Although the issue had been handled discreetly among groups of luxury car collectors, The news that EL TIEMPO revealed this Saturday, July 18, about millionaire failures in the delivery of Ferrari cars began to gain speed.
As this newspaper revealed for the first time and was taken up by other media, the luxurious showcase located in the north of Bogotá was closed and the clients who had been promised to deliver their vehicles In May of this year, they were left without the money they paid and without the Roma Spiders worth more than 2,000 million pesos, including customization and taxes.
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According to what the alternate representative of Autos Italianos de Colombia, Henry Ávila, notified them, he was no longer a director of the firm and recommended that they look for lawyers to recover their money.
Then the president of Ferrari North America let them know that they had withdrawn the franchise that operated in Mexico for the Colombian markets and Panama because it had been sold without authorization. And now EL TIEMPO learned of a new communication with bad news for customers.
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‘We are reviewing’
Ferrari headquarters in Bogotá. Photo:Private file/Ferrari/Social networks
Indeed, in a letter dated July 14 on behalf of the companies Autos Italianos de Colombia SA, and Automóviles Italianos de Panamá, ensures that the change of hands of the franchise It was due to a loan that was backed by all of the company’s shares.
Furthermore, they have found inconsistencies in information so, for now, They are reviewing the commitments made but without certainty that a response will be given to clients.
“As informed to clients, allies and other interested parties through a statement sent on July 2, 2026, Automóviles Italianos de Panamá SA, and Autos Italianos de Colombia SA, have been faced with an extraordinary situation related to the termination of the import and distribution agreements for Ferrari vehicles in Panama and Colombia,” the document reads.
And it is added: “In the month of October 2024, the business group of Autos de Alta Gama Holdings Inc., in good faith, granted a loan with collateral in favor of Italian Motors Holdings SA, owner of Automóviles Italianos de Panamá SA, and Autos Italianos de Colombia SA, companies that at that time were and had been distributors of Ferrari in the Republic of Panama and in the Republic of Colombia for more than 10 years. The proceeds of the loan would be used for capital of work, mainly to pay outstanding bills related to the Ferrari operation. Italian Motors Holdings, to guarantee the loan granted, pledged all of the shares it owned and which represented 99% of the shares in Automóviles Italianos de Panamá SA, and Autos Italianos de Colombia SA.”
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Inability to pay
This is Luca Zanetti’s letter. Photo:THE TIME
The letter also states that given the impossibility of paying the loan, on May 25, 2026, Italian Motors Holdings gave the aforementioned shares to Autos de Alta Gama Holdings Inc. in payment, so, as of that date, said company assumed ownership of Automóviles Italianos de Panamáits subsidiary Distribuidora F de Panamá and Autos Italianos de Colombia SA
“Subsequently, through a communication dated June 4, 2026, Ferrari North America, Inc. notified the immediate termination of the import and distribution agreements maintained by said companies with the Ferrari brand. As a consequence of said termination, the companies no longer have the authorization, representation, operational powers and access to Ferrari systems, processes and structures necessary to address matters related to the brand.including, among others, sales, vehicle orders, warranties, spare parts, after-sales service, assignments, quotas, claims or any other management linked to Ferrari,” the letter reads.
And then they say: “The people who assumed responsibilities within the companies after the share change did not participate in the operational decisions.financial, administrative or commercial adopted prior to May 25, 2026″.
In fact, they state that after assuming control of the companies, “The new administration identified financial, operational and documentary situations that require a complete and detailed review, including inconsistencies related to the previous administration. “The new managers are carrying out a deep and detailed review of the conditions of the distributors at the time their shares were paid.”
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And they assure that “The funds, advances, deposits, credits or resources received and managed prior to May 25, 2026 are being reviewed, as they are operations originated before the share change and under the previous administration. Due to the above, the current administration does not yet have complete and verified information that allows it to make certain commitments regarding dates, results, returns, payments, deliveries or specific forms of attention related to situations originated and managed prior to the share change.”
In the same document, they assure that “It is not possible to make specific commitments regarding dates, results or specific forms of care until the corresponding review is completed and complete and verified information is available. Establishing deadlines or advance solutions could raise expectations that, in the current state, cannot be guaranteed.”
Luca Zanetti, president of Ferrari North America. Photo:Private file
And they conclude by saying that any query, claim or management directly related to Ferrari, including sales, orders, guarantees, spare parts, after-sales service, assignments, quotas or matters related to the brand, must be channeled to Ferrari or to the entity that the brand officially designates for each market, since the companies no longer have authorization nor operational access to address such matters.
“Without prejudice to the above, the information related to your request will continue to be reviewed and any relevant progress will be communicated as soon as possible. Until a different channel is informed, we appreciate continuing to send your communications to the company,” the letter reads.
And they say that the letter is issued based on the information available and does not constitute recognition of debt, default, liability, payment obligation or waiver of the rights, actions or defenses of the company.
Some of Ferrari’s clients have already filed a complaint for theft, fraud and conspiracy and a million-dollar lawsuit. In addition, they filed consumer protection requirements with the Superintendency of Industry and Commerce (SIC).
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