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Ferrari and FCA are officially separated

It's been a long time in the making, but it's officially happened: Ferrari is no longer part of Fiat Chrysler Automobiles. Following the Italian automaker's initial public offering, it has officially split off from its former parent company. As part of the spin-off, FCA's stakeholders will each receive one common share in Ferrari for every ten they hold in Fiat Chrysler. Special voting shares will be distributed in the same proportions to certain shareholders as well. Those shares being distributed will account for 80 percent of the company's ownership. Another ten percent was floated as part of the company's IPO, while the remaining 10 percent is held by Enzo's son Piero Ferrari (pictured above at center), who serves as vice chairman of the company. The shares will continue to be traded under the ticker symbol RACE on the New York Stock Exchange, and will begin trading this week as well under the same symbol on the Mercato Telematico Azionario, part of the Borsa Italiana in Milan. Since the extended Agnelli family headed by chairman John Elkann (above, right) holds the largest stake in FCA, expect it to continue controlling the largest portion of Ferrari shares as well. Between them, nearly half of the shares in the supercar manufacturer – and we suspect a little more than half of the voting rights – will be controlled by the Agnelli and Ferrari families, who are expected to cooperate to ensure the remaining shareholders don't attempt a takeover of the company. Similar to its former parent company, which operates out of Turin and Detroit, the Ferrari NV holding company is nominally incorporated in the Netherlands, but the automaker will continue to base its operations in Maranello, Italy. That's where it's always been headquartered, on the outskirts of Modena. For the time being, Sergio Marchionne (above, left) remains both chairman of Ferrari and chief executive of FCA – a position to which he is not unaccustomed, having previously headed both Fiat and Chrysler before the two officially merged. Related Video: Separation of Ferrari from FCA Completed LONDON, January 3, 2016 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA) and Ferrari N.V. ("Ferrari") (NYSE/MTA: RACE) announced today that the separation of the Ferrari business from the FCA group was completed on January 3, 2016. FCA shareholders are entitled to receive one common share of Ferrari for every 10 FCA common shares held.

Multimillion-dollar Ferraris line up for Pebble Beach

Wherever high-value classic cars are being sold, you can bet that vintage Ferraris will be topping the list. Especially at Pebble Beach. And that's precisely the auction for which Gooding & Company has lined up a trio of multi-million-dollar examples. Arguably the most enticing (and sure to fetch the highest price) of them all is a classic red 1961 Ferrari 250 GT SWB California Spider, complete with the highly-coveted covered headlights – just like the one in Ferris Bueller's Day Off. Chassis number 3095 GT is one of just 37 made in this configuration. It's been fully documented and certified, but not restored. This is the first time this particular example will be offered in the United States, and Gooding expects it will fetch around $17 million - placing it at the high end of the Sports Car Market database of prices paid for 250s of any kind. Joining the California Spider is a striking 1957 Ferrari 410 Superamerica – the fastest road-going sports car of its time with a top speed in excess of 150 miles per hour. Painted in metallic grey with a contrasting dark red roof and red leather interior, this Series II coupe was purchased by Mohammad Reza Pahlavi, the last Shah of Iran. It went with his wife following their divorce, and was awarded first in class at Pebble Beach in 1978. It's projected to raise between five or six million in financial scholarships, potentially eclipsing any record for Superamericas to date. Finally, in what could be a footnote only in this rarefied company, is a 1965 Ferrari 500 Superfast that boasts similarly lofty provenance, having been delivered new to Prince Sadruddin Aga Khan. In stunning dark blue with red leather, chassis 6049 SA is anticipated to sell for over $3 million (over a million more than any Superfast yet) when the gavel drops at the Concours d'Elegance next month. Gooding & Company Announces Multiple Show-Stopping Ferraris Including a 1961 Ferrari 250 GT SWB California Spider to Headline Pebble Beach Auctions This quintessential open-air Ferrari is expected to set record-breaking numbers when it crosses the block this August SANTA MONICA, Calif. (July 14, 2015) – Gooding & Company, the official auction house of the Pebble Beach Concours d'Elegance®, is pleased to announce the addition of three unparalleled classic Ferraris to its sale in August – a 1961 250 GT SWB California Spider, a 1957 410 Superamerica Series II Coupe, and a 1965 500 Superfast.

What I learned after 5,600 miles in a Ferrari F355 Spider

I'm paraphrasing, but Autoblog reader Paul Dyer asked me one day, "Want to drive my 1998 Ferrari F355 Spider from San Jose, California, to me in Newfoundland?" I'm also paraphrasing and leaving out some colorful but unpublishable language, but essentially I said, "Yes." That's how I ended up on a two-week, 5,600-mile road trip, getting an extensive and intimate look at one of the most spectacular cars of our generation. Here's what I discovered. To paraphrase, you don't even know how badly you want an F355. The F355 Spider is the last beautiful Ferrari. Subsequent stallions are modern and dramatic, the F355 is eternally gorgeous, like Brunelleschi's doors and sunsets in Viareggio. The Iliad would still make sense if you said the Greeks took to ship after a Trojan keyed Menelaus' F355. You cannot say the same about the 348, or even the 458 (though we do love it so). This car began the era in which mid-engined Ferraris sell out for years in advance. That said, F355 upkeep is the equivalent of giving your bank account a flesh-eating disease. This car's most recent engine-out service was $28,000: $12,000 in labor, $16,000 in parts. Dropping the Propulsore Completo is recommended every three years for routine service and runs $7,000 or more if no other work is required. Gooey valve guides, melting exhaust manifolds, and cranky seat sensors are among the fickle components that will guarantee the bill will exceed that amount. A single bolt is $45. One F355 owner, asked if he'd recommend the model, replied without hesitation "Absolutely not." But the F355 began a whole new game for The Prancing Horse. One of Luca de Montezemolo's first marks on the company as president, the F355 was intended to rectify the sins of the 348 and deal with the Acura NSX. The F355's design resulted from 1,800 wind tunnel hours. It introduced Ferrari's five-valve V8 engine – at 107.3-horsepower-per-liter, the highest specific output of any naturally aspirated car at the time. It had an 8,500-rpm redline. The engine was so important that Ferrari changed its naming convention to highlight it. The F355 introduced a six-speed manual transmission to the V8 range. It introduced the paddle-shifted sequential gearboxes to consumers, previously the purview of top-tier race cars. This Spider was the brand's first semi-automatic droptop. This car began the era in which mid-engined Ferraris sell out for years in advance. Some of the trademark features take getting used to.