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EVO dubs Ferrari 458 Speciale its Car of the Year

While some publications are concerned with finding the best car or truck for the average buyer and slapping a ribbon on it, or (in our case) identifying the best new automotive technology of the year, across the pond our compatriots at Evo are more single-minded in their approach. Every year, the British car mag awards its Car of the Year to its top new performance automobile on the market. And this year, they've picked the Ferrari 458 Speciale. The stripped-out supercar from Maranello beat out some heady competition. Second place went to the Jaguar F-Type R, followed by the Porsche Cayman GTS, VW Golf R, Renaultsport Megane 275 Trophy-R, BMW i8, McLaren 650S Spider, Aston Martin Vanquish, BMW M3 and, last but not least, the Audi S1. It was only the second time a Ferrari won the eCOTY award, after the 599 GTB Fiorano took top honors in 2006. Precedent suggests the magazine typically hands the award to a version of the Porsche 911 – like the GT3 that won last year, preceded by other Elfens in 2011, 2010, 2007, 2004, 2003, 2000, 1999 and 1998 (when the award was inaugurated). Why is the latest 458 derivative so... Speciale? Watch this video to find out.

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.

ATS rises from the ashes with its gorgeous GT supercar

Here's a name we haven't heard from in a while: Automobili Turismo e Sport is throwing its name back as an entrant in the war of the supercars with its new GT, a coupe that serves as a successor to a never-produced gran turismo car from the 1960s. True to its rarified segment, just 12 models will be produced starting at about $1.33 million, each highly customized to the purchaser's tastes. The coupe is a successor to the 2500 GT, which was revealed at the 1963 Paris Motor Show but never went into production before the entire company shut down in 1964. ATS was launched by Carlo Chiti and Giotto Bizzarrini after leaving Ferrari in 1961 due to a dispute with Enzo Ferrari. The initial aim was to beat Ferrari, and the company managed to produce a Formula One racer and the mid-engine 2500 GT. Despite teasing several models in recent years, the GT will be the company's first new production supercar in nearly half a century. Today's version of the company is being run by ATS's design chief, Emanuele Bomboi, and Daniele Maritan, a former race car driver turned importer and distributor of fast sports cars. The company insists this rebirth "is not a 'nostalgia' operation" and says it has other ideas it plans to develop beyond the GT. Bombi formerly worked for Fiat and Bertone, and it shows in the GT's styling. "The side silhouette of this new Gran Turismo is charged with energy, with clean lines framing arched surfaces," the company says. "The outlines above the wheel are evocative while a clean flowing line divides the car's upper and lower halves. As with the original car's design, the windows provide a focus for the flanks of the car." The new car also borrows its predecessor's front spoiler, which runs the whole width of the car with the same blue Dragon of Bologna logo, with two stripes running along the bonnet. It gets a carbon fiber body and chassis for a curb weight of 2,866 pounds. Powering the GT is a 3.8-liter, twin-turbo V8 mounted behind the cabin that does 650 horsepower and 500 pound-feet of torque. Or, buyers can upgrade to a 700-horsepower version with 553 lb-ft of torque. Either is mated to a seven-speed dual-clutch transmission that drives the rear wheels. Zero to 60 time is around 3 seconds, and top speed is around 206 mph. Three driving modes are offered — Viaggio, Sport and Corsa — with each configuration changing the colors of the cockpit controls from blue, to yellow and red, respectively. Does that sound a lot like the McLaren 650S to you?