W: How is Asia different than your other markets?
MF: Asia is quite a unique market as it’s actually a lot of individual markets. You go into North America and it’s almost one big market, 300 million people and while there are differences between east and west coasts, it’s much more homogeneous then say Asia where in many cases it’s a case of when we go in.
Taiwan and Japan are great markets for us. We went into South Korea about 18 months ago and that’s also turned out well. We’re looking at entering new markets like the Philippines, into Manila.
W: Does it vary from market to market within Asia?
MF: Market to market can be very different. In Singapore, the duty is the highest of anywhere we sell cars, but we still have a great market here given the size of the country. If you take the price of the duty here, it’s 180%. If you go to the UK, it’s 20%. There are other places in Asia that are high duty markets and that obviously makes a difference as it pushes the price point to a different level. But Asia is the fastest growing part of our business. There are a lot of HNW (high net worth) individuals here. It’s growing quicker than the US. Right now if I include China it’s probably 25-27% of our business, which is pretty significant.