Brand Finance’s annual list of the world’s most powerful brands is topped by a car maker this year, and that car maker is indeed Ferrari. The Italian super car maker beat big names like Google, Coca-Cola, PwC and Hermes, in addition to 495 other power brands, for the number one spot.

Compared to large multinational brands like Coca-Cola, Ferrari is a tiny company. But size is not the only measure in Brand Finance list. They take into account other financial metrics, such as net margins, average revenue per customer, and advertising and marketing spend, as well as qualitative parameters, such as brand affection and loyalty. And Ferrari excels at all of them.

Ferrari never spends a dime on advertising, and they have arguably the most loyal customers of any brand in any industry. That is probably enough reason for it to be named the most powerful brand.

“It is always a pleasure to top any list and still more so when the competition includes some of the world’s most famous companies. This achievement proves that even in very tough economic times, Italy can still offer the world businesses of excellence,” commented Ferrari chairman Luca di Montezemolo. “Behind this acknowledgement are exceptional products made by equally exceptional men and women. They made it possible and for that I thank them.”