1977 Chrysler New Yorker Brougham Hardtop 4-door 7.2l on 2040-cars

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Fiat seeking $10B in financing to buy Chrysler

As Fiat looks to become the full owner of Chrysler, all it has standing in its way is the retiree trust of the United Auto Workers, which currently holds the remaining 41.5 percent of the company as the result of the Pentastar's bankruptcy deal. The Detroit News is reporting that that Fiat is currently talking to numerous banks in an attempt to raise around $10 billion to fund the purchase of Chrysler's remaining stake with enough left over to refinance the debt of both companies. We've known that Fiat has been working to obtain the capital to buy out Chrysler for some time now, but this is the first time we've seen Fiat tip its hand about how much cash it thinks it will need to close the deal.
The first order of business is a legal dispute over the value of the UAW's stake in Chrysler, which the report indicates could cost Fiat around $3.5 billion. The acquisition of remaining shares could happen by this summer, but it sounds like CEO Sergio Marchionne (above) might not be ready for a full merger until next year.

Another blow for Canadian autoworkers: FCA to lay off 1,500 at Windsor

Fiat Chrysler says it will cut a third shift at its Windsor Assembly Plant in Ontario, meaning layoffs for 1,500 workers in response to softening sales of the Chrysler Pacifica minivan. Separately, FCA announced it was moving up the scheduled two-week shutdown at the plant by one week, to the weeks of April 1 and 8. It's the latest blow for blue-collar autoworkers in Canada, who have been rocked by the potential closure of GM's assembly plant in Oshawa, Ontario, after production of the Chevrolet Impala and Cadillac XTS ends later this year. It will be the first time since 1993 that FCA's Windsor plant has operated on just two shifts, but the shutdown that began this week marks the third time the plant has been shut down this year. The Detroit News reports that action at the Windsor plant would be effective Sept. 30. It quoted Dave Cassidy, president of Unifor Local 444, at a news conference late last week: "People's lives — 1,500 direct families — depend on us," he said. "We're going to do everything possible to make sure we maintain three shifts. Everyone knows our product in Windsor is No. 1, and if you want to build it right, you want to build it in Windsor." FCA says it's making the cutback to better align production with demand. Through the first two months of 2019, U.S. sales of the Pacifica were down 24 percent to 14,817, with sales of the Grand Caravan, which is also built in Windsor, down 27 percent to 19,634. For the full-year 2018, Pacifica sales were flat at 118,322, while Grand Caravan sales rose 21 percent to 151,927. In Canada, the Pacifica saw a 3 percent drop in 2018 to just 5,999. FCA says it plans to offer retirement packages to eligible employees and will try to place laid-off hourly workers in open positions elsewhere as they become available. The company in February announced plans to invest $4.5 billion across the river to build a new assembly plant in Detroit and expand production at five other local plants in a move that will see it create 6,500 new jobs, pending certain assistance from the city of Detroit. The new Detroit plant will transform the existing Mack Avenue Engine facility into a production site for the next-generation Jeep Grand Cherokee and a new three-row Jeep SUV. That plan alone is said to involve 3,850 new jobs.

Bonhams to auction Carroll Shelby's prototypes and personal cars

Fans of Carroll Shelby will want to make their way to Greenwich, Conn., this June, because Bonhams will be selling a great many cars from the man's personal collection. And many of them are the first of their kind, marking important milestones in Shelby's career. One of those important cars is a 1982 Dodge Charger prototype, which might not look as impressive as a Cobra, but it was important in that it was the first car on which Shelby collaborated with Chrysler. That car led to the first Shelby Charger, as well as other special small Chryslers including the GLH Omnis and Chargers (GLH standing for "Goes Like Hell"). In fact, the first Charger GLH-S (Goes Like Hell S'more) is also part of this collection. There are even some prototypes up for auction that never resulted in a production car, such as a Shelby modified Dodge Ram. That one is probably our favorite: the gold ram hood ornament, the huge pentastar in the grille, the double-barrel truck horn on the roof. It's wonderful nonsense. Of course it isn't just Chryslers going up for sale. There are a couple of GT500 and GT350 Mustangs in the mix from a variety of years. Perhaps most interesting is the very first Shelby Series I, Shelby's ill-fated roadster designed from the ground-up by the Texan's company. Unlike the other early Series I models, Shelby's had a supercharger, which led to a supercharger option being offered later. You can check out the full list of cars below, and pictures of each one in the gallery at the top. The auction will happen on June 3, and every vehicle offered has no reserve, so they'll all be sold for whatever price is shown at the drop of the gavel. 1927 Ford Model T 1931 Ford Model A 1935 Chrysler Airflow Sedan 1955 DeSoto Hard Top 1966 Shelby GT350 Convertible 1967 Lincoln Continental Convertible 1968 Shelby GT350 1969 Shelby GT 500 previously owned by Jackie Cooper Jr. 1969 Shelby GT 500 1982 Shelby Charger Prototype 1983 De Tomaso Pantera 1983 Dodge/Shelby Pickup Concept 1987 DeTomaso GT5-S 1987 Dodge CSX Serial #1 1987 Shelby Charger GLH-S Serial #1 1987 Dodge Shelby Lancer Serial #1 1988 Dodge Shelby Dakota Prototype 1989 Dodge CSX VNT Serial #1 1965 Shelby Cobra 427 Continuation 1999 Shelby Series 1 Serial #1 2008 Shelby GT 500 KR 2011 Shelby GT 500 Super Snake Aurora Race Car Related Video: Featured Gallery Shelby Collection View 72 Photos Image Credit: Bonhams Chrysler Dodge Ford Auctions Performance Classics shelby