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Junkyard Gem: 1978 Fiat 124 Sport Spider

Before the Fiat 124 Spider was a Mazda, it was the 124 Sport Spider, the two-seat convertible version of the huge-selling (in Europe) 124 sedan. Sold in the United States from the 1968 through 1985 model years (with the final few years sporting Pininfarina badges, courtesy of Malcolm Bricklin), these fan and affordable cars were once everywhere on our roads and owners have tried to hang onto them even after they break down. As a result, I see about as many 124 Sport Spiders in junkyards these days as I did 40 years ago, when you could still buy them new. Here's a little red devil of a '78 Sport Spider, found in a San Francisco Bay Area car graveyard a few years back. This car's main sales rival in the United States was the similarly fun and affordable MGB, and I still find plenty of those in the boneyards to this day. The MGB was sturdier but a bit more primitive than the Sport Spider, and both suffered from maddeningly unpredictable electrical systems. The price tag on this car was $6,495, or about $30,780 in 2022 dollars. The 1978 MGB cost $5,649 ($26,770 now) that year. If you wanted the much quicker Alfa Romeo Spider in 1978, you had to shell out $9,195 ($43,570 today). While the MGB's antiquated pushrod straight-four made just 62.5 horsepower in 1978 (yes, British Leyland claimed that half-horse), the '78 Sport Spider put out 86 horsepower from its DOHC engine. The curb weight of the Spider was lower, too (2,180 pounds versus the Brit's 2,338 pounds). This one has a much-faded 1990 San Francisco residential parking permit, for Zone C. That's the upscale Nob Hill neighborhood, where this car must have seemed a little too much on the proletariat side. These cars tend to spend decades sitting in a driveway or yard, awaiting repairs that may never come. Eventually, reality comes calling and they take that final tow-truck ride to a place like this. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Motorcars in the great European tradition.

Fiat Chrysler cuts 2018 outlook, shares tumble on weaker quarterly profit

MILAN — The news of former Fiat Chrysler chief executive Sergio Marchionne's death arrived Wednesday moments before the group reported a surprisingly heavy drop in profit. The death of one of the auto industry's most tenacious and respected CEOs overshadowed a big selloff in Fiat Chrysler shares. FCA's scheduled second-quarter earnings presentation, led by Marchionne's successor and former lieutenant Mike Manley, began on Wednesday afternoon with a moment of silence. As eulogies flooded in, FCA shares fell as much as 10 percent as investors digested an unexpected 35 percent fall in net profit, well below market forecasts. Marchionne rescued Fiat and Chrysler from bankruptcy after taking the wheel of the Italian carmaker in 2004 and he multiplied Fiat's value 11 times through 14 years of canny dealmaking. He was due to step down at FCA in April next year. "The best way to honor his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion," Chairman John Elkann added. On Saturday, FCA named Jeep division head Mike Manley, 54, as head of the world's seventh-largest carmaker, saying the Briton would execute a strategy that Marchionne had outlined in June. FCA has said Manley will work to ensure a "strong and independent" future for the group. Underlining the task facing Manley, FCA cut its full-year earnings outlook after the weaker-than-expected quarterly earnings. Having to deliver the bad news four days into his new job, Manley blamed the result on a weaker performance in China, a market that represents one of new CEO's immediate headaches. "The biggest challenges we face and frankly we're going to continue to face ... are all focused in China," Manley said. FCA has yet to make any significant inroads in China. In Marchionne's June plan, FCA pledged to boost production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It unveiled bold targets for Jeep, FCA's profit engine. FCA said adjusted earnings before interest and tax (EBIT) for the April-June period fell 11 percent to 1.7 billion euros ($1.99 billion), compared with 2 billion euros in a Reuters poll of analysts. Chinese demand slumped in the quarter ahead of a July cut in import duties, resulting in higher incentive spending and an increase in unsold vehicle stocks that "particularly affected Maserati," Manley said.

Marchionne now considering 'Plan B' partners for FCA merger

Okay Sergio, just stop. With the sting of rejection from General Motors CEO Mary Barra still fresh, Fiat Chrysler Automobiles CEO Sergio Marchionne is moving on and trying to find another automaker to merge with. FCA may not be giving up hope on a merger with GM, but that doesn't mean it isn't at least considering alternatives. Sergio's so-called "Plan Bs" include the Volkswagen Group, as well as smaller Asian outfits, like Mazda, Honda, Suzuki, and Hyundai. Bloomberg reports that France's beleaguered PSA Peugeot Citroen could as a sort of "fallback" option due to its relative lack of volume, an unidentified source claimed. There are, of course, problems with each option. According to Bloomberg, Volkswagen expects complete control of a company, but the Agnelli family, which holds a large portion of FCA stock, is loathe to relinquish its stake in the company. On top of that, VAG just isn't looking to make a deal right now. Mazda, meanwhile, is enjoying a new partnership with Toyota and Suzuki is partially owned by VW. Honda and Hyundai have never expressed any interest in a partnership with a western automaker. That kind of just leaves the French then, but even that remains a long shot. As Bloomberg tells it, PSA boss Carlos Tavares is still working on a turn-around plan, and would want at least another six months to execute before even considering a deal with FCA. And even then, Tavares hasn't given any indication that he's considering a pairing. News Source: BloombergImage Credit: Paul Sancya / AP Chrysler Fiat GM Honda Hyundai Mazda Suzuki Citroen Peugeot Sergio Marchionne FCA Mary Barra psa peugeot citroen