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Rebuilt Ferrari Enzo sells for $1.75 million at auction

See this Ferrari Enzo? See how it's in one piece? Well it wasn't always. It was involved in a horrendous crash a decade ago that split it clear in half. But it's long-since been rebuilt and sold for $1.75 million at the RM Sotheby's sale in Paris on Wednesday. The supercar in question belonged to Silicon Valley tech exec Stefan Eriksson, who crashed it into a pole along the Pacific Coast Highway in 2006. The Enzo was split in half, with the cockpit and nose on one side of the highway and the engine with its subframe on the other. If it were any less valuable a car, it might have been a complete write-off. But as yesterday's sale attested, the Enzo was worth fixing. So it was sent back to the factory where it was repaired, refurbished to as-new condition, repainted from red over black to black over red, and certified by the manufacturer. It was one of the top lots at RM Sotheby's autction, but even at that price, it wasn't the top earner of the day. That honor went to a rare 1962 Ferrari 400 Superamerica Aerodinamico, which sold for $3.3 million. Next up was a 1955 Porsche 550 Spyder that went for $3.07 million, followed by a '57 BMW 507 Roadster for $2.25 million. The Enzo came in fifth. Oh, and that Delta Integrale we were pining after? It went for $150 grand. Shame we weren't there with cash in hand. Related Video:

2019 Ferrari 488 Pista First Drive Review | Quantum physics

MARANELLO, Italy — Ferrari's special-edition V8s have a long history of delivering more than the sum of their individual parts. The 360 Challenge Stradale (2003), 430 Scuderia (2007), and 458 Speciale (2013) each leapfrogged the capabilities of their donor cars to cement their notoriety in supercar history. The latest in that lineage is the Ferrari 488 Pista, a hopped-up variant that is the most powerful road-going V8 in Ferrari history. The Pista is so quick that its lap time around the company's own private Fiorano circuit is only 1.8 seconds behind the LaFerrari. With 49 more horsepower pushing around 198 fewer pounds, the $345,300 488 Pista looks, at least on paper, like a no-brainer for deep-pocketed speed fiends. But there are also a slew of tiny changes that alter its persona — 50 percent of the engine components are new — as well as intangible characteristics. The carbon fiber intake manifold, for instance, shaves weight but also features shorter, lower-volume intake runners for better throttle response. The turbocharger's turbines are composed of a new aluminum-titanium alloy that slashes inertia in half, trimming the powerplant's already minimal turbo lag. Titanium connecting rods aid cylinder acceleration. And new robot-welded Inconel exhaust manifolds are 10-percent wider and slightly longer, offering reduced back pressure and a throatier note. Coupled with reduced sound-deadening materials, the pipes are responsible for more engine sound reaching the cabin. Before tackling the famed Fiorano track, I drive the 488 Pista on the street to see what 710 horsepower in a twin-turbo Ferrari feels like, and my first impressions came on thick. Sure, there's the expected interior upgrades of copious Alcantara and carbon fiber, visible aluminum floor plates, and massive carbon paddles borrowed from the 488 Challenge race car. Hold the red steering wheel-mounted engine start button with a press of the big drilled aluminum brake pedal, and the 3.9-liter V8 fires up with a noticeably more bass-heavy thrum than before, the first hint that this is an entirely different beast than the off-the-rack 488. Leave the seven-speed dual-clutch in automatic, and gearshifts happen remarkably smoothly, even in the second-most aggressive "CT Off" mode, which removes traction control but keeps stability control active.

Ferrari borrows $2.6 billion to finance FCA spinoff

Ferrari announced Monday that it is borrowing about $2.6 billion to finance its spinoff from Fiat Chrysler Automobiles. Here's how it breaks down: Ferrari NV, the automaker's parent company based in the Netherlands, is taking out loans totaling 2.5 billion euros. That's equivalent to $2.64 billion at current exchange rates, and is divided between a term loan of $2.12 billion and a revolving credit facility of $529 million. The larger term loan "will be used to refinance indebtedness owing to Fiat Chrysler Automobiles," among other purposes. That ought to constitute the lion's share of the $2.38 billion which the Prancing Horse marque was, according to reports last year, slated to pay its current parent company in order to help FCA fund its ambitious growth plans. The separate line of credit is earmarked "to be used from time to time for general corporate and working capital purposes of the Ferrari group." Though Ferrari is not expected to take any other Fiat Chrysler properties with it, the "group" in this case would include its various financial services and distribution arms around the world that may have been separately incorporated. As noted in the statement below, the financial arrangement "represents a further step towards the separation of Ferrari from the FCA Group," following the separate stock issues from both companies as independent from each other. FERRARI N.V. SIGNS ˆ2.5 BILLION SYNDICATED CREDIT FACILITY Ferrari N.V. (NYSE: RACE) ("Ferrari") announced today that it has entered into a ˆ2.5 billion syndicated loan facility with a group of ten bookrunner banks. The facility comprises a bridge loan (the "Bridge Loan") and a term loan (the "Term Loan") of ˆ2 billion in aggregate and a revolving credit facility of ˆ500 million (the "RCF"). Proceeds of the Bridge Loan and Term Loan will be used to refinance indebtedness owing to Fiat Chrysler AutomobilesN.V. (NYSE: FCAU) ("FCA") and other indebtedness and for other general corporate purposes. Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Ferrari group. The Bridge Loan has a 12 month maturity with an option for Ferrari to extend once for a six-month period. Ferrari intends to refinance the Bridge Loan prior to its maturity with longer term debt, including through capital markets or other financing transactions. The Term Loan, which comprises a majority of the total facility, and the RCF each have a maturity of five years.