Lamborghini opens its first dealership in Spain

Friday, Dec 18, 2015

On a tree-lined street in the wealthy Madrid suburb of Pozuelo de Alarcon a shiny red Lamborghini, placed in the showroom's prime position, courts the attention of Spain's elite.

The Italian luxury car maker opened its first dealership in Spain in the exclusive neighbourhood, home to top footballers and executives, in 2013 as the country was limping out of a steep recession caused by the collapse of a property bubble in 2008.

"It's going very well. We are meeting all our goals. We can't complain," said the dealership's salesman, Alberto Pajuelo Fernandez.

Lamborghini's success in Spain is a sign of how the rich have become richer during the country's economic downturn while the ranks of the poor have swelled, a hot-button issue in Sunday's general election.

The dealership, located on the same street as the local headquarters of Spain's ruling conservative Popular Party which is facing a stiff battle to retain power, sold nine cars last year.

Sales in 2015 are on track to match or even surpass last year's figures even though Spain's unemployment rate stands at 21.1 percent, the highest in the European Union bar Greece.

The number of millionaires in Spain - defined as having a fortune of over a million US dollars excluding their main residence and consumer goods -- rose by 40 percent to 178,000 last year from 2008 when the crisis started, according to consulting firm Capgemini.

At the same time the number of people living with "severe material deprivation" in the country has doubled since 2007 to just over three million last year, according to a study by anti-poverty agency Oxfam.

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