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UAW chooses FCA as lead bargaining company

The United Auto Workers has chosen Fiat Chrysler Automobiles as its lead bargaining company as it seeks to finalize new contracts with the 140,000 or so workers represented by the union. That doesn't mean the UAW won't continue to talk with Ford and General Motors. "All three companies have been working with UAW bargaining teams toward a collective bargaining agreement and continue to do so," UAW President Dennis Williams said in a statement. It does mean, however, that any deal the UAW strikes with FCA will form the basis of bargaining talks with the other two American automakers. Contracts between the UAW and the Detroit Three automakers are set to expire tonight at midnight. If no deal is made, both parties may vote to extend the previous contract. Industry analysts polled by The Detroit News suggest that a deal with FCA might be the most difficult to reach, since it is the smallest and least profitable of the three US car companies, and because of its high percentage of second-tier workers. There's a super short statement on the matter from the UAW, and there's an equally concise confirmation from FCA. Feel free to read them below. Detroit – The UAW this afternoon announced that FCA US LLC will be the lead target in Big Three auto talks. "All three companies are working hard toward a collective bargaining agreement. At this time, the UAW has selected FCA US LLC to be the lead bargaining company," said Dennis Williams, President of the UAW. "All three companies have been working with UAW bargaining teams toward a collective bargaining agreement and continue to do so." -------- Statement regarding the Status of Contract Talks between FCA US LLC and the UAW FCA US LLC confirms that it has been selected as the company to set pattern on a collective bargaining agreement with the UAW. As negotiations are ongoing, the Company can offer no further comment at this time.

How a Chrysler New Yorker rally car turned father and son into best friends

Cars have a weird way of bringing fathers and sons together. You might not want to talk to your dad (or son) about politics, but if you can get him into a conversation about 1950s automotive design, then you can chat for hours. The latest video from Petrolicious looks at how Jonathan Auerbach and his dad bonded through racing in long-distance rallies in an absolutely brutish 1951 Chrysler New Yorker.
The Auerbachs have over 10,000 miles in competition on this behemoth of a Chrysler. It packs a 354-cubic-inch (5.8-liter) hemi V8 with Weber carbs under the hood, and driving it looks more akin to piloting a ship than any kind of on-road vehicle. The New Yorker can take a pounding and just keep going, too. Jonathan says that they hit two deer during one event, and the only damage to the car was some missing trim up front.
The next goal is to prep the car for the arduous Peking to Paris Rally. The big Chrysler should be quite the sight when it rolls across the finish line in France. Scroll down to hear this poignant story about a father and son becoming best friends while racing an American classic. You might want to have a tissue handy, if you're close to your dad, though.

Chrysler files for IPO

Chrysler has had a lot of owners over the past few years alone, from Daimler to Cerberus to Fiat and the federal government. But it could be poised to gain some more before long. Like, a lot more.
The automaker has just announced that it has filed with the US Securities and Exchange Commission to issue an Initial Public Offering of common stocks. Chrysler hasn't revealed how many shares will be offered and at what price, however the shares in question will not come out of Fiat's approximate 60% majority shareholding but instead out of the 40% minority stock held by the UAW's VEBA retiree healthcare trust. Reports suggest that the IPO, which is being handled by JP Morgan, could encompass approximately 16% of Chrysler stock, initially valued at approximately $100 million.
Lest you think this is all part of Sergio Marchionne's grand plan to consolidate Chrysler and Fiat, the two auto groups over which he presides, think again. The filing, which still needs to be approved by the SEC, comes at the insistence of the UAW. Negotiations between Marchionne's management team and the union over Fiat's acquisition of the VEBA shares have stalled. If they manage to come to an agreement, however, the IPO would likely be taken off the table. So don't go calling your broker just yet, but you can analyze the official announcement below.