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What will Detroit do with the abandoned AMC headquarters?

As with so many other industrial and residential properties in Detroit, the former headquarters for the American Motors Corporation is having a hard time finding a reputable buyer. In October the Wayne County Treasurer held a tax foreclosure auction of 25,000 properties that included the AMC building, the starting bid being $500. Nicholas Casab won the building for $500, but the county voided the sale when Casab didn't pay the $232,000 in back property taxes. Detroit authorities haven't commented on the failed sale, but the city has until January 4 to decide if it wants to keep the building. If it doesn't want to hold onto it, the 1.5-million-square-foot property on 57 acres might be ceded to the Wayne County Land Bank Corporation. No matter who holds the deed come January 5, all anyone really wants is for someone to take possession of the building who will actually turn it into something useful and viable. The property opened in 1927 as a factory for the Kelvinator Corporation. Over the following decades, Kelvinator merged with the Nash Motor Company, and that merged entity merged with Hudson Motor Car Co, becoming American Motors. Chrysler took over the building in 1987 when it bought AMC, then shuttered it in 2009. The complex has produced refrigerators, Sikorsky helicopters, Jeeps, AMCs, and was used as an engineering center for Jeeps and other Chrysler products. Having been through several hands in the past six years, it is cited as part of the cycle of abandonment plaguing Detroit. Related Video: News Source: Detroit Free Press Government/Legal Chrysler Jeep Auctions Detroit amc

Ferrari families have 'agreement' to prevent takeover

With its initial public offering already a massive success, Ferrari is now officially a publicly traded company on the New York Stock Exchange. While anyone can buy those shares, don't expect investors to take control away from some of the top owners of the Prancing Horse anytime soon. To maintain their power, Enzo Ferrari's son, Piero, and Exor chairman John Elkann will sign a deal guaranteeing themselves nearly half of the automaker's voting rights, Bloomberg reports. As part of this arrangement, shareholders that agree to hang onto Ferrari stock for at least three years would receive additional voting rights in the company, and that would give Piero and Elkann a combined 48.7 percent of the automaker by banding together. While not quite complete control, the move should be enough to prevent a takeover of the business. "We have an agreement among the families to protect our interests in Ferrari," Piero said to Bloomberg. This agreement won't really become a concern until next year because only 10 percent of Ferrari will be traded for now. FCA will distribute another 80 percent to its shareholders in early 2016, and Elkann's Exor will be getting the largest portion of the Prancing Horse in the spin-off. Meanwhile, Piero holds the remaining 10 percent but has absolutely no intention to sell his stake in his father's business. The newly public Ferrari will push to grow volume with a goal of moving 9,000 vehicles annually by 2019. To reach that 30-percent boost, expect to see a new model every year, and some of them might use a new, modular platform that's reportedly under development. Related Video:

Dodge offering novel 1-year lease on '14 Challenger and Charger models

Dodge is just days away from unveiling refreshed versions of the Charger and Challenger at the 2014 New York Auto Show, models promising updated styling and new powertrain options. Depending on how you look at it, the company is either so confident in its forthcoming 2015 models that it's offering an interesting Double-Up lease deal on the current vehicles, or it's so eager to clear out existing stock that it's resorting to novel lease deals. In any case, what they present is an interesting scenario, one which allows buyers to get the existing model right now, and then trade up to the facelifted 2015 models in one year.
Starting April 17, when the refreshed cars debut through the end of August, buyers can lease a 2014 Charger or Challenger for one year and exchange it for a three-year lease on a 2015 model next year, with no additional money down and the same monthly payment. Customers can even switch vehicles when the new lease starts. If drivers want to buy the '15, they get $1,000 off the purchase price. To be eligible, both leases must use the same dealership and be financed through Chrysler Capital. The Double-Up deal excludes the SRT versions of both cars and Charger SE models.
To offset the flood of one-year-old models coming back to dealerships, Dodge has struck a deal with rental car agency Enterprise, which has agreed to buy them all. "One-year leases are highly unusual in the industry," said company spokesperson Ralph Kisiel, and the fleet sale deal is what makes it possible.