Miguel Costa

He worked in banking and insurance, but quickly realised that a career in the car industry would make more sense. Today, his CV reveals a vast experience in brands, which is why he has been progressively moving towards the premium sector. Miguel Costa admits that luxury is a real challenge, and even more so since 2020, the year in which Aston Martin’s domestic imports were taken over by the C. Santos VP group, of which he is the managing director for luxury cars. The businessman sells exclusive goods and products using distinctive strategies, and he has met up with Villas&Golfe to tell us about the golden era that the group is going through, along with the visibility it has gained in Portugal and the economic situation that has created challenges. 

C. Santos VP is responsible for Aston Martin and Maserati sales in Portugal...
Our group officially began representing Aston Martin and Maserati in the Portuguese market in 2020, taking on the responsibility for their import and sale. The inclusion of these brands in the C. Santos VP portfolio has to do with the implementation of a strategy focused on the premium market, not only in the car sector, but also in other business areas. This way, we want to become a leading name in the luxury segment of the national market, providing customers with a distinctive and exclusive choice of goods and services, whether in the car sector, complementary services to the car business or even in the restaurant sector, an area in which we will soon be presenting new products.  

You have extensive management experience in the car industry. How do Aston Martin and Maserati differ from all the other brands?
I’ve spent practically my entire career in the car industry, having initially worked in banking and insurance. In the car business, I had the privilege of working in retail, in general brands and, later, in OEMs (Original Equipment Manufacturers). Then I started to get involved in the luxury market, gaining experience with different brands. Working with luxury brands is a great challenge, because we manage a customer relations business with exclusive products, where the level of service and attention to the customer has to be at a very high level on a regular basis. Every detail has to be taken into account, and any slip up can prove very costly. Being able to supply exclusive, highly customised products or very limited series - which Aston Martin and Maserati are able to do - takes this business to another level. 

As the managing director of C. Santos, what is the challenge of leading a group with such prestigious global luxury brands?
The luxury market in Portugal has been growing steadily and has therefore attracted the attention of other operators, who are starting to look at this segment more closely, increasing competitiveness. Furthermore, there are two important variables that condition our success: the brands’ product cycle, which is decisive for the development of sales, and the taxation linked to the sector, which is almost always an unknown. Despite these factors, the greatest challenge is to make C. Santos VP and its luxury brands division a bigger name in the domestic market every year, improving customer experience and satisfaction.

«The luxury market has been growing steadily»

The car industry is going through times of constant change. In terms of artificial intelligence, inflation and sustainability, tell us about the panorama of the industry at a national level.
The sector is facing unprecedented changes and challenges. For years, it was based on a traditional, closed model, until some new players rapidly created disruption, causing the older, more traditional brands to embark on a process of change, from the way they communicate to the way they do business with customers. At the time of COVID-19, digitalisation took centre stage, accelerating the more «direct» way of doing business.
All of this has led to some changes in the distribution model, with the «agency model» gaining more importance, which is why some of the main OEMs are experimenting in some markets. Based on this strategy, the current dealer is now positioned as a commission agent, as the end customer buys the car directly from the manufacturer.
As luxury brands are customisable customer-oriented businesses that benefit from advances in technology to support their sales processes, I don’t think they would give up the more intimate experience that the test drive, the face-to-face choice of materials, the visit to the factory and other elements guarantee - and which really make this segment different. Technology can’t replace everything! The economic climate has also been a constant challenge. We are now forced to deal with the ECB and Fed’s measures to deal with inflation, which have a significant impact on the cost of operations, and we also have a direct correlation with the decrease in household disposable income, which often causes decisions to be postponed. But all this has been a constant... First COVID-19, then the Russia-Ukraine conflict, and now a strong and worrying crisis in the Middle East. These situations deserve the utmost respect and caution, and therefore increased attention in our business. 

Do you think that choosing a premium model these days is more about comfort than status?
The choice of a model has to do with many factors: performance, design, exclusivity, comfort, technology, etc. Each model has the characteristics that match its philosophy and, for this reason, the customer already knows what they are looking for when they choose. There is no exact formula for this.  

Which Aston Martin model is most desired by the Portuguese consumer?
I’d say currently it’s the DBX707. 

And how has the market received the British brand’s first SUV?
The DBX is one of Aston Martin’s great successes, not least because it’s the brand’s first SUV. The current majority shareholder, Mr Lawrence Stroll, has designed an entire strategy to make the product a success, investing in a factory entirely dedicated to its production. It was launched in two phases, initially with a V8 engine with 550 HP (still on the market) and later with the same engine but with 707 HP, making it the fastest and most powerful SUV on the market. Moreover, it combines elements such as comfort and aesthetics in a single car that could be a family sports car. The DBX now accounts for around 50 % of the brand’s sales.   

How do you sell a car on a computer screen with the digital world in full force?
Nowadays, customers like to have online support to make their purchases. We also feel this trend in the car sector, but we never neglect the in-person factor. With the digital world, we can easily create an image and a vision of the car that the customer envisions. Technology enables part of this experience, although the sensory aspect is indispensable for these brands, with the exception of brand-savvy customers. In addition to these simulators and other associated technologies, the role of social networks is equally important, as they are one of the most widely used means of publicising brand identity, serving as a source of inspiration for the customer.