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Auto investor Kirk Kerkorian dead at 98

Kirk Kerkorian, among the most talked-about investors in the American auto industry in recent memory, died at the age of 98 in Los Angeles on Monday, June 15. The billionaire ran the investment company Tracinda Corp. and was the largest shareholder in MGM Resorts International. Kerkorian attempted to use his power as a well-financed investor to push the auto industry in some fascinating ways. In 2006, he used his nearly 10-percent stake in General Motors to push a merger with the Renault-Nissan Alliance. The deal made it as far as discussions, but eventually fell through. Kerkorian also attempted to purchase Chrysler - twice. According to Automotive News, the first effort came in 1995 with a $22.8-billion offer for the automaker, and soon after it failed the company merged with Daimler. Then in 2007, Kerkorian was back with a bid for $4.5 billion, but things eventually fell to Cerberus. The billionaire finished the trifecta by buying up $1 billion in Ford stock in 2008 to make Kerkorian the single largest investor in the company. However, the situation didn't last long, and by the end of that year, he had unloaded the shares. According to Automotive News, Kerkorian was ranked by Forbes as the world's 41st richest man in 2008 with a net worth of $16 billion. News Source: Automotive News - sub. req.Image Credit: Joe Cavaretta / AP Photo Celebrities Earnings/Financials Chrysler Ford GM obituary

FCA to pay buyers $1,700 to swap out of scandal-mired VWs

FCA is trying to gain some sales from arch-rival VW in the competitive European market by offering potential buyers in Italy up to $1,700 to swap into an FCA group car. While the promotion isn't specifically targeted at TDI owners affected by the emissions scandal, it is clearly intended to turn dissatisfaction with VW's defeat device cheat into additional sales, Bloomberg reports. The 500-1,500 euro incentive (roughly $560-1,700, depending on vehicle) stacks on top of any other rebates or deals applicable, and applies if a buyer brings in any of Volkswagen Group's cars – including Audi, Skoda, and SEAT, among (many) others. As Bloomberg notes, it's normal for automakers to offer "conquest" deals – giving a buyer cash for trading in a competitor's vehicle. Those deals aren't usually limited to one company's products, however; FCA's program looks specifically to take advantage of VW's legal and public relations nightmare. FCA isn't the only automaker trying this trick in Italy. Automotive News Europe also reported that Ford is offering approximately $840 in incentives across its entire range to owners of VW vehicles seeking to trade in for a Ford. No word of yet as to whether these incentives will spread beyond Italy or to other automakers.Related Video:

Chip Ganassi Racing switches to the Ford EcoBoost-powered Riley Daytona Prototype

Chip Ganassi Racing with Felix Sabates (CGRFS) announced yesterday at Ford's SEMA press conference that it will field a Ford-Riley Daytona Prototype with the 3.5-liter EcoBoost V6 in the 2014 United SportsCar Championship (USCC). CGRFS is the second team to commit to the new Ford-Riley car, behind Michael Shank Racing (which has already used the racecar to break a 26-year-old top-speed record at Daytona International Speedway).
"Over the last 10 seasons we have been able to experience a great deal of success in Grand-Am," Chip Ganassi says, "and now with the dawn of the new United SportsCar Championship we feel that Ford power will be a key ingredient to writing the next chapter of our sports car program."
In the last Grand-Am season, CGRFS raced a BMW-Riley Daytona Prototype. The team has won seven Daytona Prototype championships, all in the past ten years. Scott Pruett and Memo Rojas return as the team's prototype co-drivers, and will attend their maiden race in the Ford-Riley at the Rolex 24 at Daytona in January.