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Junkyard Gem: 1976 Chrysler New Yorker Brougham Hardtop Coupe

Even after OPEC served notice that cheap oil would no longer be a given and notorious eco-fanatic Richard Nixon decreed a national 55 mph speed limit, plenty of Americans continued to buy enormous coupes equipped with big-displacement V8 engines and cubic yards of cushy upholstery as the early Malaise Era ground on during the middle 1970s. In 1976, Ford offered the Lincoln Continental Mark IV, the Mercury Marquis Brougham, and the Thunderbird. The General had too many such cars to list here, including the Buick Electra and Olds 98 Regency Coupe. Chrysler was right there in the battle for Broughamic supremacy that year, with the New Yorker Brougham at the very top of the company's prestige ziggurat. Here's a raggedy-but-still-opulent New Yorker Brougham Coupe, found in a Denver car graveyard during the winter. Just look at that spacious Whorehouse Red™ interior and its pillow-topped Corinthian Leather split-bench power seats! I admire this luxury so much that my band in the late 1980s recorded a hymn to the Chrysler New Yorker. This car appears to have the $598 (about $2,750 in 2020 dollars) St. Regis option group, which included a "boar-grain" padded vinyl roof and opera windows. A few years later, Dodge offered a full-sized model called the St. Regis. The New Yorker Brougham was the most expensive model offered by Chrysler in 1976 (the Imperial went on hiatus for the 1976 through 1980 model years, only to return as a much more modest car). The buyer of this car got rung up for at least $7,269 (about $33,520 after inflation).  Curb weight wasn't quite as high as this car's imposing bulk might suggest: 4,752 pounds. That's a bit less than a new Dodge Durango today. A junkyard shopper scored the engine, which would have been a 440-cubic-inch (7.2-liter) V8 rated at a startlingly low 205 horsepower and all the torque in the world (actually, 320 lb-ft). Numbers like that prove that we now live in the Golden Age of Car Engines; even the base V6 in the current Charger makes 292 horsepower out of half the displacement of the 440. Even in a car this swanky, any kind of an audio system cost extra (contrast that to 2020, when even the humblest econoboxes have standard-equipment Bluetooth-ready rigs with many speakers). A plain old single-speaker AM radio cost $99 ($457), while the top-of-the-line AM/FM/8-track set '76 New Yorker buyers back $375 ($1,730). This is the AM/FM stereo radio, which cost $197 ($908). Not legal for sale in California.

Fiat Chrysler completes sale of Magneti Marelli

Fiat Chrysler Automobiles completed its sale of components maker Magneti Marelli to CK Holdings Co., Ltd., the holding company of Calsonic Kansei Corporation. The Japanese parts supplier paid $6.5 billion (5.8 billion euros), which is a bit less than the $7.1 billion deal that was initially announced in October of 2018. According to Reuters, the price was adjusted based on Magneti Marelli's estimated financial position as of the closing date. The influx of cash allowed FCA to offer a special cash distribution to its shareholders for the first time in a decade. At ˆ1.30 per share, the payout corresponds to a total distribution of approximately ˆ2 billion. The dividend will pay out on May 30. "FCA remains committed to Magneti Marelli, with the new company continuing as a key supplier," FCA CEO Mike Manley said in a statement. "This sale also recognizes the full strategic value of Magneti Marelli, improving our financial position, delivering value to our shareholders and allowing us to enhance our focus on our core product portfolio." Earnings/Financials Chrysler Fiat magneti marelli

How GM ended up suing its crosstown rival Fiat Chrysler

DETROIT — Automakers sue each other on occasion, but no one in Detroit can remember one accusing another of bribing union officials to get an unfair labor cost advantage. Yet thatÂ’s what happened Wednesday when General Motors filed a federal racketeering lawsuit against Fiat Chrysler Automobiles. ItÂ’s based on a widening federal investigation into corruption involving officials of the United Auto Workers union, and shortly after the lawsuit was filed, the unionÂ’s president Gary Jones stepped down. The 95-page complaint could affect ongoing contract talks between the union and Fiat Chrysler, the lone automaker of DetroitÂ’s big three thatÂ’s still in negotiations. It also could cause jitters with French automaker PSA Peugeot, which has reached an agreement to merge with the Italian-American automaker. Here are some questions and answers about the lawsuit and its impact: Why did GM sue? GM alleges that Fiat Chrysler senior executives, including now-deceased CEO Sergio Marchionne, paid $1.5 million in bribes to UAW officials for nearly a decade and corrupted the bargaining process with the union in the 2009, 2011 and 2015 contracts to gain advantages over General Motors. The lawsuit says that because of the bribes, which were funneled through a joint UAW-Fiat Chrysler training center, the union allowed Fiat Chrysler to use more lower-paid temporary workers. Also, FCA in 2015 did not have to limit the number of newly hired workers who make less and get lower-cost benefits than older workers hired before 2007. GM contends it couldnÂ’t negotiate similar union concessions that FCA was able to get through bribery. GM could only hire a limited number of temporary and lower-paid new workers, called “second tier” workers, which unfairly increased its labor costs by billions of dollars. It alleges the higher labor costs had another purpose — to force GM into a merger with FCA that Marchionne wanted. GM did wind up with higher labor costs, which until the lawsuit had not been linked to the federal corruption probe. Before contract talks with all three automakers began last summer, the Center for Automotive Research, an industry think tank, determined Fiat ChryslerÂ’s total hourly labor costs including wages and benefits were about $55 per hour, $8 less per hour than GM and $6 lower than Ford. At a Wall Street conference in New York on Thursday, GM CEO Mary Barra said her company can compete on a level playing field.