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Porsche Australia price cuts in excess of $36,000 irks customers

Have you ever gone to the store, only to become irked after learning that the new [*insert widget here*] that you bought just last week has gone through a price drop? If you're particularly thrifty, even if it's only a couple of bucks, you probably brought in your receipt to see if the store would issue you a credit for the difference. Now, imagine that the widget in question isn't a minor purchase, it's a Porsche - and the price drop isn't just a few bucks - it's thousands.
That's the unhappy scenario that recently faced a number of Australian luxury car buyers and the uncomfortable conversation awaiting the German automaker. According to GoAuto, Porsche Australia recently whacked up to $36,000 off the price of its models in order to jumpstart sales Down Under - the Panamera range itself saw cuts between $5,500 and more than $36,000. The aggressive price cut was a strategy designed to drive sales of more than 3,000 cars locally, a yearly goal originally set for 2018, but now hoped for as early as 2016.
Australia is known for its comparatively high car prices, so the dramatic price cuts were undoubtedly welcome news to potential Porsche shoppers. However, around 50 existing customers were understandably agitated by the reductions because they purchased their cars just before the adjustments took effect. Not only did they stand to lose out on the deals, they also had good reason to fear that their new cars' residual values would take a beating.

Stunning vintage Porsche 911 collection profiled by eGarage

It's Pebble Beach time, so how appropriate that eGarage presents us a vid on one of the finest personal Porsche collections in the world. A former COO of drug maker GlaxoSmithKline, Robert Ingram amassed more then 50 Porsches that include a 1949 356 Gmund, a 1961 356B 1600 Carrera GTL Abarth Coupe, and a 1964 356C Carrera 2 Coupe. His collecting career didn't start well, Ingram saying he bought his first Porsche in 1959 sight unseen and it was a fiasco, the seller had lied about everything. Ingram said he still has the car, unrestored, and uses it to show people "what happens when you don't do your due diligence." Things have got much better. Ingram said he's committed to using his cars during his lifetime, so he called some friends for a weekend in Napa Valley to drive selections like his 1968 911L Rally Kit/Sport Kit II, a 1973 911 Carrera RS 2.7, a 1974 911 RS 3.0, and the first 1990 911 Carrera 4 Lightweight. As far as we can tell, they did not drive the Porsche tractor also in the collection. The collection is covered in a new book called Porsche Unexpected by veteran car writer Randy Leffingwell, with photography by Michael Furman, and it also examines the skill of collecting, with tips and mistakes shared by Ingram and other collectors. You can check out some of the cars and words from the party involved in the video above. News Source: eGarage via YouTube Porsche Coupe Luxury Performance Classics Videos egarage

Rimac inks deal to purchase 55% of Bugatti from VW Group

ZAGREB, Croatia — Croatian electric supercar builder Rimac is taking over the iconic French manufacturer Bugatti in a deal that is reported to be worth millions of euros. Rimac said GermanyÂ’s Volkswagen Group, including the Porsche division — which owns a majority stake in Bugatti — plans to create a new joint venture. The new company will be called Bugatti-Rimac. Rimac Automobili announced Monday that it will be combining forces with Bugatti to “create a new automotive and technological powerhouse.” Rimac has progressed in 10 years from a one-man garage startup to a successful company that produces electric supercars. Mate Rimac, who founded the company in 2009, says the venture is an “exciting moment” and calls the combination of the companies “a perfect match for each other.” Porsche will own 45% of Bugatti-Rimac while Rimac Automobili will hold the remaining 55% stake, according to Croatian media reports. Financial details of the deal were not published. Bugattis will continue to be assembled in eastern France, where the company was established in 1909. The vehicles will use engines developed and made in Croatia. “In an industry evolving at ever-increasing speed, flexibility, innovation and sustainability remain at the very core of RimacÂ’s operations," the company said. “Uniting RimacÂ’s technical expertise and lean operations with BugattiÂ’s 110-year heritage of design and engineering prowess represents a fusion of leading automotive minds." Earnings/Financials Green Bugatti Automakers Porsche Volkswagen Green Automakers Electric Supercars