A Porsche dream come true

Seoul may not be the perfect place to drive a Porsche, especially so for German car buffs who enjoy driving at face-peeling speeds on the autobahn.

But Stuttgart Sports Cars CEO Michael Vetter, a German with a love for speed, says Porsche owners are creative enough to find ways to drive their cars up to their limits.

“If you just drive half an hour outside the city, Korea has beautiful scenery to offer. For example, Namhansanseong (the ancient fortress) has beautiful, winding roads and views if you don’t go there after 5 p.m. on weekdays,” he said in a recent interview with The Korea Herald. 

“The majority of our customers even drive their Porsches on a daily basis. The everyday practicality of a Porsche, and the quality and efficiency paired with the performance and values it offers are unique and attractive to many of our customers.”

Koreans, who Vetter says share a passion for cars with Germans, are further embracing the fun of driving in recent years, leading to an enhanced presence of the German luxury sports carmaker here.

Porsche used to sell some 100 cars per year in Korea until the early 2000s. But now its monthly sales far exceed 100 units. Last year, the carmaker sold 1,516 vehicles, a 16.5 percent rise from 2011.

And behind the stunning performance was the 2005 establishment of Stuttgart Sports Cars, the official Korean importer of Porsches.

“People were skeptical back then when we said we would sell some thousand cars a year,” said the CEO who has overseen the Korean operation since its start.

“We suffered during the 2008-2009 financial crisis like in almost every country. But Cayenne (SUV) and Panamera (sports sedan), the best-selling models, contributed greatly to the successful sales.”

Another promising sign, he said, was the increased sales of its sports car models, including the 911, Cayman and Boxster, which soared 28.5 percent from 182 units in 2011 to 234 last year.

“Perhaps this means that the domestic perception of sports cars is gradually changing. In the past, the prevailing stereotype was that a sports car is for showing off, but the number of people who enjoy driving is increasing in Korea, too,” he said.

He also hinted that about 15 to 20 percent of their customers are estimated to be females here, with the more practical Panamera and Cayenne catching tastes of trend-setting women globally.

Despite Porsche’s increased visibility, the Korean CEO said: “I don’t see enough Porsches yet here.”

“Porsche is a dream car for many, so it’s a good thing that people see more Porsches driven on the road,” he said. “We are selling dreams and making dreams come true. That’s the fun part of the business.”

Working for Porsche is a dream-come-true mission for Vetter as well.

When he was a college student, he worked part-time for a Porsche PR company and participated in organizing an event for CEOs of Porsche importers around the world. Now he is one of them. And he also got to meet the legendary chairman Wolfgang Porsche.

“I thought Porsche people might be arrogant because they were making good cars and leading a successful business. But they were down-to-earth and treated me, a very minor student, sincerely,” he said.

After graduation in 1997, he joined Porsche, one of the most beloved companies in Germany, and was given the iconic sports car 911 as his first Porsche car to the jealousy of his friends. Since then, he said, he has “never looked back.”

After briefly tasting Korea’s market potential as he took part in setting up the first Asia-Pacific regional office of Porsche in Singapore, he decided to test his managing skills in 2005 when he accepted a job offer to lead the official Korean importer.

Coupled with the drastic growth of the imported car market here, Porsche has recorded stellar performance in the following years.

“Korean customers are more and more enjoying living their individual lifestyles and having a variety of cars from various brands to choose from,” the longest-serving foreign CEO within the industry said of the expansion of the local imported car market.

“I didn’t expect to stay in Korea for this long, but I enjoy being here more and more. I like the dynamic spirit of Koreans here. They really want to develop and move and that’s also my own desire.”

This year the CEO aims to sell 1,800 Porsche cars, pinning high hopes on the new 911 GT3 sports car and the Macan, a new compact SUV that will hit the Korean market early next year.

By Lee Ji-yoon (jylee@heraldcorp.com)