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Bentley Sales Decline Due to Affluent Customers' 'Emotional Sensitivity,' Reveals CEO

24th March 2024

 

Bentley Motors hasn’t been selling as many cars lately. The big boss, Adrian Hallmark, says it's because even rich people worry about money sometimes.

 

Hallmark told CNN that rich folks, despite having lots of cash, feel uneasy about taking on big loans for new cars. 


High-interest rates are making them jittery, according to a spokesperson who talked to CNN later.

 

Last year, about 30% of Bentley's customers decided to lease their cars instead of buying them outright. 


This shows that even the super-rich are concerned about hefty monthly payments. In the U.S., the average monthly payment for a new car is $739, lasting about 68 months, as per Edmunds.com.

 

Bentley's sales took a hit in 2023, dropping by 11%. The slump was mostly felt in its top markets: Europe, China, and the Americas.


However, despite the drop, 2023 was still one of Bentley's better years, with 13,560 cars sold.

 

Just a day after Hallmark talked about Bentley's sales slump, he announced he was leaving the company. Hallmark had been at Bentley for six years.


Now, he's off to work for Aston Martin, another fancy car brand. He's the third big boss Aston Martin has had since 2020.

 

Hallmark is excited about his new job. He says Aston Martin is a cool company with lots of potential. He's eager to use his experience to help the brand grow even more.