1987 Ferrari Testarossa Base Coupe 2-door 4.9l on 2040-cars

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The Ferrari 488 Challenge is the one-make series' first turbo car

Ferrari has revealed its newest Ferrari Challenge series racecar, just in time to celebrate the 25th anniversary of the one-make series next year. The new model is the 488 Challenge, and like its road-going sibling, it features a turbocharged V8. This makes the 488 Challenge the first car in the series to use a turbocharger, and at 670 CV (660 horsepower), it's the most powerful car the series has featured. The car made its debut at the season-ending Finali Mondiali event at Daytona International Speedway over the weekend. In addition to the new powertrain, the 488 Challenge gets other updates compared to its 458-based predecessor. The engine is lighter by more than 43 pounds, and the exhaust has lost nearly 19 pounds. The front bumper and the hood have been completely redesigned, and the rear wing is larger than its predecessor's. Drivers also now have a pair of manettinos (make that manettini) on the steering wheel for managing traction control settings, instead of one like on the road cars. One adjusts when it activates, and the other controls how aggressive the system is when it does kick in. Thanks to these various changes, the 488 Challenge is notably faster than the previous Challenge car, the 458 Challenge Evoluzione. Ferrari claims the 488 lapped its Fiorano test circuit a full second faster than the 458. You'll be able to see this new Ferrari in action in the coming year's Ferrari Challenge Series. But until the series starts, check out our live photos of the new machine above and a gallery of Ferrari-supplied images below. Related Video:

Trump's old Ferrari F430 sells for $270,000

You may remember that Auctions America was going to sell a 2007 Ferrari F430 owned by the current president of the United States. It was estimated at between $250,000 and $350,000. It went for auction this weekend and just barely fell into that range. According to Bloomberg, Donald Trump's old Ferrari failed to meet the reserve, set at $250,000, with a final bid of $240,000. However, Auctions America said the car sold after the auction at $270,000. So the auction company did get its estimate right, but just barely. As for what the new owner purchased, he or she got an F430 with celebrity and presidential heritage, the F1 automatic gearbox, low miles, a service history, and a classic Ferrari red paint job. Of course we still stand by our preference for a manual one in our choice of color and without any celebrity history (or baggage depending on your opinion). Check out our original piece for more details on the car. Related Video:

Ferrari raises $893M, valued at $12B

Ferrari's stock is moving as quickly on the New York Stock Exchange as the brand's iconic sports cars do on the road. The company's incredibly popular initial public offering has already raised $893.1 million by virtue of 17.18 million shares sold for $52 apiece. If the deal's underwriters buy in as well, the figure would grow to $982.4 million. Plus, even after shouldering some of FCA's debt, the automaker carries an enterprise value of $12 billion, Bloomberg reports. Just as the company starts trading on the New York Stock Exchange, the share price is already racing upward, too. As of this writing, Ferrari stock, which is listed under the symbol RACE, is priced at $57.59. At its high so far today, the value reached as high as $60.95. While Ferrari is looking strong, the big winner in this success looks to be FCA because the company should raise $4 billion in the spin-off, according to Bloomberg. With nine percent of the sports car maker on the NYSE and one percent for the underwriters, another 80 percent will be distributed to FCA investors in 2016. When that's through, Exor, the holding company for the Agnelli/Elkann family, should have the largest stake at about 30 percent. Piero Ferrari holds the remaining 10 percent and has no intention to sell it. Related Video: FCA Announces Pricing of Initial Public Offering of Ferrari N.V. Common Shares Fiat Chrysler Automobiles N.V. (NYSE: FCAU/MI: FCA) ("FCA") and its subsidiary Ferrari N.V. ("Ferrari") announce today the pricing of Ferrari's initial public offering of 17,175,000 common shares at an offering price of $52 per share for a total offering size of $893.1 million ($982.4 million if the underwriters exercise the option described below in full). The shares are expected to begin trading on the New York Stock Exchange on Wednesday, October 21, 2015, under the symbol "RACE", and closing of the offering is expected to occur on October 26, 2015. In addition, the underwriters have a 30-day option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA. The offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016. UBS Investment Bank is acting as Global Coordinator for the offering.