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2015 Fiat 500C Abarth Automatic

"I would not, could not in a tree. Not in a car, you let me be. I do not like them in a box. I do not like them with a fox. I do not like them in a house. I do not like them with a mouse. I do not like them here or there. I do not like them anywhere. I do not like green eggs and ham. I do not like them Sam-I-Am." Why am I quoting Dr. Seuss' classic children's tale in the review of a small Fiat? Well, much like oddly colored eggs and ham, for the 500C Abarth, Fiat has taken something formerly palatable and added a rather bizarre quality – a six-speed automatic transmission. "I do not like an auto trans," I said. "I'd only drive it in a van." What would happen to the 500 Abarth's hilariously charming and flawed character? Isn't an automatic gearbox diametrically opposed to the cheap and cheerful driving pleasure inherent in the scorpion-badged Cinquecento? After a week behind the wheel, I was shocked to find that the auto Abarth is nearly as entertaining as its clutch-equipped counterpart. Driving Notes The Aisin six-speed automatic is beefed up for the higher torque of the hot 500 Abarth, and the final drive ratio is shorter. Despite the Abarth's spicier character, the shifter retains the same PRNDL pattern and piano-black surround as the standard 500. While I laud Fiat for offering a correct shifter layout to the manual-shifting scheme – pull to upshift and push to downshift – that smart move is overshadowed by the lack of wheel-mounted paddle shifters. There's not much else to complain about with the new automatic, because on the road it delivers similar performance to the five-speed manual. Upshifts are smooth and quick in the standard setting, and only get sharper if you push the Sport button on the dash. On top of that, wide-open-throttle upshifts show off the sonorous voice of the Abarth-tuned exhaust. It pops and cracks and belches in a horribly, hilariously anti-social way. I love it. The twin pipes are just as vocal on the rev-matched downshifts. The gearbox isn't as quick to drop ratios as some of its two-pedal competitors, like the dual-clutch-equipped Volkswagen GTI or even the traditional automatic offered in the Mini Cooper S (coincidentally also an Aisin unit). That said, the difference isn't significant enough to count as a major demerit. One minor change with the transmission is the power output. While the manual model has 160 horsepower, the auto drops to 157. Torque, though, is up from 170 pound-feet to 183 lb-ft.

Ferrari and FCA are officially separated

It's been a long time in the making, but it's officially happened: Ferrari is no longer part of Fiat Chrysler Automobiles. Following the Italian automaker's initial public offering, it has officially split off from its former parent company. As part of the spin-off, FCA's stakeholders will each receive one common share in Ferrari for every ten they hold in Fiat Chrysler. Special voting shares will be distributed in the same proportions to certain shareholders as well. Those shares being distributed will account for 80 percent of the company's ownership. Another ten percent was floated as part of the company's IPO, while the remaining 10 percent is held by Enzo's son Piero Ferrari (pictured above at center), who serves as vice chairman of the company. The shares will continue to be traded under the ticker symbol RACE on the New York Stock Exchange, and will begin trading this week as well under the same symbol on the Mercato Telematico Azionario, part of the Borsa Italiana in Milan. Since the extended Agnelli family headed by chairman John Elkann (above, right) holds the largest stake in FCA, expect it to continue controlling the largest portion of Ferrari shares as well. Between them, nearly half of the shares in the supercar manufacturer – and we suspect a little more than half of the voting rights – will be controlled by the Agnelli and Ferrari families, who are expected to cooperate to ensure the remaining shareholders don't attempt a takeover of the company. Similar to its former parent company, which operates out of Turin and Detroit, the Ferrari NV holding company is nominally incorporated in the Netherlands, but the automaker will continue to base its operations in Maranello, Italy. That's where it's always been headquartered, on the outskirts of Modena. For the time being, Sergio Marchionne (above, left) remains both chairman of Ferrari and chief executive of FCA – a position to which he is not unaccustomed, having previously headed both Fiat and Chrysler before the two officially merged. Related Video: Separation of Ferrari from FCA Completed LONDON, January 3, 2016 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA) and Ferrari N.V. ("Ferrari") (NYSE/MTA: RACE) announced today that the separation of the Ferrari business from the FCA group was completed on January 3, 2016. FCA shareholders are entitled to receive one common share of Ferrari for every 10 FCA common shares held.

Ferrari borrows $2.6 billion to finance FCA spinoff

Ferrari announced Monday that it is borrowing about $2.6 billion to finance its spinoff from Fiat Chrysler Automobiles. Here's how it breaks down: Ferrari NV, the automaker's parent company based in the Netherlands, is taking out loans totaling 2.5 billion euros. That's equivalent to $2.64 billion at current exchange rates, and is divided between a term loan of $2.12 billion and a revolving credit facility of $529 million. The larger term loan "will be used to refinance indebtedness owing to Fiat Chrysler Automobiles," among other purposes. That ought to constitute the lion's share of the $2.38 billion which the Prancing Horse marque was, according to reports last year, slated to pay its current parent company in order to help FCA fund its ambitious growth plans. The separate line of credit is earmarked "to be used from time to time for general corporate and working capital purposes of the Ferrari group." Though Ferrari is not expected to take any other Fiat Chrysler properties with it, the "group" in this case would include its various financial services and distribution arms around the world that may have been separately incorporated. As noted in the statement below, the financial arrangement "represents a further step towards the separation of Ferrari from the FCA Group," following the separate stock issues from both companies as independent from each other. FERRARI N.V. SIGNS ˆ2.5 BILLION SYNDICATED CREDIT FACILITY Ferrari N.V. (NYSE: RACE) ("Ferrari") announced today that it has entered into a ˆ2.5 billion syndicated loan facility with a group of ten bookrunner banks. The facility comprises a bridge loan (the "Bridge Loan") and a term loan (the "Term Loan") of ˆ2 billion in aggregate and a revolving credit facility of ˆ500 million (the "RCF"). Proceeds of the Bridge Loan and Term Loan will be used to refinance indebtedness owing to Fiat Chrysler AutomobilesN.V. (NYSE: FCAU) ("FCA") and other indebtedness and for other general corporate purposes. Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Ferrari group. The Bridge Loan has a 12 month maturity with an option for Ferrari to extend once for a six-month period. Ferrari intends to refinance the Bridge Loan prior to its maturity with longer term debt, including through capital markets or other financing transactions. The Term Loan, which comprises a majority of the total facility, and the RCF each have a maturity of five years.