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Pickup prices rising at 2x industry average

We've said it before, but bears repeating: Pickup trucks are the financial engines of America's automakers. Good thing, then, that the segment is in rude health - in fact, Automotive News is suggesting that pickup truck sales are arguably healthier than they were pre-recession, even though the segment's volume is still significantly down from where it was before the bottom fell out of the US economy. That's because per-unit profits on full-size trucks are skyrocketing, outpacing the industry's average price increases by more than double since 2005. According to data from Edmunds, the average transaction price of a full-size pickup is now $39,915 - a heady increase over the $31,059 average price in 2005 - a gain of over 8 percent after inflation is factored in.
Just how important are trucks to automakers' bottom lines? Automotive News quotes a Morgan Stanley analyst as saying the Ford F-Series is responsible for 90 percent of the company's 2012 profits, and General Motors isn't far behind, with the Chevrolet Silverado and GMC Sierra twins chipping in about two-thirds of the automaker's earnings.
Automotive News points out that Detroit's automakers now have the money to invest in modernizing their full-size truck offerings, in part because they don't have the same overhead and legacy costs that pushed General Motors and Chrysler into bankruptcy. Certainly, the pickup segment has seen a lot of innovations as of late, including turbocharged V6s, coil-spring rear suspensions and active aero. Those improvements in important areas like fuel economy and ride comfort have given existing pickup buyers new reasons to upgrade. In addition, automakers are piling on the tech and luxury goodies, creating more and more high-content, high-profit models like the Ford F-150 King Ranch, Ram 1500 Laramie Longhorn and Chevrolet Silverado High Country (shown).

Are Chrysler's Stow 'N Go seats really that great?

Are Chrysler's Stow 'N Go seats really such a great thing? Seriously, I'm asking. Do owners of the Chrysler Pacifica, as well as the Dodge Grand Caravan and Chrysler Town & Country before it, actually use the innovative functionality that see the second-row captain's chairs fold away into the floor? Frankly, I've always had my doubts. Car reviewers have long sung Stow 'N Go's praises, impressed with the ability to quickly turn the minivan from people carrier to work van. You'll frequently read mentions of needing to move sheets of plywood or treadmills or their kids' entire dorm room. Doing so is without question far easier when you can quickly make the second-row seats disappear as opposed to giving yourself a hernia lifting the things out and storing them in the garage – if removing them is even possible at all. Except here's the thing. We car reviewers have borrowed that van for the purpose of moving whatever it is we needed to move. Maybe the van in question is a long-term test vehicle like our old Pacifica Hybrid, maybe it's the more typical weeklong test loan. Either way, this is not a typical use case. The van is being considered more for its cargo-carrying abilities than its people-carrying abilities, and I just don't think that's representative of the typical minivan owner. Further to that point, the Stow 'N Go seats' flipping and folding capability might be great for versatility, but it makes for less comfortable seats. Although they have definitely improved in the 15-plus years since they were introduced, the Pacifica's Stow 'N Go seats remain thinner and flatter than the typical captain's chair. One can deduce that even Chrysler is aware of this as a downside. You see, the Pacifica Hybrid does not have Stow 'N Go seats since the giant underfloor hole they stow and go into is full of batteries. Instead, it has second-row captain's chairs  that don't seem to be discernibly different from those up front – they're far more comfortable. You can see the difference in the pictures above, with the gas-only Pacifica in red and the Hybrid in blue. I'm therefore left with the question: Would you rather have a far more comfortable seat, or an improved ability to carry some plywood? Considering the second-row designs of rival vans, it would seem that market research for Honda, Toyota and Kia isn't skewing in the direction of plywood. Much like the rest of the automotive industry, the minivan segment is rife for copy-catting.

Ferrari officially files SEC paperwork to register future IPO

Late last year FCA announced plans to spin off Ferrari into a separate company, and after a long wait that process has finally become official. The Prancing Horse has now filed the necessary prospectus and other documents with the Securities and Exchange Commission to hold an initial public offering on The New York Stock Exchange. The paperwork doesn't mention a specific date for the Italian sportscar maker's IPO, but it's expected sometime in October. At this point, the documents also don't include some other vital data about the IPO. Ferrari lists neither the number of shares being offered nor their price. The company also doesn't have a stock symbol yet. UBS, BofA Merrill Lynch and Santander are acting as joint book runners for the deal. As part of the IPO, FCA initially intends to sell 10 percent of Ferrari's shares on the stock market. Another 10 percent of the company still belongs to Piero Ferrari. FCA is holding onto the remaining 80 percent in the short term for financial reasons but intends to distribute them to shareholders in early 2016. After the spin-off, about 24 percent of Ferrari would be owned by Exor, 10 percent by Piero Ferrari, and 66 percent by public shareholders, according to the SEC documents. FCA boss Sergio Marchionne believes that Ferrari could be worth over $11 billion. Although, his estimate might be slightly high. According to Reuters, Wall Street is actually putting the value somewhere between $5.5 billion and $11 billion. If you're thinking about investing in the company or just want to read the nitty-gritty about the brand's financial health, the entire SEC filing can be read here. Ferrari Files for Initial Public Offering LONDON, July 23, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") announced today that its subsidiary, New Business Netherlands N.V. (to be renamed Ferrari N.V.), has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") for a proposed initial public offering of common shares currently held by FCA. The number of common shares to be offered and the price range for the proposed offering have not yet been determined, although the proposed offering is not expected to exceed 10% of the outstanding common shares. In connection with the initial public offering, Ferrari intends to apply to list its common shares on the New York Stock Exchange.