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Fiat and UAW back at negotiating table over Chrysler stake

We knew there'd be no Chrysler IPO before the end of this year, but Fiat is determined to get the best run going into 2014 and is back at the poker table with the UAW. The delay was said to be Chrysler's desire to clean up a tax issue with the IRS; turns out that also bought the carmaker time to try and close a deal for the UAW's 48.5-percent stake in the company before the IPO happens.
Whereas the price Chrysler was willing to pay was once more than $1 billion under the UAW's asking price, the gap has closed to just $800 million of late. A recent valuation of the company at $10 billion - a valuation the UAW has disputed - means Fiat would be looking to pay about $4.2 billion instead of the $5 billion that the UAW seeks. But the UAW needs to hold out for the highest amount it can get because its pension obligations through the Voluntary Employee Benefit Association (VEBA) are $3.1 billion greater than the VEBA's assets, which include the Chrysler stake.
There's a clause in the agreement that Fiat can buy the VEBA shares for $6 billion, but Fiat CEO Sergio Marchionne has said that the UAW "should buy a ticket for the lottery" if they even want $5 billion. The UAW, though, has more time to wait; it's Fiat that wants access to Chrysler's $11.9-billion war chest and that would like to avoid the risk of paying the full $6 billion for the UAW share if the float really takes off. With other valuations of Chrysler as high as $19 billion, a hot IPO could make that $6 billion look like a bargain.

Junkyard Gem: 2002 Chrysler PT Cruiser Dream Cruiser Series 1

It has become fashionable to hate the PT Cruiser these days, but Chrysler really hit a home run with the idea of a retro-looking, Neon-based vehicle that — legally speaking — qualified as a light truck according to American regulations and thus didn't need to comply with the costly fuel-economy and crash-safety rules applied to cars. PT Cruisers sold like crazy for the first half of the 2000s and even developed something of a cult followingÂ… but familiarity bred contempt once every parking lot and traffic jam in the country filled up with cute-looking retrowagons. I didn't start seeing many of these cars trucks in junkyards until about a decade ago, at which point the Chrysler section of every yard instantly became about 50% PT Cruisers. Most of the time, I ignore them as car-graveyard background noise, but the rare turbocharged Cruisers or those with manual transmissions can catch my eye, as well as those with weird body kits. The more interesting special-edition PT Cruisers also seem worth documenting as historically significant Junkyard Gems, and here's one of the rarest of all: a Dream Cruiser Series 1, found last summer in Colorado. Inspired by Detroit's Woodward Dream Cruise, the '02 Dream Cruiser Series 1 was the first of many special-edition PT Cruisers (if you're going to collect them all, you'll need to find a Pacific Coast Highway Edition, a Sunset Boulevard Edition, a Woodie Edition, and all the subsequent Dream Cruiser Series cars). All the Series 1 Dream Cruisers came in metallic Inca Gold paint, allegedly inspired by the paint on the 1998 Pronto Cruiser concept car. Chrysler planned to build 7,500 of these cars trucks, but I cannot verify actual production numbers. This is the first I've seen in a self-service wrecking yard, at any rate. The Dream Cruiser Series 1 got leather seats and interesting gold-trimmed interior surfaces. This one looks a bit rough inside, but we can assume it was glorious when new. Resale value on the PT Cruiser has cratered in recent years, so even a runner has little chance of evading the cold steel jaws of the crusher, once it starts to rust. Because every performance upgrade you can do with a Neon can also be done to a PT Cruiser, it would be possible to swap all the relevant mechanical bits from an SRT-4 Neon into a snazzy-looking Dream Cruiser and have the quickest PT Cruiser in your timezone. You should do this. This content is hosted by a third party. To view it, please update your privacy preferences.

Chrysler to reveal next minivan at 2016 Detroit Auto Show

All eyes in the industry are presently fixed on this year's Detroit Auto Show, but over at Fiat Chrysler Automobiles, they're already looking towards next year's show. That's when the Italian-American automaker says it'll unveil the next Chrysler minivan. The announcement, made on the FCA Corporate Twitter feed, promises that the next Pentastar minivan will debut in January 2016, which (along with the hashtag NAIAS) suggests the next-generation family hauler will debut at the Detroit show next year. Auburn Hills is expected to replace the current Chrysler Town & Country and Dodge Grand Caravan with two all-new models: one keeping the minivan form, and the other shifting into more of a crossover. Just which nameplate gets the new form factor, and which will debut at Cobo next year, we don't know. Odds are good that it'll be the minivan not the CUV, though. Chrysler's minivan has been a winning business for the Detroit automaker, pioneering the segment, outselling the competition and marketing around the world under more brands and nameplates than just about anything else in the industry. The vehicle has been sold as the Dodge Caravan, Chrysler Town & Country, Chrysler Voyager, Plymouth Voyager, Lancia Voyager, Ram Cargo Van and Volkswagen Routan, to say nothing of long-wheelbase Grand versions of many of the aforementioned nameplates. News Source: FCA via Twitter Detroit Auto Show Chrysler Dodge Minivan/Van Detroit 2016 Detroit Auto Show chrysler town and country dodge grand caravan dodge caravan