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Fiat gives outgoing Ferrari chairman $35M severance package

Luca di Montezemolo may not have wanted to leave Ferrari this way, but don't feel too bad for the departing chairman, because he'll be hitting the ground with a golden parachute so big that he'll never have to work again.
According to the latest reports, Fiat will pay Montezemolo 26.95 million euros (nearly $35 million) in severance pay. A little more than half of that will be paid in a lump sum of 13.71 million euros ($17.7M, equivalent to five times his annual salary) on January 31, 2015, with the rest to be paid within the next 20 years.
The payment is contingent on Montezemolo not going to work for a competitor, so don't expect to see him replacing Stephan Winkelmann at Lamborghini or Wolfgang Dürheimer at Bugatti any time soon. At least not until March 2017. Of course with that much cash on hand, the 67-year-old marquis need never work again, but considering how busy he's used to keeping himself, we'd be surprised if he didn't pop up again somewhere.

RM Sotheby's 2015 Monterey auction sets records

RM Sotheby's wrapped up three days of beautiful cars crossing the block during Monterey Car Week with a company record of $172.7 million in vehicles sold. The first day's Pinnacle Portfolio collection alone brought in $75.4 million, a new high for a one-day, single-vendor auction. While nothing ever topped the $17.6 million 1964 Ferrari 250 LM, the hammer continued to fall on some very expensive vehicles each day. Expected to clear over $11 million, the sale of a 1956 Ferrari 250 GT Berlinetta Competizione 'Tour de France' easily managed that with a final price of $13.2 million. Multiple bidders on the phone and in the room desperately wanted this famous racer, and it drove the price up. To make this thoroughbred worth the lavish amount, the coupe won the 1956 Tour de France series of events and was among seven with this body by Scaglietti. Many of the top sellers came from the first night's Pinnacle Portfolio, but records continued to be broken over the weekend. Notably, a 1953 Jaguar C-Type Works Lightweight brought $13.2 million to make it the most expensive Jag ever at auction. Also among RM Sotheby's top sellers were a 1950 Ferrari 275S/340 America Barchetta at $7.975 million and a 1952 Jaguar XK120 Supersonic for $2,062,500. Take a look at a few of these special vehicles in the gallery above. HISTORIC FERRARI 250 GT 'TOUR DE FRANCE' LEADS THIRD NIGHT OF RECORD SALES AT RM SOTHEBY'S MONTEREY World's largest collector car auction house concludes three day event with more than $172.7 million in auction and post-auction sales MONTEREY, CALIFORNIA (August 15, 2015) - A historic 1956 Ferrari 250 GT Berlinetta Competizione 'Tour de France' set a new auction record for the model tonight, selling for an outstanding $13.2 million before another packed house at RM Sotheby's Monterey event. Spurring a lively bidding contest between multiple collectors in the room and on the telephones, the influential Ferrari is the actual car that instituted the 'Tour de France' nomenclature following its overall victory at that legendary race in 1956. The fifth of only seven Scaglietti-bodied first-series competition berlinettas, it was sold new to the Marquis Alfonso de Portago, the flamboyant and daring Spanish driver, who, joined by his close friend Ed Nelson, piloted to car to first place overall at the 1956 Tour de France Auto.

Ferrari launches 488 GTB configurator

Though it may not be as expensive as, say, a Pagani or Bugatti, the bottom line is that most of us will never be able to afford buying a new Ferrari. And most of those who can would probably get one already consigned to a dealer rather than wait on the list. But we can certainly dream. That's where configuration utilities come in, and Ferrari has just added the new 488 GTB to its online customization tool. The system demonstrates just how deeply customers can specify every detail on their new Prancing Horse, from the exterior paint and interior upholstery down to the tiniest detail. Ferrari's lets you choose the color of the brake calipers, the amount of carbon-fiber trim inside and out, the stitching on the leather seats, the color of the carpets and the seat belts. You can even play with the height of the sun in the sky to see how your choices would stand up to the changing light of day. Play around with it first-hand and you'll see, there's really no reason any two should ever have to roll out of Maranello alike. Related Video: