Miami – June 29, 2021 – Fueled by a passionate audience of owners, collectors, and enthusiasts across FerrariChat, Canossa & Cavallino, Motorsport Network has launched justRED.com as the new, premier marketplace dedicated exclusively to Ferrari. Motorsport Network’s integrated digital platform has a global monthly reach of 61 million automotive and racing fans.
Leveraging existing peer-to-peer transactions within the FerrariChat community, justRED.com brings a unique solution to connect Ferrari buyers and sellers with a network of certified Ferrari dealers, offering an innovative transactional experience. justRED.com provides dealers and private sellers with direct access to the world's largest audience of engaged Ferrari owners and enthusiasts. A recent study reports Ferrari as having a 24% share of the super-luxury automotive market, and at auctions in 2020, Ferrari led with a 41% share of all super luxury automobile lots. Both insights are indications of the high desirability of Ferrari amongst the ultra-affluent and signal the appeal for a marketplace dedicated to the Prancing Horse.
justRED.com joins Motorsport Network’s Driven Lifestyle division along with the recently announced duPont Registry, and Hammer Price acquisitions. The new division is the culmination of the culture, community, and commerce of the world’s luxury and classic automotive lifestyle in one ecosystem. The Driven Lifestyle portfolio features Canossa Events, synonymous with excellence in road touring, that organizes nearly 270+ marquee experiences per year for driving enthusiasts. Part of Canossa Events, Cavallino is a preeminent media and concours events company that hosts landmark events for high-end automotive collectors and admirers, such as the 30th Annual Palm Beach Cavallino Classic, and provides a powerful network of content serving a global Ferrari community. Dedicated to the artform of luxury vehicles, Amalgam Collection, founded in 1985, designs and builds exquisite custom high-end car models. The new justRED.com marketplace will benefit from the cross-promotion and integration within the Driven Lifestyle division. Additionally, with FerrariChat, the leading global social platform and foremost voice on Ferrari, with 20+ years of experience connecting an impressive audience of registered members, justRED.com has direct access to a highly engaged and knowledgeable Ferrari audience.
Rob Lay, Managing Partner, FerrariChat, said: "FerrariChat has been the #1 online community for Ferrari owners and enthusiasts for over 20 years. Part of that community has been a successful marketplace for buyers and sellers of Ferraris. We are pleased to partner with the justRED.com marketplace to expand the inventory available to the FerrariChat community and provide more qualified buyers for authorized dealers, independents, and individual Ferrari sellers at justRED.com."
Luigi Orlandini, President, Canossa & Cavallino said: "justRed.com is an incredible new venture. As a Ferrari collector, I see tremendous opportunity with this marketplace as the best place to find the car you are looking for and to sell your car to the right audience. As a company that creates driving experiences, I’m excited by the many synergies we will be able to create with this new business platform."
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About Motorsport Network
Every month over 61 million dedicated users visit a Motorsport Network digital property, to buy, to learn, to be entertained, or simply to feed their passion for cars and racing. We sit at the heart of the Racing and Automotive industries and provide authoritative thought leadership as well as unique experiences to our customers. We take them on a customer journey that encompasses news and insights, events, tickets, games, and eSports, so we leverage the network effect to add value to their experience. We use our in-house technology and modern data tools to continuously test, learn, and improve. Our processes, content creation, and products are constantly evolving to better serve our audience.
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FORWARD-LOOKING AND OTHER CAUTIONARY STATEMENTS
While the pending acquisitions of duPont Registry and European Sport Communication ("ESC") are expected to close by December 31, 2021, they remain subject to satisfaction of customary closing conditions and, in the case of ESC, to the execution of definitive documentation. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Network, LLC (the "Company") and are difficult to predict. Accordingly, the Company does not assume responsibility for the accuracy or completeness of any forward-looking statement and readers should not rely on any forward-looking statements as predictions of future events. The forward-looking statements in this press release include, without limitation, the Company’s beliefs, expectations, and/or estimates about the following: (i) the Company’s plans to expand the inventory available to the FerrariChat community and provide more qualified buyers for authorized dealers, independents, and individual Ferrari sellers at justRED.com; and (ii) the Company’s belief that justRed.com is a tremendous opportunity with this marketplace as the best place to find the car you are looking for and to sell your car to the right audience and that the Company will be able to create many synergies with this new business platform. The Company's actual results may differ materially from such forward-looking statements for a number of reasons, including, without limitation, risks and uncertainties relating to: (i) less than expected benefits from justRed.com, such as difficulties and/or delays in expanding the availability of Ferrari inventory, such as due to ongoing delays and/or greater than anticipated disruptions due to the prolonged COVID-19 pandemic or other related factors; and/or (ii) less than expected synergies from justRed.com, such as due to the Company’s inability to successfully manage the justRed.com business platform and its related services and/or technologies. Factors other than those referred to above could also cause the Company’s results to differ materially from expected results. The Company anticipates that subsequent events and developments may cause its plans, intentions, and expectations to change. The Company assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing the Company’s plans and expectations as of any subsequent date. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, the Company’s websites or any other websites referenced or linked to this press release shall not be incorporated by reference into this press release.
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