Rolls-Royce cars plans expansion as wealth spreads

Rolls-Royce, the ultra-luxury car brand owned by Bayerische Motoren Werke AG, plans to increase outlets by 14 percent within five years as it chases growing numbers of wealthy customers.

Rolls-Royce targets expanding the number of dealers to 120 from 105 to reach millionaires in markets like Chile, Thailand and Vietnam. Unfazed by Europe’s debt crisis, the Goodwood, England-based carmaker expects the updated version of its $380,000 Phantom sedan will help it reach a second consecutive sales record this year after delivering 3,538 cars in 2011.

“I am very confident that we’ll sell at least one more this year,” Torsten Mueller-Oetvoes, the brand’s chief, said in an interview at the opening of a showroom in Berlin on Nov. 24.

Rolls-Royce, which also makes the $246,500 Ghost sedan and competes with Volkswagen AG’s Bentley, is counting on growing wealth in Asia and South America to fuel demand as the debt crisis dents sentiment among Europe’s rich. The number of households with more than $5 million in assets is set to grow by 3 percent to 5 percent annually in the coming years, creating new potential customers for the brand, Mueller-Oetvoes said.

“Of course, we feel that the mood isn’t the best in certain markets, but we’re able to compensate” with growth in places such as Russia, the Middle East and China, he said. “Our goal is to grow sustainably and not chase volume. Rolls-Royce will remain exceptional.”

(Bloomberg)