25 July, 2014
If you're a motor enthusiast who likes modern luxury, chances are you’re already familiar with HR Owen.
But here’s a twist.
It has now emerged that the elite car dealer is heading into the classic motor sector!
The move comes after Malaysian tycoon Vincent Tan took charge of the firm earlier this year.
The 82-year-old company is now controlled by Tan’s Berjaya Philippines, following a takeover worth in the region of a cool £43 million.
While his chief focus over the next year is Asia - the perfect market for HR Owen to expand on its luxury output- it seems that classic motors are also being put on the priority list.
As western models are particularly favoured by businessmen in the East, it is thought a brand new division dealing in classic cars is among the most eye-catching expansion plans.
A 28% stake in HR Owen is still owned by Bentley Motors, with 11 showrooms located in the UK and a growing used car business.
It sounds like we’ve got new chairman Mehmet Dalman to thank.
Mr Dalman, who also chairs Tan-owned Cardiff City Football Club, is understood to be a fanatical vintage motor enthusiast.
The company, under its new ownership, has clearly not failed to take note of the soaring values seen in the popular classic car sector - particularly those from the 1950s and 1960s – and this is more than likely behind the move.
Speaking of its experiences at classic car auctions, the White Oak Underwriting Agency says it has seen high amounts of cash exchanged for exclusive Ferraris and Aston Martins, "especially cars from the 1950s with racing provenance and in exceptional original or restored condition".
One such example is the well-know E-Type Jaguar.
While prices have often been in reach of those wanting to make an extravagance purchase - a mere £30,000-£40,000 - the sportscar is now out of the grasp for many buyers, with prices for a prime mid-1960s model rising to £120,000 over the last few years.