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Fiat Chrysler to pay $40 million fine for inflating sales numbers

DETROIT — Fiat Chrysler is paying $40 million to settle with U.S. securities regulators who say the automaker misled investors by overstating its monthly sales numbers over a five-year period. The Italian-American company inflated sales by paying dealers to report fake numbers from 2012 to 2016, the U.S. Securities and Exchange Commission alleged in a complaint. Fiat Chrysler agreed to pay the civil penalty and to stop violating anti-fraud, reporting and internal accounting control regulations, the SEC said Friday in a statement. The automaker did not admit or deny the agency's allegations, the statement said. "This case underscores the need for companies to truthfully disclose their key performance indicators," Antonia Chion, associate director in the SEC's Enforcement Division, said in the statement. She noted that the new vehicle sales figures give investors insight into the demand for an automaker's products, a key to assessing the company's performance. Fiat Chrysler said it has reviewed and refined its sales reporting procedures. It said the payment will not have a large impact on its financial statements. The agency said the automaker boasted about a streak of year-over-year sales increases into 2016, when the streak actually was broken in September of 2013. When the company disclosed the sales scheme in 2016, it said that it had a "reserve" stock of cars that had been shipped to big fleet buyers such as rental car companies but not recorded as sales. The SEC said employees called this database of actual but unreported sales the "cookie jar." The company dipped into those sales to stop the streak from ending, or when it would have missed other sales targets. Fiat Chrysler said it now records sales as soon as vehicles are shipped to customers. It has also take steps to ensure that a sale is immediately subtracted from its books when it finds out the deal was scuttled because the buyer backed out or couldn't get financing. The SEC probe is another in a long string of legal troubles for Fiat Chrysler. It also faces federal investigations into illegal payments to union officials through a training center, and a criminal probe into allegations that its diesel-powered trucks were programmed to cheat on emissions tests. The company has denied cheating, but federal prosecutors charged an engineer earlier this week and said he conspired with others. In June, Fiat Chrysler's U.S.

The Chrysler Pacifica has clever 'Stow 'n Place' roof rack crossbars

While we focused yesterday on all the places you can store stuff (and especially bottles) inside the Toyota Sienna interior, today I thought I'd point out how another minivan makes it easier to store stuff up on the roof. The 2021 Chrysler Pacifica includes a clever integrated roof rack system dubbed "Stow 'N Place" that basically lets you store the cross bars on the van itself rather than somewhere in the garage. But wait, can't you always just leave crossbars on your car? Sure, if you want to live with extra wind noise and a fuel economy reduction. You see, the Pacifica stores them flush within a rail unit running length-wise with the roof. Basically, they're hidden away until you need them. The Subaru Outback has something similar to this, which we've previously reviewed. With its integrated crossbars, you just flip open a latch, fling the bar to the opposite side of the car and plug it in. Then repeat. It couldn't be simpler. Although the Chrysler system is more complicated, it does have a key advantage. Let's see how they work.  Chrysler tries to use chrome trim in order to create the visual illusion of raised roof rails from afar, but up close ... ... they clearly aren't. It's just a G.O.B.-grade illusion created by the chrome trim arching over black plastic trim.  You have to unscrew each end of the bars by turning these little pieces.  The bars are then completely detached from the van. You then have to articulate each of the bars so that they go from their straight, flush-mounted position to the necessary raised position. That's quite easy to do. Be careful, though as these suckers are sturdy metal. You don't want to drop one onto those fancy glass roof panels.  Subaru avoids all this and allows you to simply swing the bar across by utilizing a bulky rail housing that raises them up to the necessary height, but provides a visual that probably gives some car designers nightmares.   There are letters at each mounting point that align to those on a bar end. So, make sure to go A with A, D with D, etc.  However, you have two options for placing the C/D bar, meaning you're not stuck with a one-size-must-fit-all gap as with the Subaru. This is without question the advantage to Chrysler's approach here. So voila! What once didn't have crossbars now has them. It might not take seconds as with the Outback, but they're sure-as-hell quicker and easier to install than aftermarket crossbars.

Marchionne says the Chrysler 200 and Dodge Dart were terrible investments for FCA

In a press conference during the Detroit Auto Show, Sergio Marchionne was quite candid about why the Chrysler 200 and Dodge Dart were discontinued altogether without replacement. He essentially said they weren't worth the trouble. "I can tell you right now that both the Chrysler 200 and the Dodge Dart, as great products as they were, were the least financially rewarding enterprises that we've carried out inside FCA in the last eight years," Marchionne said. "I don't know one investment that was as bad as these two were." Marchionne was responding to a question about whether he felt the company's shift toward trucks and SUVs and sacrifice in sedan development was shortsighted. Marchionne said he felt that the market would likely continue to be strong for trucks and SUVs, and that the sedan market requires enormous investment that might not pay off. He used the 200 and Dart as examples. When we tried out the 200 and the Dart, we had mixed feelings. We enjoyed the 200's potent V6, pleasant interior, and solid handling. However, it was lacking in space (especially in the rear seat area), and doesn't drive any better than the top vehicles in the midsize sedan class. As for the Dart, it was fairly roomy, and had great infotainment thanks to Uconnect, but lackluster handling and a surprising amount of weight left it only average. With that in mind, it's probably not a bad idea to get rid of the 200 and Dart. The sedan segment is shrinking, and FCA can only afford to invest in areas where it can be a class-leader. Related Video: