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Fiat gives outgoing Ferrari chairman $35M severance package

Luca di Montezemolo may not have wanted to leave Ferrari this way, but don't feel too bad for the departing chairman, because he'll be hitting the ground with a golden parachute so big that he'll never have to work again.
According to the latest reports, Fiat will pay Montezemolo 26.95 million euros (nearly $35 million) in severance pay. A little more than half of that will be paid in a lump sum of 13.71 million euros ($17.7M, equivalent to five times his annual salary) on January 31, 2015, with the rest to be paid within the next 20 years.
The payment is contingent on Montezemolo not going to work for a competitor, so don't expect to see him replacing Stephan Winkelmann at Lamborghini or Wolfgang Dürheimer at Bugatti any time soon. At least not until March 2017. Of course with that much cash on hand, the 67-year-old marquis need never work again, but considering how busy he's used to keeping himself, we'd be surprised if he didn't pop up again somewhere.

Ferrari completes two-year restoration of fire-damaged 225E

See this classic Ferrari? It looks pretty good, right? Well it didn't a couple of years ago, having been all but destroyed in a fire. But the Ferrari Classiche department completed a comprehensive two-year restoration process that's left it looking as good as (if not better than) new. The vehicle in question is a 1952 Ferrari 225E, one of the earliest sports cars the Prancing Horse made, just five years after its founding. It was delivered new to Count Antonio Sterzi, who campaigned it first in the Mille Miglia. The car went on to win events like the Bolzano-Mendola hillclimb and the Coppa InterEuropa at Monza, but after changing hands a couple of times, it was ravaged by a fire. View 7 Photos Several attempts were made in the decades since to bring it back to proper working condition. But it wasn't until its current Argentinian owner commissioned the factory's own restoration department to completely overhaul the burnt-out shell that it regained its luster. Over the course of two years, the Classiche studio has comprehensively reconditioned the 225E inside, out, and under the hood, sourcing original documentation from the factory archives to match the interior as close as possible to how it would have originally been outfitted, and giving it a beautiful two-tone blue and white paintjob. A FERRARI RISES FROM THE ASHES A fire-damaged 225E makes a triumphant return Maranello, 15 March 2016 – After almost two years of work, restoration of the 225E chassis no. 0178 is finally complete and the car is back in its owner's hands. The project was a huge challenge for the Ferrari Classiche department as the car, which belongs to an Argentinean collector, arrived in Maranello in a terrible state of repair, having been partly-destroyed in a fire. Racing past. The 225E left the factory in May 1952 and was first owned by Count Antonio Sterzi. It quickly made its competitive debut in none other than the Mille Miglia in the hands of that gentleman and his co-driver Nino Rovelli. In June the same year, the 225E won the Coppa della Toscana with Bruno Sterzi who also raced it to victory in the Bolzano-Mendola hillclimb and the Coppa InterEuropa at Monza for which both front and rear bumpers were removed. The car changed hands a couple of times but was then involved in a fire in which it sustained severe damage. The engine, however, was almost entirely salvageable and an attempt was made during the 1980s to restore the bodywork.

Luxury carmakers make way more than just cars

Whether it's as simple as Ferrari offering model cars or as opulent as Bugatti with an $84,000-belt buckle, practically every automaker does more than just sell cars to keep their brands visible. The profits from these ventures might not be enough to keep the lights on, but in such a competitive industry, any extra cash is welcome. For the automakers that get licensing just right, there is a ton of profit to be made. According to a recent story examining the practice by The New York Times, Ferrari makes around $2.6 billion from merchandising each year, and General Motors tops that at $3.5 billion. Beyond just a profit center, merchandising can also protect an automaker's name. Take Hummer for example. The GM division shut down years ago, but it has continued to produce licensed cologne on sale around the world. "Because we still have the active fragrance, we're protecting the brand if we ever decide to bring it back," Gene Reamer, a GM licensing senior manager, told the Times. The whole piece is a fascinating look into this often ignored, but quite lucrative facet of the auto business. Read it for yourself, here. Related Video: News Source: The New York TimesImage Credit: Luca Bruno / AP Photo Design/Style Earnings/Financials Marketing/Advertising Read This Ferrari GM Hummer branding