Ferrari S.p.A. appointed Motorstrada, Inc. as its new distributor in the Philippines. Motostrada is majority-owned by Phoenix Petroleum, which is also owned by Dennis Uy.
The agreement between the two companies was signed in Singapore on October 15. Motostrada, Inc. will be the exclusive general distributor and dealer of the Italian performance cars in the country. It will also handle the servicing, accessories, and merchandise of the vehicles that are sold in the Philippines. Dennis Uy will be leading the new company as its chairman. Uy and Motostrada will be picking up where the former distributor Wellington Soong and Autostrada Motore left off. The Soongs, however, will still retain a 30 percent stake in the new company.
A little backgrounder on the new chairman of Ferrari PH. Dennis Uy is a businessman and former diplomat from Davao City. He founded Udenna Corporation which has stakes in several companies across different industries. The company also has offices in Singapore, Davao, and Manila. Udenna’s more popular brand in its lineup is Phoenix Petroleum. The fuel retailing business is rapidly growing with stations serving the public nationwide.
Together with Mr. Uy is a team of highly-skilled personnel that will help run the company. Onboard with the prancing horse brand is Ginia Domingo and Bob Shaw. Domingo was the former president of Kia Philippines prior to the change of management. Shaw, on the other hand, was a former Mercedes-Benz Philippines executive and will be joining the company in senior management and operations.