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Porsche sets up new company to retail, service cars in Singapore


BabyBlade
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SINGAPORE - It is official. German premium car manufacturer Porsche is setting up a new retail business in Singapore, a move first reported by The Straits Times last month.

A new $1 company called Porsche Singapore Pte Ltd has been set up for the purpose, ST has learnt.

According to the Accounting and Corporate Regulatory Authority (Acra), the company was incorporated on March 22 this year. Its main activities were stated as retail of automobile, parts, accessories and lifestyle products, as well as the repair and maintenance of motor vehicles.

These are all functions currently undertaken exclusively by Porsche dealer Stuttgart Auto, which is part of Mr Karsono Kwee's multi-franchise Eurokars Group.

According to Acra, the sole shareholder of Porsche Singapore Pte Ltd is Porsche Asia Pacific, the manufacturer's regional office stationed here. But Porsche Asia Pacific managing director Arthur Willmann told The Straits Times the shareholding will change to include Eurokars "over the next weeks and months".

https://www.straitstimes.com/singapore/transport/porsche-sets-up-new-company-to-retail-service-cars-here

Some of us complain about rising petrol prices, some of us complain about $100K COE, then there are some people busy buying Porsches that there is a whole new retail and service business just for Porsche owners. The rich getting richer! Wooooo. Porsche 万岁!

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28 minutes ago, Turboflat4 said:

Good. I hope they stick it to SA.

They probably saw it coming, thus picked up the 2nd BMW dealership here after PML

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Twincharged

The Germans are very Greedy,they want everything they Mfg get to the User Direct,cut off the Middleman...& earn their Own[Maybe the Porsche Chief,jealous of Karsono Kwee become so rich] after selling Porsche.

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Supersonic
30 minutes ago, ER-3682 said:

The Germans are very Greedy,they want everything they Mfg get to the User Direct,cut off the Middleman...& earn their Own[Maybe the Porsche Chief,jealous of Karsono Kwee become so rich] after selling Porsche.

Coz onli in sg that the reseller profit margins are higher than the factory car cost itself

Imagine if Apple sells iStudio a Mac for $500 n reseller flogs it for $1500....lol

 

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44 minutes ago, Soya said:

Coz onli in sg that the reseller profit margins are higher than the factory car cost itself

Imagine if Apple sells iStudio a Mac for $500 n reseller flogs it for $1500....lol

Factory => Porsche Asia PAC (importer) => Eurokar.

Most of margin go to importer.

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1 hour ago, ER-3682 said:

The Germans are very Greedy,they want everything they Mfg get to the User Direct,cut off the Middleman...& earn their Own[Maybe the Porsche Chief,jealous of Karsono Kwee become so rich] after selling Porsche.

Porsche Asia Pacific controls roadside assistance provider.

EA has to pay Porsche Asia Pacific.

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(edited)
8 hours ago, BabyBlade said:

SINGAPORE - It is official. German premium car manufacturer Porsche is setting up a new retail business in Singapore, a move first reported by The Straits Times last month.

A new $1 company called Porsche Singapore Pte Ltd has been set up for the purpose, ST has learnt.

According to the Accounting and Corporate Regulatory Authority (Acra), the company was incorporated on March 22 this year. Its main activities were stated as retail of automobile, parts, accessories and lifestyle products, as well as the repair and maintenance of motor vehicles.

These are all functions currently undertaken exclusively by Porsche dealer Stuttgart Auto, which is part of Mr Karsono Kwee's multi-franchise Eurokars Group.

According to Acra, the sole shareholder of Porsche Singapore Pte Ltd is Porsche Asia Pacific, the manufacturer's regional office stationed here. But Porsche Asia Pacific managing director Arthur Willmann told The Straits Times the shareholding will change to include Eurokars "over the next weeks and months".

https://www.straitstimes.com/singapore/transport/porsche-sets-up-new-company-to-retail-service-cars-here

Some of us complain about rising petrol prices, some of us complain about $100K COE, then there are some people busy buying Porsches that there is a whole new retail and service business just for Porsche owners. The rich getting richer! Wooooo. Porsche 万岁!

Porsche is a SUV company

It is likely nothing changed (from customer's perspective).

On other hand, assets under EA are transferred into Porsche Singapore in exchange for Porsche Singapore share.

That will give Porsche Asia Pacific more say into local operation.

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Twincharged
31 minutes ago, inlinesix said:

Factory => Porsche Asia PAC (importer) => Eurokar.

Most of margin go to importer.

Now even Eurokars earning Porsche Asia wanted to earn themselves.

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Authorised dealers can only blamed it on themselves. Exorbitant profits, poor after sales service, questionable warranty claim criteria, etc. And mind you, this is not uniquely Singapore, but a worldwide phenomenon. 

If you follows motoring news in the US and Europe, you will see that many ADs have been jacking up retail price by up to double, citing chip shortage!

Here in Singapore, a few SEs told me that their company will not lower price in bid to drive sales since they have limited stock to sell. They will rather go for 'Quality' than Quantity! 

The one below are just one of the many happening around the globe. 

So Much For Ford’s Warning To Dealers Warning Against Ridiculous F-150 Lightning Price Markups

It seems as though Ford might be taking the biggest hit with regard to its reputation. After a tweet from Ford Spokesperson Mike Levine inspired some criticism from shoppers, a quick search revealed plenty of greedy dealers that seem all too willing to damage the brand’s image.

We’ve posted the actual asking price on the dealers’ websites along with the window sticker below but here’s some context first. On Wednesday, we reported on a Florida dealership that originally appeared to have a $69k markup on a base F-150 Lightning resulting in double the MSRP.

In fact, there are too many to mention so we’ll focus on a few with $30,000+ markups. Jim Baier, Inc in Fort Madison, IA, has the cheapest Lightning we’ll talk about and it’s priced at $110,749. It has an MSRP of just $80,749. Then there’s Valu Ford of Morris, MN. It has a Lightning Platinum listed for $123,509. With just 47 miles on the odometer, it’s so new that they don’t even have pictures for it yet. It has an MSRP of just $93,509.

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Supersonic
24 minutes ago, kobayashiGT said:

Hmmm. So where is Porsche new showroom leh? hahahahahah.

Now that pasar malam can resume maybe got 'mobile showroom'.......lol

 

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Twincharged
15 minutes ago, Carbon82 said:

Authorised dealers can only blamed it on themselves. Exorbitant profits, poor after sales service, questionable warranty claim criteria, etc. And mind you, this is not uniquely Singapore, but a worldwide phenomenon. 

If you follows motoring news in the US and Europe, you will see that many ADs have been jacking up retail price by up to double, citing chip shortage!

Here in Singapore, a few SEs told me that their company will not lower price in bid to drive sales since they have limited stock to sell. They will rather go for 'Quality' than Quantity! 

The one below are just one of the many happening around the globe. 

So Much For Ford’s Warning To Dealers Warning Against Ridiculous F-150 Lightning Price Markups

It seems as though Ford might be taking the biggest hit with regard to its reputation. After a tweet from Ford Spokesperson Mike Levine inspired some criticism from shoppers, a quick search revealed plenty of greedy dealers that seem all too willing to damage the brand’s image.

We’ve posted the actual asking price on the dealers’ websites along with the window sticker below but here’s some context first. On Wednesday, we reported on a Florida dealership that originally appeared to have a $69k markup on a base F-150 Lightning resulting in double the MSRP.

In fact, there are too many to mention so we’ll focus on a few with $30,000+ markups. Jim Baier, Inc in Fort Madison, IA, has the cheapest Lightning we’ll talk about and it’s priced at $110,749. It has an MSRP of just $80,749. Then there’s Valu Ford of Morris, MN. It has a Lightning Platinum listed for $123,509. With just 47 miles on the odometer, it’s so new that they don’t even have pictures for it yet. It has an MSRP of just $93,509.

Oversea,esp US not the same..due to Covid 19..Parts Shortage...New Vehicles..cannot meet demand..so Dealers have Stocks need to sell more Expensive...same like Rolex Sport Models Watches...

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8 minutes ago, ER-3682 said:

Oversea,esp US not the same..due to Covid 19..Parts Shortage...New Vehiclea..cannot meet demand..so Dealers have Stocks need to sell more Expensive...same like Rolex Sport Models Watches...

One of the AD I am referring to is PML. I am interested in the iX3 but die die they don't want to lower their selling price, and even after taking into consideration the "generous" OT of $15K, their profit margin is still much higher than the OMV of the car. The SE told me every shipment is fully sold, so no chance to lolong... 

Wearnes is another one. They rather sold their S60, V60CC, Xc90 as used car than to lower the price for interested customers. I am very tempted to start a thead to discuss about this topic separately...

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5 minutes ago, Carbon82 said:

One of the AD I am referring to is PML. I am interested in the iX3 but die die they don't want to lower their selling price, and even after taking into consideration the "generous" OT of $15K, their profit margin is still much higher than the OMV of the car. The SE told me every shipment is fully sold, so no chance to lolong... 

Wearnes is another one. They rather sold their S60, V60CC, Xc90 as used car than to lower the price for interested customers. I am very tempted to start a thead to discuss about this topic separately...

Globally, it is a seller market.  I don't think it is a uniquely Singapore problem.

For a small market like us, it is hard for importers to secure stock.

 

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20 minutes ago, Soya said:

Now that pasar malam can resume maybe got 'mobile showroom'.......lol

 

Getai coming also.

Can do bidding style. 😁

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30 minutes ago, Carbon82 said:

One of the AD I am referring to is PML. I am interested in the iX3 but die die they don't want to lower their selling price, and even after taking into consideration the "generous" OT of $15K, their profit margin is still much higher than the OMV of the car. The SE told me every shipment is fully sold, so no chance to lolong... 

Wearnes is another one. They rather sold their S60, V60CC, Xc90 as used car than to lower the price for interested customers. I am very tempted to start a thead to discuss about this topic separately...

Surprised OT for iX3 is way lesser than X3.

I supposed PML wants the iX3 to be strictly profitable, while the X3 is to maintain market share. 

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