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Junkyard Gem: 1983 Chrysler LeBaron Mark Cross Town & Country Convertible

When Lee Iacocca took the helm at the Chrysler Corporation in 1978, the company appeared to be doomed. The company's only modern front-wheel-drive cars either came from Japan or had been developed from Chrysler Europe's Simca operation, inflation was raging, and Middle Eastern conflict a year later sent fuel prices skyrocketing for the second time in the decade. Iacocca secured government loans to keep the company afloat until vehicles based on a brand-new front-drive platform could reach showrooms. Those were the K-Cars, debuting in the 1981 model year, and they saved Chrysler. The LeBaron was the ritziest of the early Ks, and today's Junkyard Gem is an example of the most prestigious LeBaron of 1983, found in a Colorado car graveyard last summer. The cheapest possible 1983 K-Cars were the two-door Plymouth Reliant and Dodge Aries, priced at $6,577 (about $19,959 in 2023 dollars). The 1983 LeBaron Mark Cross Town & Country convertible had an MSRP of way more than twice as much: $15,595, which comes to around $47,327 today. The LeBaron name came from a coachbuilder that Chrysler eventually devoured, and it was applied to the most glamorous Imperial models for decades. The LeBaron didn't become a model name in its own right until the 1977 model year, when a thick coat of bling was slathered onto the midsize Dodge Diplomat. That generation of Chrysler LeBaron stayed in production through the 1981 model year. The Town & Country name goes way back in Chrysler history, too. The very first Town & Country was a woodie wagon—with real wood— that first appeared as a 1941 model. Over the decades that followed, the T&C name was applied to sedans, coupes, wagons and convertibles, some with wood (or "wood") trim and some without, with only wagons getting that designation from 1969 through 1982. Beginning in 1990, the Chrysler Town & Country name went on minivans, and that's where it remained through 2016. The paneling on this car is plastic, but it was more convincing (when new) than most of the fake wood found on Detroit cars of the era. Convertibles made a big comeback for American car companies during the early 1980s, after much wailing and gnashing of teeth over "the last convertible" 1976 Cadillac Eldorado (it wasn't the last convertible you could buy new here, even at the time). The LeBaron convertible went on sale for the 1982 model year, and new drop-top LeBarons remained available all the way through 1995.

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.

Marchionne's FCA-GM merger might come after Ferrari spinoff

Sergio Marchionne is continuing to rumble about working out a merger with General Motors, but don't expect anything big to happen before at least early next year. That's because Marchionne would likely wait for the Ferrari spin-off to be complete before beginning his next big deal, according to Automotive News. While the Ferrari IPO on the New York Stock Exchange is expected in the coming weeks, that only concerns 10 percent of the shares. The remaining 80 percent of stock is being distributed among shareholders in 2016. Piero Ferrari holds the final 10 percent with no intention to sell. This strategy allows FCA to claim 80 percent of the Prancing Horse's profits in the automaker's 2015 financial results. According to Automotive News, the tactic has other advantages, as well. FCA would be flush with cash by waiting for the spin-off to be complete, and it would keep Ferrari separate if a GM merger actually happens. Marchionne thinks Ferrari could be valued at over $11 billion in the IPO, and it could make FCA $3.3 billion richer when complete. Marchionne believes a combined FCA/GM could sell 17 million vehicles a year globally and rake in $30 billion in earnings. In the CEO's opinion, the two automakers are wasting money by developing components to do the same things on their vehicles. Although, so far the General's top execs are rebuffing all of his advances.