At the macro level, in reaction to Benanke's initiative to make his move 'taper-less', capital markets climbed strongly to then see nigh-on immediate profit-taking amongst talk of the need to taper at some point. When that point comes is debatable, depending upon a a myriad of factors; from domestic unemployment rates and mortgage approvals to EM foreign policy and America's desire for further ASEAN soft-power.
And at the micro level, at least in the previously overtly depressed tech sphere, Apple appears to have bucked its previous weakening thanks to its simultaneous worldwide launch of '5' and balance sheet strength. Whilst Blackberry's institutional shareholders, (including presumably Canada's own Ontario's Teachers Pension Plan - like all pension plans under pressure to fulfill future obligations), seem to suffer by not becoming activist. The easily imagined 'Fairfax turnaround' of Blackberry, based upon organisational restructuring, balance sheet strength and critically the massive USP potential of device security, should perhaps in this instance be of ethical-benefit to those long vested shareholders with a far greater Canadian socio-economic interest. As for Nokia's acquisition by Microsoft, the deal was understandable, though ex-CEO Elop could have served his and Microsoft's reputation far better by not taking the $18m fee and instead taking long-hold Microsoft shares.
However, away from such immediate macro and micro issues, investment-auto-motives illustrates the long horizon potential of what is even in the automotive sphere, a rare and interesting breed: the oft neglected Horse-Box sector.
And at the micro level, at least in the previously overtly depressed tech sphere, Apple appears to have bucked its previous weakening thanks to its simultaneous worldwide launch of '5' and balance sheet strength. Whilst Blackberry's institutional shareholders, (including presumably Canada's own Ontario's Teachers Pension Plan - like all pension plans under pressure to fulfill future obligations), seem to suffer by not becoming activist. The easily imagined 'Fairfax turnaround' of Blackberry, based upon organisational restructuring, balance sheet strength and critically the massive USP potential of device security, should perhaps in this instance be of ethical-benefit to those long vested shareholders with a far greater Canadian socio-economic interest. As for Nokia's acquisition by Microsoft, the deal was understandable, though ex-CEO Elop could have served his and Microsoft's reputation far better by not taking the $18m fee and instead taking long-hold Microsoft shares.
However, away from such immediate macro and micro issues, investment-auto-motives illustrates the long horizon potential of what is even in the automotive sphere, a rare and interesting breed: the oft neglected Horse-Box sector.
The Horseless Carriage -
Since the Renaissance onward, after centuries of imagination and experimentation, the notion of the 'horse-less' carriage came to pass through the technical development efforts of experimental venturists. Today we recognise the historic names of: Cugnot, Bollee in early 'steamers' and Daimler-Benz as originators of the modern car, whilst Panhard-Levessor fettled its basic mechanical layout, the likes of Swetland set down component standardisation and Ford adapted from butchery, textiles and gun-making, the production line.
Since the Renaissance onward, after centuries of imagination and experimentation, the notion of the 'horse-less' carriage came to pass through the technical development efforts of experimental venturists. Today we recognise the historic names of: Cugnot, Bollee in early 'steamers' and Daimler-Benz as originators of the modern car, whilst Panhard-Levessor fettled its basic mechanical layout, the likes of Swetland set down component standardisation and Ford adapted from butchery, textiles and gun-making, the production line.
By the second decade of
the 20th century the increasingly efficient, durable and
affordable petrol powered motor vehicle had become the increasing
norm of road transportation, set to wholly replace those horse-drawn
carts, carriages and coaches which themselves had been eroded by the
canal, steam railway and electric tram.
Recently, the Frankfurt motor-show provided a glimpse into the short to long
term automotive horizons for the masses, whilst other trade and consumer shows offer insights into the lesser profile worlds of trucks, motorhomes and caravans.
In a Far Corner of the
Field -
Yet, a world away from
passenger cars and into the far reaches of large LCV vans and HGV
'pantechnicon' trucks is a very different vehicle micro-climate. That
of equestrian transport, and the emergence of the ever evolving
horse-box.
An Aspirationally
Driven Arena -
Many millennia after
the Mongols first domesticated the horse, its role as a “beast of
burden” has for the most part, finally ended. Where not used as
very basic transportation in the poorest agricultural regions –
donkeys and mules typically hardier - or in the sphere of historic
and eco-tourism, the horse has become a fascinating anachronism in a
somewhat rarefied atmosphere.
This anachronism based
upon what post-modern philosophers ascribe as 'sign value', the
societal representation. Akin to the likes of certain antiques or
classic cars – which themselves gain ever greater status when still
in use, as an heirloom, or best as both - the horse today purveys an
ideology of rurally associated high-culture, as opposed to urban
orientated mass-culture.
As ever, within this
'high-end' are the subtle power-shifts of wealth and that of the
ever-present notion of 'class'. The horse often deployed as both
social gate-keeper by the establishment and social accoutrement by
upwardly mobile types; in the hope of becoming accepted and so not
considered 'arriviste'. Jane Austen's 18th century
depictions still as true today.
Invariably tied to such
social representation is the potent issue of rural land ownership,
very much so in the west, and now through the progress of global
urbanisation, increasingly so elsewhere. Less so for its economic
reasoning, given the massive industrial scale required today to farm
profitably, but instead to demonstrate one's “connection to the
soil”.
To many this may seem
little more than overt snobbishness, but within this phrase
previously lay the serious topics of socio-economic and ecological
responsibilities; the two very much previously and arguably still
today mutually inter-dependent.
This then, at least
from within the fold, seen as the perceptional difference between
responsible landed-gentry and the greater tendency of irresponsible
'common-folk'. The former's ability to absorb broad intellectual
education, understand the long-term picture, the willingness to defer
satisfaction, and lead for the benefit of all, associated was essence
of respect, honour and etiquette (ie decency). Of course such
standards were not always upheld by the supposed nobility, its
likeness instead used as the social taps of manipulation and
hypocracy to gain advantage.
Nonetheless, it is the
notionally combined 'aristocratic' qualities of courage, tenacity,
grace and decency which at least appear to still echo throughout the
equestrian realm.
Given continued
urbanisation mass-culture, the amorphous effect of social networking,
the bling-centric 'ghetto materialism' promoted by US music videos
and the tribal twist of ethnic languages, today that which is outside
this modern mainstream, especially that which 'olde world' and
separate – though of its own distinct tribal nature - gains ever
greater currency as above the ever growing, ever mentally congealed
'Yahoo' crowd.
As imagined by Jonathan
Swift in 'Gulliver's Travels', it was the fictional horse society of
the Houyhnhnms (meaning the perfection of nature) that demonstrated
itself as truly noble.
This then perhaps the
age-old ideology behind modern-day equestrianism.
Contemporary
Interpretation -
Whilst the average
person with medium level disposable income in the domestic suburban
setting is able to satiate his/her appetite for the veneer of
'establishment class' via the purchase of country-manner goods such
as Barbour jacket or Hunter wellington boots, few are truly to the
country manor born. Hence as these signifiers become diluted, so the
remaining valid signifiers become ever more remote and out of reach
for most and so attractive to those who have always inhabited 'the
fold' or seek to join.
So the horse becomes
and ever increasingly powerful indicator of either real or supposed
background, accordant sensibility and differentiation from the mass
and so exclusivity
Moreover, given man's
own history of horse breeding, even the notionally noble horse has
for centuries been assessed relative to a structurally codified heir
achy of bloodline, physical structure and performance form.
Thus the horse even in
its own sphere forms an endemic social shadow. From the beloved yet
near financially valueless new-born foal of the farmer's child (the
loveliest kind, the purist in spirit if not bloodline), to that of
the aspirational totem of having 'joined the ranks' by the nouveau
riche, to the obliged traditions of the rural elite whom reside in
Who's Who, to the racing stables of Sheikhs, syndicates and even
hedge-funds (hardly 'hedging'), to the pageantry, pomp and
circumstance associated with royal occasions.
Each of these interests
and avenues tends to meet at the focal-point of sporting
equestrianism; today a broad, deep, multi-level and importantly
increasingly global arena.
An arena into which the
'new money' of today's and tomorrow's emergent HNW individuals take
an interest, this in turn setting the aspirational interests of many
of the burgeoning EM upper middle-class.
So, the romantic and
increasingly exotic figure of the horse obviously still endures as a
powerful symbol to the 'aspiranti' over the years.
This very well
reflected in the figurative branding of Lloyds Bank by way of its
'black beauty', and Ferrari's 'cavallino rampante' (prancing horse).
In a humorous manner,
such 'mecho-animalism' has recently been taken yet further with the
so-called 'Furrari', the black velvet wrap-effect laid upon a Ferrari
599 GTO as seen in Knightsbridge, mimicking both horse and the
traditional riding 'cap' (a successor to the original 'coke' hat, latterly the bowler)
It is also a little
recognised fact that it is in America's horse-racing origins of the
Quarter Horse that provided the petrol-heads today with the
quarter-mile drag-strip.
Equestrian Sports -
As for equestrian
activities themselves, the spectrum ranges from the early childhood
learning of the regional British 'pony-club' – similar elsewhere -
to the heights of the World Equestrian Championships. And as seen
last in Greenwich and Horse Guards, London its increasingly
popularity within the Summer Olympic and Paralympic Games.
In summary it spans:
Competitive Riding:
- Thoroughbred racing
(flat and jump [various])
- Trials / Eventing
(dressage, cross-country, show-jumping)
- Single discipline
competitions (of those above)
- Endurance racing
- Polo
- Gymkhana (often
younger riders)
- Reining (akin to
western-style dressage)
- Vaulting (akin to
saddle based gymnastics)
Competitive Driving:
- Carriage driving (2
and 4 wheels antique)
- Fine driving (4
wheels modern)
- Harness racing (light
2 wheel 'sulky')
- Roadster driving
Obviously on a
worldwide basis other types of sport and performance occur, from the
travelling Rodeos and Horse Pulls over the USA to Vienna, Austria's
fabled white horses ('greys') at the Spanish Riding School to the Harrods' 'livery horses' to the
nostalgic Brewery Dray as used for PR.
[NB Beyond the yesteryear use of horses, some regional brewers such as Hertfordshire's McMullens (still independent today) utilised very connective value-chains: from stabling to cart and carriage building to coopering [barrel-making] to seed trading. Such were the ingrained Victorian power-houses].
An Aside -
Turan Ahmed and thus
investment-auto-motives does not consider fox-hunting, now UK illegal, a sport. It is
simply a much contrived ritualistic and barbaric ceremony to
re-affirm tribal affiliation, in which 'blooding' used to brainwash
the youngest members. Any ground vermin, such as the (not brilliantly
crafty) fox, plus animals destined 'for the table', should be
dispatched in the most humane manner possible. Ideally using an
accurate rifle not broad-cast shotgun, itself only applicable for
airborne fowl, which likewise should only be 'bagged' to be respectfully
eaten. The shooting of any animal, vermin or bred, cannot be viewed as a
pleasurable activity.
Events -
As regards the
equestrian sporting calender itself, we previously saw the Germans
win both team and individual golds at the European Eventing
Championships in held in Malmo (sponsored by HSBC and Volkswagen).
This followed in the UK
by the Burghley Horse Trials (sponsored by Land Rover), won by a New
Zealander (NZ well represented) who having also won won at Badminton
(sponsored by Mitsubushi) might take the (Rolex) 'Grand Slam' with a
possible win at Kentucky. And we saw the last of the flat season
'classics' with the (Ladbrokes) St Ledger, following the previous
1,000 and 2,000 Guineas Stakes, Oaks and Derby.
Given that the sizeable
cost of owning even a single horse is high for feed, stabling,
training, vetenary, transportation, shoeing, 'tack' and saddle
equipment needs , expenditure for the specialist needs of competition
horse – and more typically – horses, runs to very high figures
when operating a fully functioning stable.
Thus as equestrian
competition has become professionalised there has been the inevitable
rise of corporate sponsorship. Both to contribute toward the cost of
staging an event, and toward winner's prize-money. However, for
participants the fact is that even if won, prize-monies rarely cover
the full costs of annual sporting participation, hence the
involvement of wealthier typically self-funded competitors. However,
the increased size of prize monies seen especially in Asian and
American racing has tempted investment consortia to fund various
stables.
This then provides a
very general background to equestrian competitions without detailing
the various UK, European and International programmes.
A Word to the Wise -
The conservative nature
of investment-auto-motives means that it views the trend by some
alternative asset managers to delve into grande-prix thorough-bred
racing as a high risk investment folly. One in which the large
financial sums at stake may only serve to undermine the integrity of
the historic sports.
Whilst their clients,
the HNW “sophisticated investor” clients may be able to afford to
lose said monies, and thus be willing to undertake greater
risk-reward ventures, so basing what is notionally called investment
potential upon the semi-controlled vagueries of bloodlines,
broodmares and training regimes, and most importantly the instinct of
the animal itself.
Very possibly a
compelling statistically based 'investment platform' may have been
created to promote such efforts, and indeed may have semi-credence on
paper, and assert the risk factor, but from a puritanical investment
perspective the numerics behind horse racing is hardly as transparent
and translatable as a company's balance sheet and market performance.
So far better for the
serious and ideally informed investor, HNW or not, to find the
'golden nugget' in associated products and services provision.
Previous web-logs
provided 'Wise Words from the Horses' Mouths' communicating the most
informative opinions of renowned investors, a far better approach to
convincing equestrian related investment.
[NB this comment bears
no inference to the renowned Weatherby's, which as reported by the
FT, runs its own banking unit for its clients and espouses non-equine
related financial diversification. Nor does it seek to undermine such ventures as Qatar's Quipco, which although directly involved, well recognises the need for broader investment portfolio planning].
Commercial Ties -
Given the cache of the
events and the typically very solvent audience that personally
attend, or view via TV and multi-media coverage, corporate sponsors
obviously believe that the resultant gained exposure provides
valuable exposure and goodwill.
Whether to maintain a
brand's traditionally associative standing, and so authentic, premium
overtones, as in the case of Land Rover; or to assist newly sought
positive brand connotations as with Volkswagen. Though now with
greater emphasis on specifically targeted vehicle models, such as
LR's Freelander and VW's Toureg and Passat CrossTour. Elsewhere, to
re-invorgate a brand's relevance as in the case of Jeep sponsoring
individual high profile riders.
[NB As an interesting note, the VW badged up-scale Phaeton model derives its name from
supplemental applications since its origins in Greek mythology. The
term was previously applied to a type of 18th century
elevated carriage with intentionally high centre of gravity and so
requiring good and acclaimed driving skills, so a status symbol. In
the Edwardian era the name was used to describe a specific type open
top car body (typically a dual cowl, though not as sometimes used the
half open top landaulet].
The Automotive
Horse-Box Scene -
The automotive
transportation of horses initially arose and from the need to
relocate a small number of British, French and opposing German
officers' horses in WW1. Thereafter in peacetime, the need to move
prestigious and increasingly valuable race horses between course
meets, the animals' values growing as the increased leisure-time and
incomes of the British working class allied with radio transmittance
allowed for a well orchestrated betting industry to evolve, in turn
raising the stakes for horse owners and trainers.
At the beginning of the
20th century, unlike Europe, the US and Canada still had
many family run homesteads and farms with an abundance of horses used
for field and prairie tasks.
Thus the proclivity
toward the monetarily valuable European sporting horse versus the
less costly American working horse, to which was added the very
different disposable income levels of their respective owner types
effectively gave rise to the different transportation modes seen
until today.
Britain, Europe and
latterly Hong-Kong, Singapore and Asia tended toward a dedicated
singular safety and comfort orientated van type vehicle. Whilst in
North America became dominated by combinational towing sets of truck
and trailer; those farmers requiring the multi-tasking capabilities
of individual truck and towed trailer, itself primarily to transport
cattle to market, and occasionally horses.
US and Canadian markets
have matured,especially since the 1950s, often using larger '5th
wheel trailers' which articulate upon the swivel-base of a heavy duty
pick-up bed look and behave like bigger semi-trailers. Additionally,
the need to accommodate a greater number of animals by the bigger
stables introduced the use of full-size semi-trailers, with a large
tractor unit hauling long horse-box, (what the British would term an
articulated lorry).
However, traditional
standard-pull 'ball and cup' hitches are also used to haul smaller
horse-trailers of lower GVW as pulled by smaller vehicles or
motor-home recreational vehicles, but periodic news coverage of 'ball
and cup' hitch failures prompts re-examination of the overtly basic
method and so type improvement.
Though, as will always
be the case, the methods of horse transportation and the preferred
hitching method used will invariably be related to cost and
affordability by the user.
It is also understood
that in the RoW regions of South America (ie Argentina and Brazil)
and Australia, that a mix of Euro-type horse-trucks and US-type
horse-trailers are used, unsurprising given the combined influences
of Europe and the USA, much dependent upon traditional practice
and/or the preference of the stable's owner, the trainer, the type of
product locally and (as ever) the buoyancy of the stable's own
accounts.
Product Types -
In Europe / Asia:
1. Vehicle Integrated
Horse Van* / Horse Box**
1a) Coachbuilt type
(dedicated) [upon new or pre-owned chassis]
1b) Conversion type
[typically upon low mileage pre-owned chassis]
(animal capacity
dependent upon wheelbase and GVW)
2. Truck and similar
closed Trailer 'Set' (for carriages)
3. Trailer based
Horse-Box / Horse Van [new construction]
4. Trailer based
Caravan
* typically using PLG
and C1+E LGV licence
** typically using HGV
licence
[NB Euro regulations
stipulate HGV to be > 3.5T, which may include relatively simple
LCV van derived horsebox conversions through to luxurious and
technically sophisticated 6-axle bus chassis coachbuilds with
body-side 'slide-outs', high internal content and air-suspension,
differential lock and rear-steer chassis].
North America
1. 5th Wheel
'Gooseneck' Articulated Trailer (professional/serious amateur)
2. Full Size
Semi-Trailer (professional)
3. 'Ball and Cup'
Tow-Bar Trailer (entry-level amateur)
4. Truck and similar
closed Trailer 'Set' (for carriages)
South America /
Australia / Australasia
1. Various of Above
1a. Increasing use of
lower Japanese HGV chassis for 5th Wheel Trailer
Horse-Box Manufacturers
/ Service Providers -
A sample of companies
follow in alphabetical order, many foreign producers gleaned from a
directory website:
UK -
Alexanders
(Boroughbridge, North Yorkshire)
Bloomfields (Boughton,
Nottinghamshire)
Cedar's Farm
(Draycot, Derbyshire)
Devon Trailers
(Chulmleigh, North Devon)
Empire (Kidderminster,
Worcestershire)
EquiCruiser (Lasham,
Hampshire)
Equi-Trek (Holmfirth,
West Yorkshire)
Graham Edwards Trailers
(Full Sutton, North Yorkshire)
Gazeley (Newmarket,
Suffolk)
Ifor Williams (Corwen,
North Wales)
Middlewood (Market
Drayton, Shropshire)
Morgan Jones
(Ceredigion, West Wales)
Oakley (Ware,
Hertfordshire)
Royale (South Woodham
Ferrers, Essex)
Wrights Engineering
(Littleport, Cambridge)
France -
Vans Theault [HGVs]
(Ponts, Normandy)
Vans Fautrus
[Trailers] (Montcarat, Dordogne)
Germany -
AK Fahrzeuge
(Neuweiler, Baden-Wurttemberg)
Bockmann Fahreugwerke
(Lastrup, Lower Saxony)
Fahrzeugbau Gimmel
(Deizisau, Baden-Wurttemberg)
Ketterer
Spezialfahrzeuge (Karlsruhe, Baden-Wurttemberg)
Neihoff Karosserie und
Fahrzeugbau (Kreis Warendorf)
Netherlands -
Anemone (Sherpenzeel,
Gelderland)
Lehel (only dealer
locations given)
Regent (no HQ location
given)
USA -
4 Star Trailers
(Oklahoma City, Oklahoma)
All American Trailers
(Norco, California)
Bison Coach (Milford,
Indiana)
Cherokee Trailers
(Oklahoma City, Oklahoma)
Hart Trailers (Webb,
Iowa)
Keifer Trailers
(Kanawha, Iowa)
Merhow Trailers
(Madison, Alabama)
Silver Star Trailers
(Ridgeland, South Carolina)
Sundowner Trailers
(Coleman, Oklahoma)
Universal Trailer
(Cincinnati, Ohio)
sub-brands include:
Exiss Trailers
Featherlight Trailers
Haulmark Coach and
Trailer
Sooner
Wells Cargo
Canada -
Bergen Industries
(Drake, Saskatchewin)
Black Lightening
(Winnepeg, Manitoba)
Equest Trailers
(Debert, Nova Scotia)
Jamco Trailers
(Brucefield, Ontario)
Norberts Manufacturing
(Glenboro, Manitoba)
Australia -
Crisfloats (Jindara,
NSW)
Cruise Horse Floats
(Caloundra, Qld)
Easy Traveller Trailers
(Meadowbrook, Qld)
Equestran Floats
(Minto, NSW)
Equine Oxer Industries
(Salt Ash, NSW)
Horseman Floats (Athol
Park, SA)
Macro Trailers
(Caboolture, Qld)
Monterray (Ballarat,
Vic)
Mustang Floats
(Bridgetown, WA)
Olympic (Gepps Cross,
SA)
PBL Floats (Brendale,
Qld)
Pegasus (Montrose,
Vic)
Rivenlee Floats
(Armidale, NSW)
Runner Floats (Geelong,
Vic)
Trophy Trailers
(Boonah, Qld)
Trojan Horsefloats
(Red Hill, Qld)
Unicorn (Uraidla, SA)
Wego (Lara, Vic)
New Zealand -
CHB Trailers (Central
Hawkes Bay)
Cruise Horse Floats
(Caloundra)
Epona Horsetrucks
(Hawkes Bay)
Float Factory
(Invercargi)
Hatton Horse Floats
(Blenheim)
Karizma Horse Floats
(Auckland)
Majestic Horse Floats
(Auckland)
Pinto Trailers
(Auckland)
Wade Group (Hamilton)
Zenith Floats
(Auckland)
Argentina -
Nautiruedas Equestrian
Retail (Lopez, Buenos Aires)
Brazil -
Reboques Vale do Aco
(Ipatinga, Minas Gerais)
[NB the companies named
gained from basic desk research, and no doubt unknown others exist,
especially so within BRIC and CIVETS countries]
Product Prices -
Below is listing of
price points from one un-named UK manufacturer, including VAT,
indicated as generically representative with no intended preference.
Trailers
Eleven variants £5,600
and £16,500 (inc mini-caravan)
Light Horse-Boxes
< 7.5T : Eight
variants between £27,400 and £45,500
Heavy Horse-Boxes
> 7.5T : Five
variants between £57,300 and £82,900
> 12T : Eleven
variants between £85,400 and £196,600
Obviously the greater
the size, weight and brand of the base vehicle the higher the basic
'floor' price, and the higher the customisation and technical content
involved the higher the 'ceiling' price.
This excludes any
inventory of pre-owned vehicles often made available for sale by new
vehicle builders.
Services -
Not all but most
horse-box manufacture business models seek to counter economic
cycles, thus to try and smooth income stream and gain growth, many
been built around a broader product and service provision.
Additional offerings
are typically:
1. Servicing /
Diagnostics
2. MOT
3. Refurbishments
4. Repaint
5. Accident Repairs
5a. Registered Accident
Damage Repairers
6. After-Sales
Warranties
7. Roadside Break-Down
Assistance / Recovery
8. Short-term Horse-Box
Hire
Speciality Finance -
The equestrian world
may is considered specialist by most financing houses relative to
other commercial spheres given the specific nature of assets held.
These often have little use in other sectors, typically only the
agricultural sector taking an interest in specific 'yard' assets,
such as ATVs, mini-tractors and trailers.
It may be the case that
if the assets of a defaulted 'equine loan' cannot be sold to a new
buyer within the equestrian world, and that its is held as a
declining paper-asset on finance house's balance sheet and so likely
to be written off, it may need to be liquidated at a further heavily
discounted price at an agricultural auction or similar.
This generates a
greater amount of risk to any finance house, with the greater
possibility of not recouping original capital outlay.
To this end speciality
finance houses have developed over the decades to cater for those
seeking credit; some of the best known British names being the likes
of Peregrine, Close Brothers and Eastern Counties Finance.
[NB To diversify solely
from equine interests and so balance their own business models, such
companies also operate in other specialist sectors, specifically
individual sections of the rural economy (nurseries, horticulture,
camp-sites, forestry, shooting estates, hatcheries, fisheries,
haulage firms etc, to general 'ground care' for local authorities,
leisure facilities golf clubs etc
However, it should also
be noted that some equine finance houses with land-specific
interests, for equestrian building construction, agricultural land
development and similar, appear to offer over-liberal terms, such as
self-certification for sole traders etc. It is not unusual for such
high-risk agreements by ambitious clients to go sour if the proposed
scheme does not materialise (eg planning permission etc) and so upon
default the land may revert back to the lender. Finance houses
obviously prize land for its restricted supply and so value growth
stability...“because they've stopped making it”].
A Tale of Two Worlds -
As explained
previously, equestrian sports are typically self-funded, especially
so for the new owner/rider and aspirant amateur, with only the best
professionals and Olympic teams able to gain substantial corporate
sponsorship which in turn affords purchase of the best equipment.
And, since equestrian
equipment the transportation vehicles tend to be specialist, the
vans/lorries and trailers tend to have extended – indeed
over-extended - lifetimes, as new riders enter the sector and
seek-out affordable vehicles.
It is unfortunately not
unusual for a naïve and relatively budget constrained new
participant to be directed toward a horse-box which “just happens”
to be for sale by a 'friend's friend'; when it is in fact sought to
be off-loaded given the higher expense of truck repair costs.
Product Remit -
Horse-boxes, whether
integrated or towed are intended to provide as comfortable a
habitation environment as possible for both riders and horses,
specifically to reduce as much as possible the stress on the animal.
The Stress Effect:
Animals may initially,
or indeed for some always, be highly stressed when transported given
the alien environment. Leading to claustrophobia, strange motion and
sounds and the inability to escape, but seeking to do so by
'scrambling' so possibly damaging itself. This then unlike its
familiar homelike stable where it can peer over the stable door. When
in transit, this often leads to stress symptoms such as heavy
sweating and heavy excretion.
Research:
Research into the
subject indicates that a horse ought to be rear facing so as to
counter vehicle braking force with their stronger rear hocks, and
otherwise faced forward, but ideally not sideways or in a herringbone
manner since the already stressed animal cannot easily counter
braking retardation. It should also have at least enough space to
allow one step in all directions, so as to be able to rebalance as
needed, and have at least 750mm headroom to the box ceiling. Other,
non fact based research, but pragmatically learnt by horse-folk, is
accompaniment with any favourite item, usually a soft toy should be
within view by the horse to assist emotional comfort.
[NB
investment-auto-motives suggests that if possible a life size photo
of a familiar figure (owner, groom etc) also be attached to the
facing internal wall for similar effect].
Box Configuration:
It is often the case in
what is an inevitably limited sized box, that horse owners would
configure or re-configure the vehicle's layout so as to sacrifice
their own space/comfort in order to provide the horse or horses with
a improved conditions.
NVH:
However, one largely
overlooked issue is the topic of travel NVH (noise vibration and
harshness) for the animals, this because whilst the vehicle cab may
well have CCTV into the rear box or a glazed intermediate panel, the
internal noise, which can mildly spook a horse, cannot be easily
experienced by a remote driver and passenger. Of special note is the
inevitable 'clanking' of un-damped stall doors, dividers and breast
bars, conventionally made of metal (aluminium or steel – as that of
the box's own construction).
Investment Drivers -
To date given the
horsey-world's ties to traditionalism and so conservatism appears to
have arguably restricted the growth of its associated manufacturers,
this the external view as compared to other sports such as cycling or
sailing or indeed marathon running, sports in which materials science
has played an enormous part in performance delivery, as well as of
course the importance of the participant's own physical training
regime and the effects of sports and bio-sciences.
Indeed, because so
close to social reach and use, the worlds of running and cycling saw
a consumer boom respectively through the 1990s to date and the mid
2000s to date, as sports related fashion in both apparel and
equipment created an economic snowballing as – in the very middle
class manner - the technology story behind consumer purchases – the
brand integrity - was told and retold to friends over the
dinner-party table or restaurant table.
Equestrianism obviously
is hardly as accessible to masses as running or cycling, but
parallels, especially regards biologically based improvement, appear
valid.
Research and
Development -
Horse Directed:
As the topic of broad
animal welfare gains ever more importance amongst the global
populace, so there is natural increased expectations regards
equestrian husbandry when travelling - and for top-flight
professionals touring.
[NB This not simply for
road transportation but for all modes: road, rail, air and sea].
1 Physical Safety
2.Mental Well-Being
Over the last decade
these imperatives have re-awakened the participants within horse-box
sector.
The Physical:
A. Internal Soft
Surfaces
Those more safety
orientated manufacturers highlight the application of internal wall
padding to the box interior, and although different box-makers
highlight different USPs, the issue of internal accident safety
should be brought to the fore and further explored by all providers.
Since initial low
volume market experimentation in the 1970s and 1980s by GM, Ford and
Mercedes Benz in the car sector, occupant safety 'air-bags' have
become ostensibly a standard fitment to cars and trucks, saving
hundreds of thousands of lives since the 1990s. This concept has been
adopted for expensive but fully functioning, injury sparing,
horse-riding 'life-vests'; where upon any fall from the horse
activates a small connection between vest and saddle, immediately
inflating the vest with front, back and critically neck supports.
Since the fact that
horses are indeed emotional and financial prized possessions, the
desire to protect the animal in a horse-box crash is paramount after
that of driver and passengers.
Presently, the idea of
the horse-box air-bag appears fanciful given the realities of the
very size of internal space involved, the many different layouts
used, the moving posture of the animal and of course what are the
research and development cost limitations for what is a niche vehicle
industry.
But perhaps a kind of
crash cushion solution – obviously cleanable – might be
developed; with special attention taken to angled internal surfaces
and corners To be installed in new builds and retro-fitted into
existing vehicles.
Variously it may
consist of air-filled collapsible, detachable wall liners which expel
air on contact with a thrown horse, thus a type of full-time airbag,
or in first instance, simply consist of close-cell foam structure
within plastic outer layer that can be wall hung top and bottom.
These obviously more
pragmatic and so realisable solutions than the idea of an internal
horse-box air-bag, or indeed similar inflatable horse-vest, but using
as much learning from those disciplines as possible.
The Mental:
B. Quietened Interior
This pertains to
concerns regards the internal noise of the horse-box whilst
travelling. Historically given the basic nature of construction, the
internals of a horse-box have been relatively loud with unpredictable
clanking/banging noises; resulting in an increasingly stressful
environment for the animal. Noise origins partially stemming from the
box unit itself, but most often from the necessarily moveable
(re-configurable) items within: the main doors, stall doors,
sectional dividers, breast bars, head dividers, with perhaps a
particular culprits being relatively loose door and partition hinges
and latches, either as delivered ex-factory or from wear over time.
A partial but effective
answer - pioneered in the US where construction appears more basic,
and so problematic - has been the inclusion of hard-wearing plastic
moving parts either as complete items or as inserted bushes to reduce
noise and aid operation.
Rider/User Directed:
Whilst internal vehicle
accommodation for the rider has become more comfortable over the
years, with manufacturers offering improved hardware, and as the
accompanying graphic depicts, at the top-flight sponsored level is
most luxurious, as ever, comfort typically accord to affordability.
The young 'pony-club'
rider operating on a shoe-string parental purse will willingly
'rough-it' more or less “in the hay” with crude adaption, or in
the sleeper-cab of his/her old truck if that fortunate.
The incrementally older
person seeking incrementally greater comfort.
Thus the horse-box
commercial sector has grown around these requirements, from nigh-on
worn-out 1980s vehicles to late truck model conversions to high
content expensive 'super-boxes'.
Reduced Ability Users:
However, as previously
seen, the thanks to a more enlightened attitude by many nations
toward physical disability, there is today a greater involvement of
physically less able people in equestrianism than ever before; the
pinnacle being the paralympics.
Although it may appear
odd to non-participants, many of those once able-bodied riders who
have infact sustained serious debilitating injury whilst horse-riding
are often frustrated by the fact that riding opportunity thereafter
is limited. Obviously, the passion such people have for their beloved
though dangerous sports does not deter them; often actually
encouraging them with the motto “what is the worse that can happen
now?!”
This then highlights
the need for dedicated user-friendly accommodation and access to the
next, or thereafter, generation of horsebox-camper.
To this end there may
be an opportunity for forward-thinking firms to engage with
equestrian-related and general disability organisations, with the
input of disabled end-users.
Vehicle Directed:
Furthermore, pertaining
to both able and less able users, some horsebox producers are
recognising the importance of on-road use vehicle development, but
more can be done:
This spanning:
1. Crashworthiness.
2. Towing Methods
3. Vehicle Flexibility
Crashworthiness:
Whilst the basic new
vehicle from respected brands typically like Renault, FIAT, Mercedes,
DAF, MAN and Volvo, will have passed international crash standards as
'chassis cabs', the inevitable fact is that in commercial vehicles
the type of carried load, its internal fixing (or not) and the
strength of the bulkhead between load and front driver/passengers is
of critical importance.
In any relatively high
speed crash (head-on or otherwise), crash conditions obviously alter
the load from stationary potential to moving kinetic energy. Horses
are effectively unfixed animals and pose threat as a thrown object to
driver and passengers
To this end, it is
feasible that any conducted research recommendations seek that
standard bulkheads on horseboxes be strengthened, perhaps by way of a
metal double-skinned full partition. Furthermore the insertion of an
intermediate viewing window, whilst undoubtedly useful, in most cases
reduces the crashworthiness capability of the intermediate bulkhead.
Instead perhaps a type
of 'periscope' viewing method could be adopted, as seen on double
decker buses, or more likely greater implementation of CCTV, as now
used on larger horse-boxes.
Towing Methods:
A singular dedicated
horse transport vehicle is, by most worldwide standards is still an
expensive luxury, hence the wide use of trailers. These vehicles are
obviously towed and each 'combination set' has its own inherent
limits, these relative to the weight and power of the tractive
vehicle, its own maximum towing weight, the weight of the trailer,
the weight of both vehicles fully laden and critically the load
capability of the hitch/coupling itself. An overall matched equation
is necessary and so governed by regulations, so understanding the
what one US trailer manufacturer refers to as 'the weakest link' is
important.
Differing towing needs,
from low to high masses, have evolved different hitch/coupling types,
so as to arrive at an optimal capability.
Smaller vehicles such
as cars and light SUVs tend to use the 'ball and cup' or 'ball and
tongue' arrangement, as seen on light caravans and light utility
trailers. Though often called 'bumper hitches' in the USA, the hitch
mechanism is actually bolt fixed, or welded, onto the vehicle's rear
frame or main substructure (as per vehicle manufacturer's
specification).
In the US this basic
method was evolved by the Society of Automotive Engineers to have
different hitch strengths span increasing towing demands (weights),
giving four separate classes. The couplings can be of fixed or
removable types, the latter with a hollow 'receiver bar ' into which
the 'ball mount' can be inserted and secured.
Higher weights demand
an alternative, better 'captive hitch' method, so the use of the
'load-levelling hitch' in standard 'ball and cup' towing which better
balances the load and often has a more secure fixing with sway bars
and safety chain. And there is as seen the '5th wheel'
arrangement, which centres a portion of the towing load between the
tow vehicle's rear and front axles.
Unfortunately, whilst
horse owners do much to try and best secure their precious loads when
travelling, almost inevitably coupling failures do occur between
vehicle and horse-box trailer, typically because of a worn-out
coupling or an incorrectly specified coupling which though previously
capable reached its limits. Such failures can result in devastating
results for the carried horses, the driver and other road users, with
the animals probably injured and possibly made lame or indeed so
badly injured as having to be 'put down'.
Such instances then
raise the issue as to how horse towing can be made more mechanically
'fool proof'.
To this end
investment-auto-motives believes that reference to other towing
methods used by the military and agriculture/heavy-haulage/rail
sectors, may provide better solutions.
Military (NATO)
standards demand use of the 'Pintel-Lunette' method of
coupling/hitching, in which a lockable open and close pincer type tow
hook is used to securely clasp inside a strong circular ring at the
front of the trailer.
Agricultural, Heavy
Haulage and Rail standards demand a 'Draw-Bar' type of coupling in
which the weight if the trailer is effectively self contained upon
front (steering) and rear (fixed) axles. Thus the 'draw-bar' acts as
little more than a fixed connection.
Of these two
alternative options, it seems more feasible that the horse-box (and
livestock) trailer industry be encouraged – and compelled by
regulation if necessary – to adopt the more fool-proof
'Pintel-Lunette' type of towing method.
In this regard over the
decades America's towing culture has seen the creation of what might
be termed 'hybrid pintels' by which a more sophisticated tow-ball
frame better secures the 'cup' or 'tongue', beyond the capabilities
of the standard 'lockable' ball hitch.
Vehicle Flexibility:
For all but the
full-time professional riders and/or those without other
responsibilities and wealth able to devote themselves full-time,
horse riding is for the majority a part-time activity.
This means that any
high cost capital expenditure must be made as rationally as possible,
with regard to alternative uses.
This flexible,
multi-purpose perspective has long been recognised as a USP by
various trailer makers which offer detachable horse-boxes from the
trailer chassis, so able to use the trailer independently and able to
temporarily house one or two horses safely, warmly and securely
within what is effectively a moveable mini-stabling facility.
Given the cost and
relative limited use of integrated and converted horse-boxes,
investment-auto-motives questions whether such a 'detachable pod'
system could be applied to van and truck chassis.
In global shipping and
rail we see the transportable 'pod' that is the modern container, and
a similar system of smaller containers and container frames used in
military logistics, though of course these require specialist
handling equipment of respectively large external port cranes and
mini-cranes on-board the army truck.
However, adopting the
'drop-down' support leg system - as seen on commercial articulated
trailers and those US camper bodies which slot into a pick-up truck
bed – a similar set-up might feasibly be applied to horseboxes;
creating the 'dismountable horse-pod'.
Removable boxes have
become increasingly standard offerings for farm livestock trailers,
so as to allow for the trailer to accept other types of pods or run
in an open condition. As dedicated units, both integrated vehicle
based and trailer based horse-boxes are conventionally single use
items.
Jumping Philosophical
Hurdles -
However, the tradition,
social connotation, and indeed swathes of previous expenditure spent
upon traditional attire, 'tack' and general equipment – such as
horse-boxes - may mean that there is a high degree resistance to
technical and welfare progress.
But, assisted by agents
such as the British Horse Industry Confederation's recognition and
remit to maximise the 'equine economy', new technology adoption is
being progressed by the sport's leading lights. Which in turn
indicates that with such validation greater progress yet can be made
through its trickle-down effect into mass use; a good sign for all;
riders, horses, innovators and manufacturers alike, and indeed opens
their minds to tomorrow's advanced, yet pragmatically created,
solutions.
[NB Head protection
safety standards are now engrained worldwide with ASTM/SEI in
America, EN in Europe, PAS in Britain, and other recognised systems
in Australia-New Zealand].
Holistic Re-Assessment
-
“Thinking Inside and
Outside the Box”
Undoubtedly the best
manufacturers seek to gain a competitive product edge by
understanding and solving the very real needs, wants and desires of
the owner/user, many practical solutions highlighted in the various
sales presentation videos seen on company websites or on youtube.
Yet there may very well
be many conventionally designed items and areas which could benefit
from individual and collective holistic re-assessment, so giving
marginal to breakthrough, evolutionary and possibly revolutionary
gains. In turn providing greater purchase incentive and thus unit
margins and overall profitability.
This echoes a call from
equestrian magazines (seen again in a recent 'Horse and Hound') to
better develop all types of tack, especially that which has been
virtually unchanged for decades and indeed centuries. Whilst the
rider has the choice to wear (or not) the newer innovations such as
helmet vs traditional 'cap', hard shelled or even pneumatically
inflated vest vs standard non-protective clothing, the animal has no
choice in the matter.
Indeed, here in
Britain, given the matched manifesto by the British Horse Industry
Confederation for animal welfare and strategic long term development
of the equestrian industry, as the 'pinnacle body' it should perhaps
lead such an initiative.
Anglo-Continental
Rivalry in Global Trade -
Such an initiative
undertaken to halt possible complacency from British manufacturers,
to maintain a competitive edge in domestic sales and to improve
competitive position within what appears burgeoning export market,
especially regards EM countries, over the coming decades.
Specifically versus the smaller number but technically very strong
band of German firms.
Whilst Ifor Williams
Trailers have secured a contract from high profile Middle Eastern
clients recently, it is noted that Arabic buyers have previously
purchased high value bespoke horse-coaches from France and Germany.
No doubt Britain has has its past success here too, but must stay
alert.
A New World Equestrian
Economy -
The new economic order,
which better balances the financial fortunes of East and West, of
South and North, will continue to see ever more newly created US$
billionaires and millionaires. As well as of course the upper tiers
of the new middle classes eventually seeking to mimic the lifestyles
and apparent sensibilities of the uber-wealthy.
This then bodes very
well for equestrianism given its connotations and the fascination
(true or apparent) by those who are fortunate enough to be able to
own, ride and seek to participate in the various sporting events,
with perhaps even re-emergent local versions from days of old
re-invented to befit the cultural landscape.
One example being the by now well established clothing label Shanghai Tang, having highlighted its own fashion inter-play with Polo as what seems a knowing precursor to what lays ahead for equestrian influenced Asian fashion.
One example being the by now well established clothing label Shanghai Tang, having highlighted its own fashion inter-play with Polo as what seems a knowing precursor to what lays ahead for equestrian influenced Asian fashion.
Given that Polo was
indeed born by the Mongol people who rode the Asiatic plains, perhaps
at last the game will re-find its deeper authentic roots in Asia,
before the Jodhpuri's and then English adapted it.
With that and similar
re-imagined culturally historic associations of the horse across the
globe comes seemingly expanded commercial opportunity: from the
evolutionary development of the various types of horse-box, to the
re-found cultural variety of hand-made saddles to the near global
ubiquity of the men's and women's polo shirt as the summer leisure
garment.
It is only natural to
assume that the equestrian sector and affiliated interests will grow
via a rise new and old race-course attendances numbers, itself
fuelled by fashion, excitement and the gambled flutter, that as an
off-shoot or direct parallel, the myriad of other equine pursuits
become popular thanks to the entertainment aspect of 'vaulting' and
'reining' (thought to be developed for international appeal),
dedicated satellite TV channels, new media access and the desire for
urban based populations to re-connect with (a hyper-real) version of
perfected states of nature.
[NB it may be likely
that the leaders of equestrian sports seek to mimic the global
expansion of the F1 business model. Whether more modest or as popular
remains to be seen].
Constructing the Future
-
Even as the global
horse-box sector grows and broad income streams rise, there will be
the desire and investor demand of profit motivated firms to maximise
efficiencies and profitability.
In doing so such
expansionary firms will seek synergistic efficiencies vertically,
horizontally and diagonally throughout their respective national
value-chains and critically as part of wider efforts to create an
extended chain internationally in lower cost, high potential markets.
In order to better
compete on the slowly growing global stage the likes of Britain's
Equi-Trek, already promoting itself as the country's largest
horse-box manufacturer, is keen to demonstrate its pan-European
service base so as to be better recognised by not only potential
European customers, but also by those high disposable individuals,
syndicates and companies from EM regions (beyond Singapore, Hong
Kong) who themselves attend European events.
To this end European
producers are reaching-out beyond historic confines.
Yet typically the
national growth agendas of BRIC, CIVETS and now MINT countries
obviously intent to both offer internal market access to American and
European firms, whilst simultaneously gaining technical and
commercial learning in the process to promote new business models
within their own territories.
So any international
commercial agreements to be seen will also see a marked change in the
broad sector's own development.
International Sector
Development -
1. Licensing of
Manufacturer
As seen many times
before in the truck and car worlds, in the first instance to grow a
new sector or sub-segment it is usual that the emerging country will
seek licensed manufacture of a previous generation product.
This necessitates the
'lift and shift' of related presses, tooling, jigs etc, so as to
effectively transplant a complete truck or car factory.
But given that today
many EM countries have already long been through this process, and
indeed the major ones have moved onto co-production of modern or
near-modern vehicles with, plus the fact that horse-box construction
methods and their internal fitting-out are not typically overtly
complex, yet very labour intensive, all means that potentially new EM
Horse-box firms start on a relatively level playing field vs the
western incumbents.
A firm could start
afresh to serve its own an neighbouring nations, but it is a
generally accepted fact that to properly transplant and absorb such a
new equestrian culture requires a foundation of international
relations and secure trade connections.
To this end, it seems
unlikely that beyond basic livestock trailers, any newly created EM
firm would seek to serve such a prestigious marketplace, when
perceived 'branded quality' remains at the fore.
2. Contract Manufacture
Thus more likely is the
initial step of contract manufacture, wherein a local firm with the
right skills base can undertake the manufacture of products on behalf
of European and American premium brand companies.
The agreement would
most likely need to be organised around the ability of the new
company to source the basic construction materials of steel and
aluminium locally, whilst probably sourcing specialist interior items
(woodwork, heating and ventilation [HVAC], mini-appliances and
electrical circuit control panels) from established Western and/or
Japanese suppliers.
This would then provide
a first step for the indigenous country to create a sector serving
equestrianism.
3. Co-Branded and
Re-Branded Products
When the indigenous EM
firm has gained enough experience and capabilities, the next natural
step would be to create co-branded products, typically priced below
the previous 'premium' example, so as to access a wider local,
aspirant yet nationally loyal, buyer base.
This also opens the
opportunity to cross-sell such vehicles back to what was previously
the lead partner company, so as to access an offer less expensive
products in their own homelands and locales, typically using a
sub-brand label of its own origin.
4. Shared Areas of Core
Competence
Such international JV
agreements obviously recognise the basic business need to locate
operational activities where best suited.
Recent years have seen
a repatriation of manual based employment back to the West after 2
decades of 'off-shoring', as the basic employment costs in EM
countries rose and so eroded much of the previous cost
competitiveness. (Today we see the machinations of FX currency wars
as all seek to effectively devalue local currency to gain global
advantage). But whilst job repatriation has occurred, the opportunity
to utilise the new swathes of young and so new labour capacity across
EM nations remains; thus we currently witness not a tidal reverse but
re-balancing of international labour markets.
To this end, those EM
countries with desires to grow their cultural sporting prowess to
gain international exposure and respect - as with case of F1
motor-racing – and yet eager to employ and technically train their
young, have and will continue to strengthen relationships with
international cooperative bodies (such as the FEI – Federation
Equestre Internationale) whilst continually moulding their own areas
of core competence which can be commercially accessed by Western
horse-box manufacturers seeking a wide international footing.
5. R&D and Sourcing
As mentioned there is a
need - on safety, convenience and comfort grounds - to holistically
re-examine and so extend the design parameters of today's horse-box;
in both single converted vehicle form, single coach-build vehicle
form and in various trailer forms.
Such research will
create new evolved and revolutionary solutions, and critically will
provide those innovators with not just European or American local
market advantage but be seen to set the technical standard globally.
The ability to do so
will maintain the need for any newly established EM horse-box company
to source 'differentiating content' from the West (or Japan), and
indeed create the desire to grow commercial agreements with these
leading edge firms.
Indeed, America, Europe
and Japan could and should better create bio0science based foundation
by which technical advances to aid individually the horse, the rider
and the horse-box can be examined and progressed.
This will then provide
a basis by which all new EM firms will need to continually source
from those notionally post-industrial countries.
6. Sector Consolidation
Horse-box producers to
date have been typically a western sub-segment of the far broader
automotive, truck and ancillaries market. Such producers – as seen
with Britain's Oakley's long history - born from personal, local or
regional need and so opportunity.
In both expansion and
contraction periods of the economic cycle there is often reasoning to
consolidate various firms, often under a specialist umbrella holding
entity, so as to maximise operational efficiencies and market
coverage
This dynamic has
obviously true of North America, but with an important difference in
product type, the Trailer being typically far simpler to construct
than the Euro type Integrated Horse-Box.
Thus whilst the likes
of America's Universal Trailer have been able consolidate other firms
and brands into its own sizeable holding, the most of the prevalent
British and German manufacturers, have instead maintained a steady
though growth confined course.
This achieved, indeed
hard-won, through cautious book-keeping and capex, and have been
able to retain their understandably much valued independence, whilst
seeing other overly ambitious 'johnny come lately' firms over-extend
with debt, fail to fill the required order-book, and so fail.
However, the global
economic re-ordering that has emerged over the last two decades, and
take prominence since the 2008 financial crisis, has given greater
credence to the idea the for western firms the future is inevitably
international and global in scope. Hence the renewed ambitions of
top-tier well established horse-box firms which will undoubtedly
maintain a steady, cautious but optimistic approach to foreign trade
versus those less risk averse newer financially leveraged
firms.
Vehicle and
Manufacturer Evolution -
It is believed by
investment-auto-motives that following perspectives will be the
investment drivers over the next 20 years or so.
A. Premium/Bespoke
Horse-box Production (British/Europeans)
B. EM JVs Create
'Foreign Second Tier' Brands and Companies
C. Vehicle Interior
'Long Life' Convertibility (maintained residual values)
D. Chassis based Pods
(reduce weight, aid resale)
E. Cross-Fertilisation
with the Motor-Home Sector
E. Improved Trailering
Safety (better hitch type adoption)
Conclusion -
The horse-box segment,
as with any industrial sector, is simultaneously both simple and
complex to doubly grasp the visible trunk/branches which reflect the
primary business dynamics, yet also grasp the invisible subtle root
system which provides the life-blood of the industry.
This sector sees an
interplay of many often conflicting influences, from the engrained
cultural connotations of heritage and tradition, to the opportunities
that new re-found horse cultures that global participation brings,
all the while the single entrepreneur, the established horse-box
company and the macro-overview of private equity interests seeking to
both forge and benefit from the inherent domestic, regional and
worldwide trends.
The commercial
potential of equestrian related commerce, and specifically the
horse-box, is not quite limitless, but does offer a steady trot
business model for those best in class.
