Well, it's complete.

Ferrari S.p.A. has just appointed the new distributor of Ferrari automobiles in the Philippines, and it's Motostrada, Inc., a new company that is majority owned by Phoenix Petroleum owner Dennis Uy.

In the new agreement signed in Singapore with Ferrari on October 15, Motostrada, Inc. will be the exclusive general distributor and dealer of Ferrari sports cars in the country, as well as managing spare parts, service, accessories, and merchandise.

"It is our pleasure to be appointed as the general distributor of Ferrari S.p.A. in the Philippines and have the privilege to be the stewards of the strongest automotive brand in the world," said Dennis Uy, Motostrada Inc. Chairman.

Udenna

Dennis Uy is a businessman and diplomat who hails from Davao City. He founded Udenna Corporation which has stakes in over 50 companies in different industries. Udenna's most visible brand is Phoenix Petroleum, a fast growing network of retail fuel service stations nationwide.

Dennis Uy will be the Chairman of the new company, while employing key personnel such as Ginia Domingo; the former president of Kia Philippines under Columbian Autocar Corporation. Former Mercedes-Benz Philippines executive Bob Shaw has also joined Motostrada in a very senior management and operational role.

"There is a reason why Ferrari sports cars are so popular in the Philippines and we are committed to offering the complete Ferrari experience to each and every one of our customers," said Ginia Domingo, Motostrada president. "Extremely beautiful sports cars, coupled with strong after sales support and backed by a dedicated team, we’ll ensure that we will truly impress the most discriminating car lovers. We are excited to bring Ferrari to more Filipino motorists."

Uy and Motostrada is taking the reins of Ferrari from Wellington Soong and Autostrada Motore. After 22 years in the business, Soong will step aside from the operations to become Chairman Emeritus. Marc Soong and Jason Soong will both also take a step back from the business, though the Soongs retain a 30% stake in the new company.

The Ferrari brand is one of the most coveted in the automotive world and was founded by Enzo Ferrari. Their Formula One team, Scuderia Ferrari, is the most successful in history with wins in 238 grands prix, as well as 16 constructors' and 15 drivers' championships. Every Ferrari - be it a Formula One racing machine or a road going sports car - is built at their factory in Maranello, Italy.

"It is important to find the right partner that understands the local market and can offer the level of service, professionalism and performance that will deliver to the inimitable Ferrari standard. We have full confidence that Motostrada will be able to meet the rising needs of Filipino customers and to consistently provide the best dealer experience. We look forward to a successful and fruitful future together” said Dieter Knechtel, CEO of Ferrari Far & Middle East.