As a proud member of the Brown Car Appreciation Society, I had to share this magnificent example of Italian history. Sure, Ferrari may call the color “Prugna Metallica” — or metallic purple for us Anglos — but it’s brown to my eyes (and that of the dealers’ camera).
This is perhaps the only way to fly under the radar in a Ferrari.
During the last week, much has been written about the “Driven By Disruption” auction Dec. 10 by RM Auction/Sotheby’s.
Most of that reporting was about Janis Joplin’s Porsche, which sold for a mildly outrageous sum of $1.6 million (plus fees), which beat the estimate about 2.5 times. Other top-dollar cars were mentioned as well, especially the first Aston Martin DB4GT Zagato sold in almost a decade, or the Ferrari 290 MM that was driven by the famous Juan Manuel Fangio in the Mille Miglia. Both cars brought even more eye-watering amounts of money – $13 million for the Aston, $25.5 million for the Ferrari. The Aston even set a historical record for the most expensive British car ever sold at auction.
The message is clear: The collector car market is not only alive and well, it’s thriving. Cars sell for ever-higher sums and they are a marvelous investment value. After all, they aren’t making any more classic Ferraris and Astons, are they? So the value can only go up, right? (Read More…)
Fiat Chrysler Automobiles chief Sergio Marchionne rang the opening bell Wednesday for Ferrari’s first day of trading on the New York Stock Exchange and shares of the supercar maker soared.
The stock, which was up as high as $60 per share, leveled off around $57 in mid-day trading.
“This is not really a car, it’s a unique expression of art and technology,” Marchionne told Bloomberg.
According to The Truth About Cars’ stock exchange bureau chief, Ferrari is good and Tesla is bad today.*
Tesla shares have dropped 10 percent on news today that Consumer Reports would pull its “Recommended” rating from the Model S because of concerns about the car’s reliability. That’s bad.
Also, initial shares of supercar-maker Ferrari may be going for more than expected due to the stock’s appeal on office walls and potential value people may find in owning another Ferrari-branded item beyond overpriced shirts. (Read More…)
Fiat Chrysler Automobiles on Monday finally priced its initial price offering for Ferrari at $48 and $52 per share for 10 percent of the luxury carmaker when its stock goes sale, the Detroit News reported. The pricing values Ferrari at roughly $9.8 billion — less than the $12 billion reported last week — and analysts say the interest in the stock, which will trade under the symbol RACE, is roughly 10 times higher than available shares.
The IPO is part of FCA’s long-term strategy to raise cash for investment in its own vehicles in Jeep, Dodge, Fiat, Chrysler and Maserati brands. According to paperwork filed ahead of the IPO, 10 percent of the company will remain with Ferrari scion Piero, 80 percent will be distributed among Fiat family ownership.
The supercar maker may be valued at more than $12.4 billion ahead of its initial public offering, which could happen as early as Friday, Bloomberg (via Automotive News) reported.
Ferrari may price its shares Friday night when it offers 10 percent of the Maranello-based automaker to the public. The remaining ownership of the carmaker will remain largely with the same ownership group, comprised mostly of the Agnelli family and Piero Lardi Ferrari.
Fiat Chrysler Automobiles CEO Sergio Marchionne said in July that Ferrari would be worth roughly $11 billion, which analysts balked at being a little ambitious. Since then, Ferrari’s value may have climbed as Marchionne told investors that Ferrari wasn’t necessarily an automaker, but rather a luxury brand that could be more profitable than a traditional carmaker.
Red Bull’s F1 team is the latest victim of Volkswagen’s emissions scandal, as a possible deal between the team and the automaker has gone “up in smoke.”
The keen eyes at Motor Authority spotted something that sounds like it’s probably true, but no one knows for sure yet, like life on Mars.
“Forza Motorsport 6″ lists its specs for the upcoming Ford GT at officially 630 horsepower and 539 pound-feet of torque to motivate 2,890 pounds of supercar with a 43-57 front-to-rear weight distribution. If true, it would be the first word for Ford’s hyper car, which the company teased has “more than 600 horsepower.”
Ford announced that production of its hypercar would be incredibly limited — 250 per year — and that buyers would need to apply to buy the car.
Speaking at the Formula One Italian Grand Prix this weekend, Fiat Chrysler Automobiles CEO Sergio Marchionne told Reuters that a merger with General Motors was at the top of his list.
“That discussion remains a high priority for FCA,” Marchionne told Reuters. “We consider it to be the best possible strategic alternative for us and for them. General Motors does remain the ideal partner for us and we represent a not easily replaceable alternative for them.”
(Emphasis mine. But what are the other “strategic alternatives?”)
Rather than begin in media res, let’s recap:
I sold my first Porsche 911 (a “993” as they call it, which means it was built sometime from 1995 to 1998 and was the last version of the 911 to feature air-cooling; mine was a 1996) to a nice guy in Minnesota.
The very next day, my second Porsche 911 (a “997,” which means it was built between 2005 and 2012 and was intended to fix the ugly looks and perceived dubious build quality of its immediate forebear — the “996” 911, which was the all-new car that succeeded the above-mentioned 993; my 997 was a 2007 example of the hardcore GT3 variant) met its end after a teenaged driver failed to yield immediately in front of me, resulting in a collision.
With no means of transportation beyond the shared mobility lifestyle or MARTA, it was time to start shopping for another car. I didn’t really have a defined budget, so I considered cars across a fairly wide price range.