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Top tier supercars go for top dollar at RM Sotheby's Pinnacle Portfolio auction

Ferraris continue to rake in money during classic car auctions, and the sale of RM Sotheby's Pinnacle Portfolio collection during Monterey Car Week is only further proof of that. The Prancing Horse grabbed four of the top five spots among the 25 vehicles crossing the block. The leader among them was a 1964 Ferrari 250 LM with an extensive racing history that went for $17.6 million, according to the company's unofficial numbers sent to Autoblog. The only vehicle to keep Ferrari from locking out the top five was a 1998 McLaren F1 LM-Specification that went for $13.75 million. It's claim to fame included being the second-to-last road version of these famous supercars built. Plus, the coupe is only one of two with the LM spec package, which included the 680-horsepower racing version of the V12. Showing more modern Ferraris are also appreciating, a 2005 Enzo went for $6.05 million, taking third place. This example was the last one ever made and was originally gifted by the company to Pope John Paul II. However, he had the car sold for charity. Similarly special, fourth went to a 1994 F40 LM racecar for $3.3 million. Finally, a 1967 275 GTB/4 rounded out the top five also at $3.3 million. Amazingly, the vehicles in the Pinnacle Portfolio came from just one person who the company only identified as a "private US-based gentleman collector." Check out the gallery to see all 25 rolling across the block, including a Toyota 2000GT, Porsche 959, and Jaguar XJ220.

Montezemolo steps down, Marchionne steps up as chairman of Ferrari

If the history of an automaker is divided up by the mandate of its leadership, then this is surely the end of an era for Ferrari. After repeatedly locking horns with Fiat Chrysler CEO Sergio Marchionne over a variety of issues, longtime Ferrari chairman Luca di Montezemolo has announced his resignation.
Montezemolo has a long history with both Fiat and Ferrari. He started his career at the former before moving over to the latter in 1973 (only a few years Fiat took over half of Ferrari), starting out as Enzo Ferrari's assistant. He was appointed head of the Scuderia the following year, driving the team to success and subsequently taking over all of the Fiat group's racing activities. After the Prancing Horse marque struggled in the wake of its founder's death in 1988, Montezemolo was appointed to take it over in '91 and has been at the helm ever since.
Following Fiat chairman Gianni Agnelli's passing in 2003, both Montezemolo and Marchionne were named to the Fiat board. A year later, after the passing of Gianni's younger brother Umberto, Montezemolo was named chairman of the Fiat Group (to be succeeded six years later by Agnelli heir John Elkann) and Marchionne its chief executive.

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.