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FCA likely won't sell more than 10% of Ferrari stake

The initial public offering of Ferrari on the stock market is likely coming in the second or third quarter of this year, but apparently the exact stake of the Prancing Horse set to hit the exchange isn't final. When FCA first announced the plan to spin off Ferrari, the idea was for 10 percent of the stock to go on the open market in the US and maybe also in Europe. Another 10 percent would go to company vice chairman and Enzo's son Piero Ferrari, and the remaining 80 percent would be divided among current shareholders, including a large portion for the Agnelli family. FCA CEO Sergio Marchionne hasn't finished tweaking those numbers, though. Last month, he indicated the automaker might put more than 10 percent of Ferrari on the market to boost liquidity. However, the original proposal has now returned to the table. "I don't believe we will go above 10 percent," Marchionne said, according to Automotive News, but also noted things weren't final. By increasing the Ferrari stock on the open market for the IPO, FCA decreases the amount going to current shareholders, according to Automotive News. With that being the case, don't expect too much of the Prancing Horse to be offered up to investors when the stock hits the market. Related Video:

Father's ultra-rare Ferrari to leave family for a good cause

It isn't every day that the rarest of Ferrari models change hands. In fact, you can count your fingers to get the number of 275 GTB/4*S N.A.R.T. Spyders that ever existed. The 1967 Ferrari you see here is one of those ten Spyders, and it has stayed in the same family since it was bought new.
The car was bought through Luigi Chinetti, Ferrari's US importer at the time, by the late Eddie Smith Sr., a Ferrari collector and businessman from North Carolina. Smith kept it - and kept driving it - until the day he died six years ago. Since then, this remarkable machine has been collecting dust. Smith's son, Eddie Smith Jr., spent some time with Petrolicious to give a history of the car and explain why he and his family are going to do the one thing his father never could: sell it. The catch? All of the money it earns on the auction block will be donated to charity.
"It'll be a bittersweet thing, because we know the fact that all the money is going to charities that he would approve of," Smith Jr. said about his father, and it "will really make him smile, because he loved to give back."

Ferrari celebrates its founder's birthday

Buon cumpleanno, Commendatore! That's what we'd be saying today to Enzo Ferrari if he were still alive. But the founder of the Prancing Horse marque passed away at the ripe old age of 90 way back in 1988. If he were still with us today, he'd be 118 years old. And we can't help but wonder what he'd think of his legacy if he were still around to see it. Enzo Anselmo Ferrari was born in Modena before the turn of the century – no, the previous century – way back in 1898. He started out as a racing driver, but soon found his real talents laid in preparing the racecars, not driving them. After achieving success running Alfa Romeo's factory team, Enzo struck out on his own - initially under the name Auto Avio Costruzioni (due to the terms of his previous contract) and then under the Scuderia Ferrari name. Under Enzo's leadership and those that followed, Ferrari emerged as one of the most successful teams in motor racing. The Scuderia has scored more championships, checkered flags, podiums, pole positions, and fastest laps than any other in the history of Formula One. And though it hasn't fielded a factory effort in the top tier decades, it's still among the winningest constructors at Le Mans, with nine outright wins between 1949 and 1965 – outscored only by Audi and Porsche. It also won the Targa Florio seven times, the Mille Miglia another eight, and Sebring 12 times. After famously rejecting a takeover bid from Ford, Enzo sold half his company to Fiat in 1969. He retained control until his passing in 1988 – upon which Fiat took over another 40 percent, leaving 10 to the Ferrari family. But now the company is independent again, having split off from the Fiat Chrysler Automobiles empire, and floated its IPO on the stock market. Though his son still serves as vice chairman, Enzo's prodigy and successor, Luca di Montezemolo, is gone. The road car division makes hybrids but no manual transmissions, the racing department hasn't won the Formula One World Championship since 2008, the theme park in Abu Dhabi welcomes more visitors than the factory museum, and the company makes a significant portion of its revenue these days from selling branded merchandise. It's a very different company, in short, from the one Enzo founded back in 1947, but it wouldn't be here without him. The factory is celebrating with a raft of social media posts. For our part down here, to il Commendatore at the big autodromo in the sky: happy birthday, Enzo.