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Ferrari officially files SEC paperwork to register future IPO

Late last year FCA announced plans to spin off Ferrari into a separate company, and after a long wait that process has finally become official. The Prancing Horse has now filed the necessary prospectus and other documents with the Securities and Exchange Commission to hold an initial public offering on The New York Stock Exchange. The paperwork doesn't mention a specific date for the Italian sportscar maker's IPO, but it's expected sometime in October. At this point, the documents also don't include some other vital data about the IPO. Ferrari lists neither the number of shares being offered nor their price. The company also doesn't have a stock symbol yet. UBS, BofA Merrill Lynch and Santander are acting as joint book runners for the deal. As part of the IPO, FCA initially intends to sell 10 percent of Ferrari's shares on the stock market. Another 10 percent of the company still belongs to Piero Ferrari. FCA is holding onto the remaining 80 percent in the short term for financial reasons but intends to distribute them to shareholders in early 2016. After the spin-off, about 24 percent of Ferrari would be owned by Exor, 10 percent by Piero Ferrari, and 66 percent by public shareholders, according to the SEC documents. FCA boss Sergio Marchionne believes that Ferrari could be worth over $11 billion. Although, his estimate might be slightly high. According to Reuters, Wall Street is actually putting the value somewhere between $5.5 billion and $11 billion. If you're thinking about investing in the company or just want to read the nitty-gritty about the brand's financial health, the entire SEC filing can be read here. Ferrari Files for Initial Public Offering LONDON, July 23, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") announced today that its subsidiary, New Business Netherlands N.V. (to be renamed Ferrari N.V.), has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") for a proposed initial public offering of common shares currently held by FCA. The number of common shares to be offered and the price range for the proposed offering have not yet been determined, although the proposed offering is not expected to exceed 10% of the outstanding common shares. In connection with the initial public offering, Ferrari intends to apply to list its common shares on the New York Stock Exchange.

Pete Grady retiring from Chrysler, Maserati

Fiat Chrysler Automobiles is about to lose one of its top executives as the president of Maserati North America, Pete Grady, has announced his retirement. A lifelong automotive industry exec, Grady joined the American Motors Corporation back in 1984 after graduating from John Carroll University in his native Ohio. After AMC was bought out by Chrysler, Grady started rising through the ranks under the Pentastar as a sales manager. He was named vice president of network development and fleet operations in 2009 and was shortly thereafter put in charge of the Chrysler Group's dealer network. He continued to hold that position when he was named last year as the top man at Maserati North America. Grady will continue to hold responsibility for Chrysler's dealer network until his retirement takes effect on March 31, 2015. His position as head of Maserati's American office, however, will pass to the Trident marque's global sales chief Christian Gobber, who will hand off responsibility for the Chinese region to Mirko Bordiga but maintain his global portfolio. CHANGES AT THE TOP IN MASERATI NORTH AMERICA AND MASERATI CHINA Monday, 8 December 2014 – Effective January 1st, 2015, Christian Gobber will be assigned responsibility for Maserati North America, replacing Pete Grady, who has announced his intent to retire effective March 31st, 2015. Christian Gobber will maintain his responsibility for Maserati Global Sales. Effective January 1st, 2015, Mirko Bordiga will join Maserati and will be assigned responsibility for Maserati China, replacing Christian Gobber. Maserati further strengthens its sales and commercial structure in the two main markets for the Trident brand. Maserati CEO Harald Wester thanks Pete Grady for his dedication and achievements at the helm of Maserati in North America, and wishes all the best to Christian Gobber and Mirko Bordiga in their new positions. ### Chrysler Group's Grady to Retire December 5, 2014 , Auburn Hills, Mich. - Chrysler Group today announced that Peter Grady has stated his intention to retire, effective March 31, 2015. In the interim, Grady will retain his current responsibilities as Vice President Dealer Network Development and continue as a member of the Company's NAFTA Leadership Team. In a move announced earlier, Christian Gobber will assume responsibility for leading Maserati North America, effective January 1, 2015.

Junkyard Gem: 1983 Chrysler Cordoba

When we think of the Chrysler Cordoba, we think of the bloated, Corinthian Leather-equipped Malaisewagon pitched by Ricardo Montalban during the middle 1970s. That car lived on the Chrysler B platform, making it first cousin to the Duke Boys' 1969 Charger plus countless police vehicles in 1970s television shows. Following the downsizing trend of GM and Ford during the second half of the 1970s — and spurred along by certain geopolitical events plus a "too big to fail" government bailout — Chrysler moved the Cordoba onto the much smaller platform used by the Dodge Aspen and Plymouth Volare for the 1980 model year. Production of the smaller Cordoba continued all the way through 1983; sales of these mini-Cordobas were dismal, but I managed to find this final-year survivor in a junkyard near Pikes Peak. I'm pretty sure you could still get Corinthian Leather in the '83 Cordoba, but this car has the base-grade "Monterey" cloth-and-vinyl interior. Production of more modern cars based on the brand-new, front-wheel-drive K platform was in full swing by 1983, so the rear-wheel-drive Cordoba and its siblings (the Imperial and Dodge Mirada) got the axe after that year. American car shoppers could get the closely-related Chrysler Fifth Avenue, Dodge Diplomat, and Plymouth Gran Fury all the way through 1989, though. The sturdy-but-sluggish Slant-6 engine came as standard equipment in the 1983 Cordoba, but this car has the optional 318-cubic-inch (5.2-liter) V8, rated at 130 horsepower when new. Chrysler continued to put 318s (as the 5.2 Magnum) into new trucks all the way through 2003, and the Viper's V10 was based on this engine's architecture. These American Racing aluminum wheels (and their more prestigious Centerline competitors) were serious stuff back in the 1980s. Nowadays, 15" wheels are considered far too small to be worth grabbing at the junkyard, although I'm sure someone will grab these before the car gets eaten by The Crusher. This factory AM/FM stereo radio cost $109 when the car was new (about $290 in 2020 dollars). If you wanted the radio with cassette deck and digital tuning, the cost rose to $402 ($1,070 today). These days, even the most penny-pinching subcompacts get very nice standard-equipment audio systems with Bluetooth or at least an AUX jack for your phone. The padded landau roof succumbed to the elements years ago. Base price on this car started at $9,805 with the V8, or about $26,100 today.