2013 Fiat 500 Abarth - 2700 Miles! Superb Condition! on 2040-cars

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FCA under investigation for fraud by FBI, SEC, and DOJ

The US Justice Department is currently in the initial stages of investigating Fiat Chrysler Automobiles for fraud, according to two anonymous sources that spoke with Bloomberg. According to the unnamed sources, prosecutors are examining whether FCA violated US securities laws. As part of a coordinated investigation into FCA's sales reporting practices, investigators from the Federal Bureau of Investigation and the Securities and Exchange Commission visited the automaker's field staff in their offices and homes earlier this month, reports Automotive News. According to an anonymous source that spoke to Automotive News, federal staff attorneys visited FCA's US headquarters in Auburn Hills, MI on July 11. The unnamed source told the outlet that employees were advised to seek counsel before speaking with investigators. Investigators also visited the automaker's offices in Dallas, California, and Orlando, the unnamed source told Automotive News. The investigation comes after FCA claimed it had recorded the best month of sales in the US in the automaker's history in December with a total of 217,527 vehicles sold, reports Bloomberg. The claim now seems untrustworthy. According to a previous report from Automotive News, a Chicago-based dealership group filed a lawsuit against FCA earlier this year. The suit accused the automaker of paying dealers to fake new-vehicle sales. At the time, the automaker claimed the allegations were baseless and had no merit. After the lawsuit, FCA started to add an extended disclaimed at the end of its monthly sales reports, according to Automotive News. In a statement, FCA claimed that the automaker is cooperating with the SEC investigation and pointed out that it records "revenues based on shipments to dealers and customers, not on reported vehicle unit sales to end customers." We'll have more on the investigation as it unfolds. Related Video: News Source: Automotive News-sub.req., Automotive News-sub.req, Bloomberg, GIUSEPPE CACACE/AFP/Getty Images Government/Legal Chrysler Fiat FCA USDOJ investigation

Fiat's Marchionne ponders Chrysler going public again

Fiat boss Sergio Marchionne says there's a real possibility that its majority-owned Chrysler Group may eventually return to the ranks of publicly traded companies. According to Bloomberg, the Fiat and Chrysler CEO gives that a "50 percent chance" of happening, but he doesn't appear to favor that scenario: "My preference is to be one single company... we belong together."
Marchionne has seemingly been operating under the assumption that Fiat will eventually own all of Chrysler, working to buy up the shares it doesn't own and looking to buy out the retiree trust fund that it shares Chrysler ownership with. Certainly, Chrysler going independent again would be increasingly difficult, as the companies continue to blend products, technologies, facilities and staffing, a trend started immediately after the Italian automaker became custodian of the brand following Chrysler's bankruptcy in 2009.
Marchionne's remarks to the media came at Chrysler's Kokomo, Indiana plant, where he was on hand to announce a major investment at four facilities in the state to build eight- and nine-speed automatic transmissions.

Fiat Abarth Zagato lovechild is a double bubble worth the trouble

The Italian automotive industry is filled with legendary names: Ferrari, Maserati, Alfa Romeo, Lancia, Lamborghini, De Tomaso, Pagani... but the names Fiat, Abarth and Zagato belong up there right beside them – especially when they came together on a vehicle as singular as this one. It's a 1957 Fiat Abarth Zagato 750 GT Corsa, and it's a rare little monster indeed. It's based on a Fiat 600, tuned by Abarth and rebodied in classic double-bubble form by Zagato. There were only about five or six hundred of these made, and only 21 of them were Corsas. Its owner, Carl Gustav Magnusson, had one just like it when he lived in Europe, and entered it five times in the Mille Miglia. But after selling it and moving to America, he found another – with matching numbers – scooped it up and has enjoyed it ever since. Fiat and Zagato took a modern stab at a similar formula a few years ago, and if it had ever reached production, an Abarth version would likely have followed. But alas it never did, so the closest we'll likely ever get is to join the videographic artisans at Petrolicious as they tell the story of this beautiful little classic in the video above.