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Junkyard Gems: 1959 Oldsmobile Super 88 Fiesta and 1971 Fiat 850 Spider

It's 1971. You're a young professional with a starter home in the suburbs, a beautiful wife, two kids, and a dog. Of course, you also have a station wagon; a 1959 Oldsmobile Super 88 Fiesta. It's not the newest car on the block, but it was an unbeatable deal. You're quickly moving up the corporate ladder, so you decide you've rightfully earned a fun little convertible to commute in. $2,200 and change gets you into a brand-new Fiat 850 Spider. It's no powerhouse, but it's considerably more affordable than an Alfa Romeo Spider and it's pretty good on gas, to boot. It's also tiny; The Italian roadster looks like a Matchbox car next to 4,600 pounds of burly, V8-powered Detroit iron. Your next-door neighbor jokes the 850 could fit in the Super 88's trunk by simply folding down the rear seats, and she's probably right. For those of us who weren't around 50 years ago, a junkyard in the heart of the Rockies has recreated the picture-perfect American driveway of the 1970s. It's a mind-blowing reminder of just how small Fiats used to be, and just how massive American wagons once were. While the 850 was green when it set sail for the United States, the Oldsmobile is still wearing its original two-tone paint job – or what's left of it. It must have been quite a looker when it was new, and every single slat on the lane-wide grille was as shiny as the finest silverware in the White House. Today, both cars are worse for the wear. There's rust on virtually every body panel, the glass is either broken or missing, and the upholstery is as dry as washed-up seaweed on a hot summer day. There's no obvious accident damage, and both cars are relatively complete, so it's not too far-fetched to assume they were brought to the yard as beaters that were lingering at the bottom of their depreciation curve. Related Video: Featured Gallery Fiat 850 and Oldsmobile 88 View 12 Photos Fiat Classics

Fiat seeking $10B in financing to buy Chrysler

As Fiat looks to become the full owner of Chrysler, all it has standing in its way is the retiree trust of the United Auto Workers, which currently holds the remaining 41.5 percent of the company as the result of the Pentastar's bankruptcy deal. The Detroit News is reporting that that Fiat is currently talking to numerous banks in an attempt to raise around $10 billion to fund the purchase of Chrysler's remaining stake with enough left over to refinance the debt of both companies. We've known that Fiat has been working to obtain the capital to buy out Chrysler for some time now, but this is the first time we've seen Fiat tip its hand about how much cash it thinks it will need to close the deal.
The first order of business is a legal dispute over the value of the UAW's stake in Chrysler, which the report indicates could cost Fiat around $3.5 billion. The acquisition of remaining shares could happen by this summer, but it sounds like CEO Sergio Marchionne (above) might not be ready for a full merger until next year.

Fiat 500L ad gets saucy with Paul Revere

At new vehicle first drives, there's a pretty set series of events before an automaker throws you the keys to their new baby. Predictably, there's a design presentation, a mechanical deep dive, and increasingly, an infotainment system walkthrough. Less known but just as common, however, are the marketing presentations, wherein execs talk about target customers and periodically show print and video 'creative' for their campaigns. Usually, we assembled media dutifully watch, nod and smile when shown commercials, but that's about it. Laugher - let alone universal gales of the stuff - is rare. But that's exactly what Fiat got when it showed us this not-yet-approved ad for its new 500L.
This minute-long Italian Invasion spot has gone on to hit television screens already, largely in a less-effective 30-second form, but we like this full-length director's cut best. It riffs off the historical vibe of some of Chrysler's best efforts over the last few years (the Dodge Challenger Freedom spot comes to mind) with a humorous and sexy play on the Paul Revere "The British Are Coming!" folk tale. If you haven't seen it already (it's just now going viral), scroll down to check it out. And if you already have, well, it's still worth a second look.