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Fiat Chrysler to pay $40 million fine for inflating sales numbers

DETROIT — Fiat Chrysler is paying $40 million to settle with U.S. securities regulators who say the automaker misled investors by overstating its monthly sales numbers over a five-year period. The Italian-American company inflated sales by paying dealers to report fake numbers from 2012 to 2016, the U.S. Securities and Exchange Commission alleged in a complaint. Fiat Chrysler agreed to pay the civil penalty and to stop violating anti-fraud, reporting and internal accounting control regulations, the SEC said Friday in a statement. The automaker did not admit or deny the agency's allegations, the statement said. "This case underscores the need for companies to truthfully disclose their key performance indicators," Antonia Chion, associate director in the SEC's Enforcement Division, said in the statement. She noted that the new vehicle sales figures give investors insight into the demand for an automaker's products, a key to assessing the company's performance. Fiat Chrysler said it has reviewed and refined its sales reporting procedures. It said the payment will not have a large impact on its financial statements. The agency said the automaker boasted about a streak of year-over-year sales increases into 2016, when the streak actually was broken in September of 2013. When the company disclosed the sales scheme in 2016, it said that it had a "reserve" stock of cars that had been shipped to big fleet buyers such as rental car companies but not recorded as sales. The SEC said employees called this database of actual but unreported sales the "cookie jar." The company dipped into those sales to stop the streak from ending, or when it would have missed other sales targets. Fiat Chrysler said it now records sales as soon as vehicles are shipped to customers. It has also take steps to ensure that a sale is immediately subtracted from its books when it finds out the deal was scuttled because the buyer backed out or couldn't get financing. The SEC probe is another in a long string of legal troubles for Fiat Chrysler. It also faces federal investigations into illegal payments to union officials through a training center, and a criminal probe into allegations that its diesel-powered trucks were programmed to cheat on emissions tests. The company has denied cheating, but federal prosecutors charged an engineer earlier this week and said he conspired with others. In June, Fiat Chrysler's U.S.

2017-2020 Fiat 124 Spider: Future Classic

The 2017 Fiat 124 Spider held the promise of melding two automotive cultures: the romance of the Italians and the focused finesse of the Japanese. In simple terms, the Fiata, as it came to be called by aficionados, was in fact part Fiat, part Mazda, and all character. Unfortunately, the Miata MX-5 ND ruled the roost in this limited market. Mainstream consumers by this time were already convinced that the future was the SUV; a little two-seater with a stick shift and a rumbling ride wasn’t on too many wish lists. Of course, the Miata, constantly updated through the years, survives today. The Fiata closed up shop in 2020 after only four years. FiatÂ’s questionable reputation for reliability and build quality throughout the previous decades in America didnÂ’t help to push the sporty Spider up the sales charts. Why is the Fiat 124 Spider a future classic? The affordable roadster (which is not to be confused with the original Fiat Spider that launched in the 1960s) landed on US shores in three trim levels: Classica, Lusso and the performance-oriented Abarth, with starting prices that ranged from $25,990 to $28,195. It was built alongside the Miata at Mazda's Hiroshima plant in Japan. Comparisons of the two cars were expected, and voluminous: The Fiat used the same chassis, many of the same interior parts and even the same key fob as the Mazda. But the Spider had different tuning for its steering and suspension, and a different engine under the hood. Of course, both were convertibles. Weight was an issue. The SpiderÂ’s 1.4-liter, turbocharged inline-four was good for 160 horsepower and 184 lb-ft of torque, but that made it 130 pounds heavier than its Japanese near-twin. Then there was turbo lag. One review said that the Fiata Classica's best launch from 0 to 60 mph required 6.5 seconds, not as quick as the 5.8-second start recorded in a Miata Club. Fiat engineers were able to tame the roll of the Miata, but in doing so robbed the 124 of one of its more enviable traits: its tossability. The FiatÂ’s manual tranny received high marks, the automatic not so much. Wind noise with the FiatÂ’s soft top down was horrible, which was sad because the 124 was otherwise superb in highway driving. It had a more compliant suspension that the MX-5, and more sound-deadening padding. Nonetheless, tall/big people werenÂ’t particularly happy in either carÂ’s interiors; “cramped” was a polite way to describe head and shoulder room.

Fiat Chrysler U.S. sales chief Reid Bigland steps down after suing company

DETROIT — Fiat Chrysler's head of U.S. sales is leaving the company after a bumpy career that saw him file a whistleblower lawsuit over a scheme to pay dealers to report fake sales numbers. The company says in a statement that Reid Bigland will leave Fiat Chrysler April 3 after 22 years with the company. He'll pursue other interests. Bigland also headed the Ram brand and Fiat Chrysler Canada. During his tenure the company saw big U.S. sales growth, mainly with the Jeep and Ram brands. But his career was marred by the sales scandal, which forced Fiat Chrysler to restate numbers and pay $40 million to settle a complaint with the U.S. Securities and Exchange Commission. Terms of BiglandÂ’s departure werenÂ’t announced, but the company said all legal matters with Bigland “have been resolved to the satisfaction of all parties involved.” FCA CEO Mike Manley thanked Bigland for his service in a company statement. “We all wish him every success in his future endeavors,” Manley said. Bigland said in the same statement that that itÂ’s been a privilege to work at FCA and with the companyÂ’s dealers. Last June, Bigland sued Fiat Chrysler alleging that it withheld 90% of his pay package because he testified in the SEC inquiry of sales reporting practices. He alleged that Fiat Chrysler Automobiles violated Michigan's Whistleblower Protection Act, retaliating against him because he testified in the probe of whether the company inflated sales and deceived stockholders. The company withheld Bigland's 2018 long-term incentive stock payout, special dividends and an annual bonus in retaliation for his testimony and because he sold some stock, according to the lawsuit. Documents say the dividends alone are worth about $1.8 million. In September Fiat Chrysler agreed to pay $40 million to settle an SEC complaint alleging that the company misled investors by overstating its monthly sales numbers over a five-year period. The company inflated sales by paying dealers to report fake numbers from 2012 to 2016, the SEC alleged in a complaint. Fiat Chrysler agreed to pay the civil penalty and to stop violating anti-fraud, reporting and internal accounting control regulations, the SEC said. The automaker did not admit or deny the agency's allegations. Fiat Chrysler said it has reviewed and refined its sales reporting procedures. The SEC said the automaker boasted about a streak of year-over-year sales increases into 2016, when the streak actually was broken in September of 2013.