Bentley brake-down
1st sales decline in 4 years for luxe marque
Bentley’s boss blamed the British luxury carmaker’s slumping sales on “a level of emotional sensitivity” among its wealthy customers — before announcing that he is jumping ship to a rival on Friday.
Adrian Hallmark, who had been in the driver’s seat at Bentley for six years, said sales plunged 11% in 2023, the first decline after four consecutive years of sales growth.
“Even though our customers can still afford our cars, there was a level of emotional sensitivity that slowed down demand,” Hallmark told CNN.
The carmaker — long a favorite of the upper crust as well as the late Queen Elizabeth for its elegance — will no longer have Hallmark at the helm. He is moving on to run rival luxury brand Aston Martin, effective Oct. 1.
A Bentley spokesperson told The Post on Friday that Hallmark’s exit was unrelated to the drop in sales.
The company also attributed the lower sales on its high-earning customers being worried about “the possible gaucheness of being seen in a shiny new Bentley if friends, family or employees are facing
increased economic hardship.”
In addition, customers are sensitive to “the change in interest rates, [which] raises their payments when they get a quote to change the car.
The customer may be able to afford it but somewhat resents why they should pay more. Or thinks that interest rates will go down and decides to wait,” the Bentley spokesperson added.
For consumers at all income levels, monthly car payments have reached record levels in recent months as the Federal Reserve has kept interest rates at a 22-year high in an attempt to ease inflation. In the fourth quarter of 2023, the average monthly payment on a new vehicle in the US was $739 on a 68-month loan, CNN reported, citing Edmunds.com.
However, payments on luxury cars like a Bentley, which typically retails for between $210,000 and $225,000 and beyond, can be much higher.
There was a level of emotional sensitivity that slowed down demand.
— Ex-Bentley CEO Adrian Hallmark