The Pohlad family's automotive division is opening a Ferrari dealership in Golden Valley later this month, adding one of the most well-known luxury names to its fleet of premium car brands.

The store, which will be called Twin Cities Performance, will be one of 45 Ferrari dealerships in the United States, and will sell new and pre-owned vehicles.

The market for new cars has hit a rough patch during the coronavirus pandemic as factory shutdowns reduced inventory and a lingering shortage of microchips exacerbates shortages.

Chase Hawkins, general manager for the Twin Cities Performance dealership and who helped secure the deal with Ferrari, said it's too soon to know the impact on availability to Twin Cities buyers. But he said the showroom will have a few models available for customers, most of whom will make made-to-order purchases.

Carousel Motor Group (CMG), one of several businesses operated by Pohlad Cos., now operates eight dealerships in the Twin Cities: Porsche of Minneapolis and St. Paul, BMW of Minnetonka, Audi of Minneapolis and St. Paul, Coon Rapids Chrysler Dodge Jeep Ram and Chevrolet North Branch.

The Pohlad family also owns the Minnesota Twins, United Properties and the NorthMarq commercial real estate brokerage.

Curious motorists may have spotted the prancing horse Ferrari symbol along Interstate 394 in recent weeks. The 15,500-square-foot dealership is located in an existing facility Carousel Motor once used to do after-market installations.

Hawkins didn't have an exact day for when the doors will officially open, saying he was still "working through some small IT issues" with Ferrari, but that it likely would be late next week. Interior and exterior renovations are complete and a website for the new dealership is up and running.

Maranello, Italy-based Ferrari is deliberate about where it opens stores. Hawkins declined to say how long he spent wooing the sports-car maker to the Twin Cities. The carmaker looks for markets with a high net worth that also support a number of professional sports teams and Fortune 500 companies, Hawkins said.

The cars range in price from about $215,000 to $625,000.

"It's global iconic brand outside of the automotive space just on its own merits," Hawkins said. "For us to have Ferrari in our portfolio elevates the profile of CMG. It's really a crown jewel of the brands that we now hold."