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Marchionne completed Fiat-Chrysler deal from a Florida beach

Sergio Marchionne is the CEO of Fiat, which as you may have heard, has finally worked up a deal to finish acquiring the Chrysler Group after months of bargaining with the United Auto Workers and its VEBA healthcare trust, which owned just over 40 percent of the American brand. Where was Marchionne when the deal was finally hammered out? Well, not tucked away in a frigid Detroit board room until the wee hours of the morning.
Nope, one of the largest deals in automotive history was reportedly hammered out on the beach - at the home of a banker, in the Florida resort town of Vero Beach. Marchionne traveled to the home of Alain Lebec, a senior managing director at Brock Capital LLC, one of the advisory companies for the VEBA fund, where both sides met to make final arrangements in the $4.35-billion exchange. The location of the final deal, though, is nearly as remarkable as the pace with which it came about.
According to anonymous sources pinned down by Automotive News Europe, before the meeting, the two sides were meeting in Detroit as recently as December 19, which is where Fiat made one of its final revised offers. Naturally, the VEBA made a counter offer, which led Marchionne to initiate the Vero Beach meeting.

Mixed sales results, but automaker stocks rise on need for cars in Houston

DETROIT — The Big Three Detroit automakers on Friday reported better-than-expected August sales and issued optimistic outlooks for demand as residents of the Houston area replace flood-damaged cars and trucks after Hurricane Harvey, sending their stocks higher. General Motors, Ford and Fiat Chrysler posted mixed August U.S. sales, with GM up 7.5 percent and Ford and Fiat Chrysler down. Japanese automaker Toyota improved sales by nearly 7 percent, while Honda fell 2.4 percent. Still, analysts focused on the potential for Detroit automakers to cut inventories and stabilize used vehicle prices as residents of Houston, the fourth largest city in the United States, are forced to replace tens of thousands, perhaps hundreds of thousands, of vehicles after the devastation from Hurricane Harvey. Mark LaNeve, Ford's U.S. sales chief, told analysts on Friday that following Hurricane Katrina in 2005 "we saw a very dramatic snapback" in demand. That said, Ford sales fell 2.1 percent in August. It sold 209,897 vehicles in the United States, compared with 214,482 a year earlier. Sales were down 1.9 percent in the Ford division and off 5.8 percent at Lincoln. Demand was down for cars, crossovers and SUVs. It was not clear how many vehicles in the Houston area will be scrapped, LaNeve said, saying he had seen estimates ranging from 200,000 to 400,000 to 1 million. Ford's Houston dealers may have lost fewer than 5,000 vehicles in inventory, he said. Ford is the No. 1 automaker in the Houston market, with 18 percent share, according to IHS Markit. The company plans to ship used vehicles to Houston dealers and has "every indication we would have to add some production" of new vehicles to meet demand, LaNeve said. Investor concerns about inventories of unsold vehicles and falling used car prices have weighed on Detroit automakers' shares most of this year. Now, automakers can anticipate a jolt of demand from a big market that is a stronghold for Detroit brand trucks and SUVs. "It's got to be a positive for the industry," LaNeve said. Investors appeared to agree. GM shares rose as much as 3.3 percent to their highest since early March. Ford increased 2.8 percent at $11.34, and Fiat Chrysler's U.S.-traded shares were up 5.2 percent $15.91, hitting their highest in more than five years. GM reported a 7.5 percent increase in U.S. auto sales in August, helped by robust sales of crossovers across its four brands.

2015 Chrysler 200 earns Top Safety Pick+ [w/video]

If safety is a priority in your next car purchase, the 2015 Chrysler 200 looks like a pretty good bet, according to a recent evaluation from the Insurance Institute for Highway Safety. The new sedan scored top marks in all of the agency's crash tests and a "Superior" score from its optional front crash prevention system to earn it a Top Safety Pick+ rating. In the latest small overlap front crash test (video below), the new Chrysler nabbed a score of "Good," the IIHS's top rating. In the 40-miles-per-hour evaluation of the front 25 percent of the vehicle, the agency found that there was a low risk of serious injuries. The safety systems kept the dummy's head in position, and the side airbags protected it well. It also beat out the previous generation 200 that only had an "Acceptable" in that test. As part of its "Superior" score, the front crash prevention system was able to completely stop the 200 in the IIHS 12-mph test and significantly slowed it down from 25 mph. Scroll down to watch the carnage unfold as the sedan gets put through the small-overlap crash and read the official IIHS announcement of its results. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. All-new Chrysler 200 aces small overlap front crash test, earns TOP SAFETY PICK+ ARLINGTON, Va. - The redesigned 2015 Chrysler 200, a midsize moderately priced car, earns the top rating of good in the Insurance Institute for Highway Safety's small overlap front crash test, a step up from the previous generation's rating of acceptable. With good ratings in all five of the Institute's crashworthiness evaluations, plus an available front crash prevention system that earns a superior rating, the 200 qualifies for the IIHS TOP SAFETY PICK+ award. In the small overlap test, the driver's space was maintained well, and injury measures recorded on the dummy indicated a low risk of any significant injuries in a real-world crash of this severity. The dummy's head was well controlled by the frontal airbag, which stayed in position during the crash. The side curtain airbag deployed and had sufficient forward coverage to protect the head from contact with side structures. The 200 earns a good rating in every measurement category for small overlap protection including structure, restraints and dummy kinematics, and injury measures for the head and neck, chest, pelvis, and legs and feet.