The programme, the first of its kind in the world, is being piloted in the UK and is expected to form the basis of its used car offering in key markets including Italy, Germany and America.

The brand's 15-strong UK network has been piloting the Ferrari Approved programme since last May and will begin to actively promote it from this week on its website.

Massimo Fedeli, Ferrari's UK managing director, speaking exclusively to Motor Trader, said a key aim of the initiative is to reduce the flow of used Ferraris into the independent and private sectors and increase the brand's penetration. According to Ferrari only 915 used models were sold by its dealers in 2006 compared with 1,105 through independents and private transactions. “There is a real opportunity here for dealers to achieve growth and attract customers who are not currently buying through the official network,” he said. Fedeli said the programme was developed in full consultation with dealers with both parties agreeing on a rigorous 190-point vehicle check list. Only cars passing all the checks, aged up to nine years old and with less than 56,000 miles will be eligible for the scheme.

Cars that fail to reach the criteria will still be sold by dealers but not through the Approved Programme. The brand expects the real sales clinchers to be the Ferrari backed 12 month warranty scheme and the price tags which will start at £60,000. “It will create a new entry point to the Ferrari brand. Customers who might be in the market for a new £80,000 Porsche may not have considered a Ferrari before, because of the price, but they may now,” he said. Also, with new Ferrari customers routinely expected to join a two year waiting list for their cars, dealers will be encouraged to sell them a used model which they can they buy back when the new model is delivered. “Dealers will have the confidence to do this as they know they'll be able to sell it again,” he said.