Although the topic had been discreetly handled among groups of luxury car collectors, the news revealed by EL TIEMPO this Saturday, July 18, about millionaire breaches in the delivery of Ferrari cars began to gain momentum.
As this newspaper exclusively revealed and other media picked up, the luxury showroom located in the north of Bogotá was closed and the customers who had been promised delivery of their vehicles in May of this year were left without the money they paid and without the Roma Spider cars worth more than 2 billion pesos, including customization and taxes.
According to the notification from the alternate representative of Autos Italianos de Colombia, Henry Ávila, he was no longer an executive of the firm and recommended they seek lawyers to recover their money.
Then, the president of Ferrari North America informed them that the franchise operating in Mexico for the Colombian and Panamanian markets had been withdrawn because it was sold without authorization. And now EL TIEMPO has learned of a new communication with bad news for the customers.
‘We are reviewing’
Indeed, in a letter dated July 14 on behalf of the companies Autos Italianos de Colombia S.A., and Automóviles Italianos de Panamá, it is stated that the change of hands of the franchise was due to a loan that was secured with all the shares of the company.
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 the customers.
“As informed to clients, partners, and other interested parties through a statement sent on July 2, 2026, Automóviles Italianos de Panamá S.A., and Autos Italianos de Colombia S.A., have faced an extraordinary situation related to the termination of the import and distribution agreements of Ferrari vehicles in Panama and Colombia,” the document reads.
It adds: “In October 2024, the business group Autos de Alta Gama Holdings Inc., in good faith, granted a secured loan in favor of Italian Motors Holdings S.A., owner of Automóviles Italianos de Panamá S.A., and Autos Italianos de Colombia S.A., companies that at that time were and had been Ferrari distributors in the Republic of Panama and the Republic of Colombia for over 10 years. The loan proceeds were to be used for working capital, mainly to pay outstanding invoices related to Ferrari operations. Italian Motors Holdings, to guarantee the loan granted, pledged all the shares it held representing 99% of the shares in Automóviles Italianos de Panamá S.A., and Autos Italianos de Colombia S.A.”
Inability to pay
The letter also states that due to the inability to repay the loan, on May 25, 2026, Italian Motors Holdings transferred the aforementioned shares in payment to Autos de Alta Gama Holdings Inc., so from that date, that company assumed ownership of Automóviles Italianos de Panamá, its subsidiary Distribuidora F de Panamá, and Autos Italianos de Colombia S.A.
“Subsequently, through communication dated June 4, 2026, Ferrari North America, Inc. notified the immediate termination of the import and distribution agreements that those companies had with the Ferrari brand. As a result of this termination, the companies ceased to have authorization, representation, operational powers, and access to Ferrari’s systems, processes, and structures necessary to handle matters related to the brand, including, among others, sales, vehicle orders, warranties, spare parts, after-sales service, allocations, quotas, claims, or any other management linked to Ferrari,” the letter reads.
And immediately after, they assure: “The individuals who assumed responsibilities within the companies after the shareholding change did not participate in the operational, financial, administrative, or commercial decisions made prior to May 25, 2026.”
In fact, they state that after taking control of the companies, “the new management identified financial, operational, and documentary situations that require a complete and detailed review, including inconsistencies related to the previous administration. The new management is conducting a thorough and detailed review regarding the conditions of the distributors at the time the shares were transferred in payment.”
And they assure that “funds, advances, deposits, payments, or resources received and managed prior to May 25, 2026, are under review, as they pertain to operations originated before the shareholding change and under the previous administration. Therefore, the current management does not yet have complete and verified information that allows it to assume certain commitments regarding dates, results, refunds, payments, deliveries, or specific forms of attention related to situations originated and managed before the shareholding change.”
In the same document, they assure that “it is not possible to assume concrete commitments regarding dates, results, or specific forms of attention until the corresponding review is completed and complete and verified information is available. Setting deadlines or premature solutions could generate expectations that, in the current state, cannot be guaranteed.”
And they conclude by saying that any inquiry, claim, or management directly related to Ferrari, including sales, orders, warranties, spare parts, after-sales service, allocations, quotas, or matters linked to the brand, must be channeled through Ferrari or the entity officially designated by the brand for each market, since the companies no longer have authorization or operational access to handle such matters.
“Notwithstanding 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 you continuing to send your communications to the company,” the letter reads.
(Consult here all the articles from EL TIEMPO’s Investigative Unit)
And they say the letter is issued based on the available information and does not constitute acknowledgment of debt, breach, responsibility, payment obligation, or waiver of the company’s rights, actions, or defenses.
Some Ferrari customers have already filed complaints for theft, fraud, and conspiracy to commit a crime, as well as a millionaire lawsuit. Additionally, they filed consumer protection claims with the Superintendence of Industry and Commerce (SIC).
INVESTIGATIVE UNIT
u.investigativa@eltiempo.com
@UinvestigativaET
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