Luxury Auto CEOs Say the K-Shaped Economy Extends to the Very Top of the Market

Executives at Monterey Car Week described a widening split even among wealthy buyers. Hagerty ($HGTY) CEO McKeel Hagerty said the collector-car market resembles "the two upper levels of a K," driven by liquidity events such as company sales and IPOs, with the number of $100 million car collections now being built in months rather than decades.
Bentley CEO Frank-Steffen Walliser said top-end demand remains "very good business," while "more regular customers" are hesitating. Aston Martin CEO Adrian Hallmark drew a similar line, saying it's the middle tier — not the very top or bottom — that's most affected, since they "buy the highest volume of cars, not the highest value of cars." He cited a line attributed to LVMH's Bernard Arnault that luxury spending reflects confidence in future wealth.
Bugatti CEO Mate Rimac said demand from the roughly 300,000 ultra-high-net-worth individuals globally far exceeds Bugatti's output of 100 cars a year, insulating the brand from broader swings. McLaren CEO Nick Collins pointed to a growing pool of "AI-related millionaires" as a new demand source. Lamborghini CEO Stephan Winkelmann struck a more cautious tone, noting the automaker posted record revenue despite lower unit sales, citing disruptions from the Middle East conflict, a weaker dollar, and a sharp drop in Chinese demand.