶ 56:42 David Rosenthal So as we talked about the first Ferrari that Enzo sold to clients was the one 66, but less than a hundred of them were ever made.
- ▶ 57:02 Ben Gilbert Ferrari will always deliver one car less than the market demand.
- ▶ 57:20 David Rosenthal So in 1952, Ferrari comes out with the two 50 series, and this is the first real
- ▶ 57:27 David Rosenthal Production Ferrari.
- ▶ 57:30 David Rosenthal And over the next set of years throughout the fifties, Ferrari manufactures a few thousand of them.
- ▶ 58:00 David Rosenthal It is truly, truly beautiful, and it was designed not by Enzo Ferrari or even anybody who worked at Ferrari.
- ▶ 59:02 Ben Gilbert The LaFerrari?
- ▶ 59:03 David Rosenthal The LaFerrari Halo car was the first fully in-house designed Ferrari.
- ▶ 59:03 David Rosenthal The LaFerrari Halo car was the first fully in-house designed Ferrari.
- ▶ 59:13 David Rosenthal Road-going production Ferrari, except for one, I think, was designed by Pininfarino.
- ▶ 1:03:44 David Rosenthal And thus comes the yang to the yin of beauty, which is this tragedy and death that is such a part of Ferrari and motorsport.
- ▶ 1:05:44 Ben Gilbert I mean, today, Ferrari is a publicly traded company with multiple families and owners and parent companies and holding companies involved.
- ▶ 1:06:02 David Rosenthal Well, if you know anything about the shareholding structure of Ferrari today or its board of directors, you might say, wait a minute.
- ▶ 1:06:11 Ben Gilbert There sure is a Ferrari who owns it.
- ▶ 1:06:12 David Rosenthal Yeah, isn't there a current member of the Ferrari board of directors named Piero Ferrari, who owns 10% of the company and is also the biological son of Enzo, who very much would have been alive at this time?
- ▶ 1:06:56 Ben Gilbert And when you say invisible, he certainly isn't a Ferrari.
- ▶ 1:08:29 David Rosenthal So at this race in 1957, again, two years after the F-one crash that killed his driver protege, one year after the death of Dino, a Ferrari flies off the road and into the crowd, killing the driver and nine spectators, including five…
- ▶ 1:08:57 Ben Gilbert But he's the owner of the company that made the car, and there's a high death count.
- ▶ 1:09:46 David Rosenthal Ultimately, Enzo is acquitted after long process in the legal case, and he reaches a compromise with the Vatican that he can continue racing, and Ferrari can continue to sort of exist as this sort of national champion within Italy.
- ▶ 1:11:29 David Rosenthal It only makes Enzo and his Ferraris more globally known.
- ▶ 1:11:50 David Rosenthal And here's Ferrari.
- ▶ 1:13:10 David Rosenthal His plan by this point is that he'd be getting ready to hand the company to Dino, but Dino is dead.
- ▶ 1:13:22 David Rosenthal What will happen to Ferrari when you're gone?
- ▶ 1:13:38 David Rosenthal And of course, Piero at this point is already working in Ferrari.
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