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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.

Ferrari looking to become even more exclusive

While most automakers are clawing and scratching for every possible sale, it sounds like Ferrari is content in losing a few potential customers in the name of better exclusivity and higher profits. Autocar reports that Ferrari chairman Luca di Montezemolo recently stated that the Italian automaker hopes to sell fewer than 7,000 units globally in 2013 compared to last year's tally of 7,318.
As a part of this plan, Ferrari will be slowing its production lines and trying to create a balanced market for its cars in the US, the Middle East, Europe and China - the latter two being the automaker's biggest markets. Montezemolo also said that Ferrari would not be expanding its model lineup with SUVs, sedans or small cars.

Ferrari 458 Challenge's door pummeled by passing Mazda

Sometimes, following the simplest rules of driving can make the biggest of differences. For example, had the driver of this Ferrari 458 Challenge racecar checked his mirror before getting out, maybe a passing car wouldn't have plowed into the door. Oops. A viral video has been making the rounds this week showing a nightmare scenario between a track-focused Ferrari and a pedestrian Mazda sedan. The Ferrari is seen slowly driving through a tight street before stopping to talk to somebody through his extremely tiny race-adapted window. The driver is told to park on the side of the street, while onlookers take photos and video. Unfortunately, the driver was so focused on parking and getting out, that he opened his door without checking for incoming traffic. The door swings open right before what appears to be a Mazda 3 drives through the street. The door is obliterated, and the video stops. The 458 Challenge debuted in 2010. It has a 570-horsepower V8 from the 458 Italia, but its weight, handling, and driving characteristics were significantly altered for racing. The gear ratios and transmission were adjusted for better low-end torque, it has stiffer springs and a lower stance, upgraded brakes, and thinner body panels. Right now on DuPont Registry, there are a variety of 458 Challenges for sale ranging from about $125,000 to roughly $200,000. All said, Challenge Ferraris are intended for track use only. Maybe the driver should have listened?