This follows the successful conclusion of negotiations, which commenced in November 2022 for the purchase of shares from the company's previous shareholders.

Moving into the future, André Rossouw brings a wealth of experience, having previously served in several senior management positions in the luxury sports car business over the last 15 years.

He will steer the company into the future for the benefit of the brand and all its customers, according to a statement.

Scuderia South Africa's senior management and all members of the team at Scuderia South Africa will continue to serve our customers and friends, ensuring the continuity of the highest level of excellence for which the Ferrari brand is known.

"These are certainly exciting times for Ferrari in South Africa, and we look forward to supporting this amazing brand under the new ownership structure," commented André Rossouw, the new Chief Executive Officer at Scuderia South Africa.

Celebrating its 50th anniversary as the official Ferrari dealer, Scuderia South Africa has extensive plans for the remainder of 2023. Two new models, the Ferrari Purosangue and the Ferrari Roma Spider, are set to debut in South Africa in the fourth quarter of this year, further bolstering the line-up of supercars already available to our discerning customers.

"Our world-class showrooms will continue to provide a unique glimpse into the world of Ferrari. It remains a hub where customers and enthusiasts can appreciate the vehicles and learn more about the proud heritage of the brand," André concludes.

• Founded in 1973, Scuderia South Africa is the official Ferrari dealer in South Africa. This year, 2023, marks a major milestone for the company, as it celebrates 50 years of success as the official Ferrari dealer in South Africa.