Despite the slowdown in the world automotive industry caused by pandemic-induced supply chain disruptions, the luxury car sector was not severely hit. On the contrary, it is projected to grow from USD 410 billion in 2020 to USD 566 billion, at a 5-percent annual rate. A very impressive dynamic for a sector when the pandemic has dramatically affected the spending power of every individual. However, the rich and famous seem to stay immune to the calamity keeping their spending on luxury items at high levels.
Moreover, the significant growth of tangible luxury offerings in vehicles, shifting consumer preferences from sedans to SUVs, and increasing disposable incomes of consumers have been propelling the demand for luxury cars worldwide. VIP Motors, a Dubai exclusive cars dealership, is running the wave of the growing demand for luxury and limited series sports cars. Located in the most prosperous of the seven Emirates and only