Asset-Backed Passion: Ferrari and the Evolution of Private Credit

The views expressed in this article are those of Fasanara Capital Ltd as at the date of publication and are provided for general information purposes only. They should not be regarded as investment advice.

Why Ferrari sits apart

Ferrari has never been simply about transportation. It brings together engineering, racing history, design and identity in a way few brands can replicate.

Ferrari, the prestigious car manufacturer, is Italy's second-most valuable brand and was valued at €12.5 billion by Brand Finance in 2026, and awarded it its highest AAA+ brand-strength rating, reflecting the exceptional strength of the marque.

Its significance is global, but for collectors its value is also deeply personal. A Ferrari can mark achievement, preserve a piece of automotive heritage and provide entry into an international community built around the marque.

That emotional permanence explains why its appeal reaches far beyond the automotive market.

A Ferrari is not only held. It is driven, restored, shown and shared. That lived relationship helps explain why an owner may prefer to release liquidity from a collection rather than sell part of it.

From dream asset to global market

That passion now sits within a global and increasingly transparent marketplace.

In 2025, RM Sotheby’s reported more than $1 billion of sales, a 92% live-auction sell-through rate and bidders from 82 countries. Nearly half were participating for the first time.

One auction house does not define the entire market, but the figures show how broad and international the buyer base has become.

Source: RM Sotheby's, 2025 annual results and Monaco Auction 2026.

The badge is not the underwriting

Ferrari remains a defining presence at the top of the market. At RM Sotheby’s Monaco sale in April 2026, the marque accounted for eight of the ten highest-value lots, each above €3 million.

Yet the badge alone does not protect value. Hagerty found that nearly 80% of the UK collector-car values it tracked were flat or lower in 2025, even as Ferraris performed comparatively well.

That dispersion matters. The credit case cannot depend on prices continuing to rise. It depends on choosing the right car, verifying its history and understanding what it could realistically sell for.

For a lender, the exit price matters more than the auction headline.

Wealth does not always mean liquidity

A collector can be asset-rich without being liquid.

A collection assembled over decades may represent substantial wealth. But selling a prized car to fund a business opportunity, acquire another vehicle or rebalance a portfolio may be slow, inefficient or simply undesirable.

Ferrari-backed lending provides another route:

For one collector, that may mean financing the acquisition of a new portfolio. For another, it may mean releasing capital from an existing collection without dismantling it.

In either case, liquidity can be accessed without requiring the owner to dismantle a collection that may have taken decades to build.

Source: Capgemini Research Institute, World Wealth Report 2025.

This generational shift is changing how private wealth thinks about access, personalisation and alternatives. Alternatives already represented 15% of HNWI portfolios in 2025.

Ferrari-backed lending sits naturally at that intersection, combining tangible assets, bespoke liquidity and private credit.

Turning a collectible into controlled collateral

The idea is straightforward. The execution is not.

A lender must understand both the borrower and the car. That means knowing what is owned, whether it is authentic, what it is worth today and how it could be sold if circumstances change.

Fasanara developed the platform with Mattioli Automotive Group, bringing together authorised dealerships, collector relationships, restoration expertise and institutional credit underwriting.

The value of that partnership extends across the collateral lifecycle, from sourcing and authentication to restoration, market monitoring and, where required, sale.

The model rests on three complementary strengths:

Source: Fasanara Capital and Mattioli Automotive Group public launch materials, 2026.

Together, these capabilities help turn an attractive physical asset into controlled collateral with a credible route to recovery.

What allocators are really underwriting

Ferrari may attract the attention. For allocators, however, the investment case rests on the borrower, the loan and the recoverable value of the car.

A headline appraisal is not the same as an executable sale price. Title, insurance, condition, buyer depth and time-to-sale all determine what the lender could realistically recover.

That discipline is what transforms a passion asset into institutional specialty finance:

Source: Framework adapted from Fasanara Capital's public Ferrari Lending Platform materials and asset-controlled underwriting principles.

From specialist opportunity to wider platform

The Ferrari Lending Platform forms one part of Fasanara's broader asset-backed finance activities, alongside receivables, consumer credit, sports finance and other specialist lending areas. Together, these illustrate the range of financing structures that exist within the wider private credit market.

About Fasanara

Fasanara has developed direct domain expertise across specialist asset-based finance. Through F-Sports, it finances player-transfer receivables, squad-backed facilities and other contracted sports revenues. The Fasanara Ferrari Lending Platform extends the same domain-led approach into the collector-car economy, combining Fasanara’s institutional credit underwriting with Mattioli Automotive Group’s origination, market intelligence and restoration expertise.

These differentiated opportunities can be brought together within F-ONE, Fasanara’s flagship multi-strategy, multi-platform fund, alongside broader credit, quantitative and digital strategies. The common principle is consistent: specialist knowledge, proprietary origination and disciplined structuring can unlock areas of the real economy that conventional finance may struggle to serve.

This is Part II of Fasanara’s three-part Capital Behind Performance series. Part I, Beyond the World Cup: The Financing Engine Powering the World’s Biggest Sport, looked beneath modern football to the financing engine supporting it. Here, we move from the pitch to the collector-car market, where scarcity, provenance and global demand can turn passion into asset-backed private credit.

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