Recession? What recession?

We love to talk conventional wisdom, at TheDetroitBureau.com, especially when it’s wrong. So, pundits like to say that the global economic crisis is taking a particularly hard swipe at the luxury car market. Maybe they’re right when it comes to Mercedes-Benz and BMW. But don’t tell that to the folks down in Modena, who can’t keep up with demand for anything badged Ferrari.

Ferrari’s record year end results for 2008 show no effects of the deepening global financial meltdown as the Italian sports car maker emphasized the customization of its expensive V-12 powered supercars. The marketing effort was bolstered by its 16th Formula One Constructors Title, the eighth in the last decade.

Ferrari ended the 2008 financial year with revenues of 1,921 million euro (1 euro: $1.2964) an increase of 15.2% from 1,668 million euro in 2007. This rise was attributed to sales of the V-8 powered 430 Scuderia (~$190-250,000), the 612 Scaglietti and 599 GTB Fiorano (~$250-315,000). The 12-cylinder models benefitted from the launch of a One-to-One Personalization Program that can significantly increase the “base” prices. The company said efficiencies also helped compensate for unfavorable dollar and sterling exchange rates.

Ferrari delivered 6,587 cars in 2008, an increase of a mere 2% compared with the 6,465 cars delivered in 2007. Put another way each of the 3000 employees contributes two cars a year. North America remains the largest market with 1,700 cars sold (26% of the world total). Sales were roughly equal to 2007 in Europe. Sales to the Middle East and South Africa continue to grow modestly, with 366 cars delivered, an increase of 12% from the previous year’s figure. In the Asia-Pacific region, Ferrari delivered 1,089 cars. Here, Japan remains the primary market in terms of sales volumes with 433 cars delivered in 2008, (+15%). Ferrari also exceeded 200 cars delivered in Red China to 212 for the first time (+20%).

Since the company does not break out quarterly results, and the relatively low volumes mean that percentage increases can swing wildly because of the small base, it is difficult to get a current assessment of the Fiat-owned company. The company also faces sever environmental challenges as regions continue to press for greater fuel efficiency and reduced CO2 emissions.

“The economic climate in 2009 still remains very uncertain as the crisis takes its toll across the globe and it is hard to say how the situation will develop from here,” said Luca di Montezemolo, chairman. But a decrease in sales this year could help retain exclusivity, if the Maranello marketing machine is able to continue to revenue increases via customization for the ultra wealthy.