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Ferrari names Edwin Fenech head of North American office

Ferrari North America has been sailing without a captain for the past several months since its previous chief executive, Marco Mattiacci, was called home to Italy to run the Scuderia. But now the Italian automaker has announced a new capo to run the office in New Jersey, and his name is Edwin Fenech.
Not to be confused with the French-Italian actress Edwige Fenech (who obviously showed up in our research before the Ferrari exec did), Edwin Fenech has a long history of running regional offices for the Prancing Horse marque. Prior to making the jump to the North American division, Fenech ran the company's operations in the Middle East, Africa, Asia Pacific and China, and previously served as sales and marketing director for France and sales manager for all of Europe.
Now in charge of Ferrari's largest market, Fenech will be responsible for expanding the company's presence not only in the United States - in which Ferrari has been present now for sixty years - but also in Canada as well as Central and South America.

The real Wolf of Wall Street's Ferrari Testarossa is for sale

In 2013, acclaimed filmmaker Martin Scorsese profiled the rise and fall of financial crook Jordan Belfort in the movie The Wolf of Wall Street, with Leonardo Di Caprio in the lead role. Now you can own an automotive piece of that fascinating real-life tale by buying Belfort's 1991 Ferrari Testarossa. According to the seller, Belfort bought the Ferrari in New York in 1991. He must not have driven it very much, though. There have been other owners since him, but the Testarossa still has only covered 8,300 miles. With its white exterior, your friends might think you're trying to emulate Sonny Crockett from Miami Vice, and the interior has beige leather, which still looks to be in great condition. To prove Belfort's ownership, the sale comes with his name and address in the warranty book and on supply invoices. There's even a set of matching luggage, and the seller allegedly found a $50 bill in one of the bags' lining. Even if Belfort didn't drive the Testarossa too much, he might have had some fun with it. According to the listing, "it was involved in a 'Wolf' moment as early as the original test drive." However, the seller will only tell the next buyer what that means. Belfort's Testarossa is currently for sale in Monaco for an undisclosed price, but as a car formerly used in the United States, it might not be too hard to bring back. If you do decide to buy Belfort's Ferrari, remember to treat The Wolf of Wall Street as a cautionary tale. Related Video:

Ferrari's stock price falls off a cliff

The stock price skidded. The stock price stalled. Use whatever automotive analogy you want. It was a bad day for Ferrari on the New York Stock Exchange. Warning that sales growth would slow because of the economic slump in China, Ferrari NV watched its stock price slump accordingly. Shares of the company were down more than 13 percent in afternoon trading, falling to $34.64. Sprung from the Fiat Chrysler Automobiles less than four months ago, Ferrari's stock has lost a third of its value since its October initial public offering and is nearly half the price of its $62 high set days after the IPO. In a conference call with investors, chairman Sergio Marchionne said the company expected to ship approximately 7,900 vehicles this year. Marchionne said the company would be "fine" over the long term as long as it maintains a decades-long philosophy of maintaining strong demand. That means Ferrari won't follow some of its sports-car competitors who have broadened their vehicle portfolio's with the addition of SUVs. Marchionne bristled at such a suggestion. "You have to shoot me first," he told Bloomberg. But never say never? Previously, Ferrari had restricted its output to 7,000 vehicles per year. The company is already past that number, and Marchionne foresees the possibility that it could rise to approximately 9,000 by 2019. In a regulatory filing, Ferrari said, "we believe we can grow in a controlled manner while preserving the exclusivity of our brand by continuing to explore controlled growth in emerging markets to capitalize on the substantial wealth creation and the growing affluent populations in those markets." For now, those markets won't include China. Shipments there decreased 22 percent in 2015, even as worldwide output increased. Related Video: