The 18th Annual Aston Martin Auction took place at the old Factory and raised over £5 million.

The 18th annual Aston Martin Sale, held at Aston Martin Works in Newport Pagnell and hosted by international auction house Bonhams, achieved over £5 Million last weekend.

One of the surprise stars of the show was a 1996 Aston Martin V8 Sportsman Estate Car, one of only three created, originally converted to its shooting brake format at Aston Martin Works. The rather unique and bespoke Aston Martin sold for an incredible £337,500.

Another highlight was a 1964 Aston Martin DB5, which took £561,500, making it the top lot of the day. The iconic car drew many bids and eventually went to a telephone bidder who now owns a piece of automotive history. 

Other early ‘DB’ models proved popular: a 1961 Aston Martin DB4 ‘Series III’ 4.2-Litre Sports Saloon achieving £399,100 and a 1970 Aston Martin DB6 Mark 2 Vantage Sports Saloon selling for £382,300.

The 2017 Aston Martin Sale also celebrated more modern cars. A 1989 Aston Martin V8 Vantage Volante ‘X-Pack’ 7.0-Litre, achieved £387,900 after a long bidding exchange between two keen bidders whilst the 1997 Aston Martin Vantage V600 Coupé realised £253,500 and the 2000 Aston Martin Vantage Le Mans Coupé sold for £309,500.

Aston Martin President and CEO, Dr Andy Palmer said: ““We are very proud of our heritage at Aston Martin so it is fascinating to hear about the histories of the cars that come up for sale at these auctions. Some of our cars have led extremely interesting lives.”

Tim Schofield, Head of Bonhams Motoring Department added: “Even in our 18th year at Aston Martin Works, we are seeing a continued interest and enthusiasm for our sale. Bonhams prides itself on the breadth of its offerings at auction, and despite its single-marque status, this sale is no different. With lots ranging from a barn-find projects to race-ready lightweight competition cars, this sale had something for all admirers of the Aston Martin and Lagonda marques. We look forward to continued success at our Festival of Speed sale on 30 June.”

New cars haven’t been built at Aston Martin Works since 2007 when production moved to Gaydon. Aston Martin Works devotes unrivalled skill and experience to preserving Aston Martin’s heritage but this year that is set to change. It was announced late last year that the iconic DB4 G.T. would be brought back to life by Aston Martin Works, making it the first Aston Martin to built at Newport Pagnell since 2007. Just 25 track-only continuation cars will be built.

The original Jaguar Xj12-C Broadspeed used in the New Avengers by John Steed smashes target by over £50k

• 1976 XJ12-C Broadspeed as seen on popular 1970’s TV series The New Avengers fetches £62,000 at H&H Classics’ auction in Duxford
• John Steed’s on-screen hero-car sells to private collector after 20-year hibernation
• ‘NWK 60P’ another example of increasing desirability and values of Jaguar Heritage models after fetching £50,000 over initial estimates
• Wears chassis number eight and originally made as a pre-production prototype before starring in the cult ‘70s TV show

The original Jaguar XJ12-C Broadspeed that appeared in the cult 1970’s TV series, The New Avengers, has sold at auction today for £62,000 – some £50,000 over initial estimates.

The iconic Jaguar, driven by secret agent John Steed (played by Patrick Macnee) in the hit series, began life as a pre-production prototype vehicle for the marque. Bought by a private collector at the H&H Classics’ auction at the Imperial War Museum in Duxford, Cambridge, the XJ12-C completed its early development and testing work with Jaguar before being sent to Broadspeed Engineering Ltd. to be fitted with upgraded bodykit including wider bumpers and wheelarches plus bigger wheels and tyres in preparation for filming.

The car wears chassis number eight (2G1008BW) and features the original 5.3-litre V12 engine that powered secret agent Steed’s British sportscar during the 26-episode series.

Following the series finale in 1977, ‘NWK 60P’ was then sold and passed through the hands of multiple keepers and eventually put up for auction at the NEC Classic Car Show in the early 1990s. After the sale, the famous Jaguar disappeared from public view and remained in hibernation for the next two decades – during which time the car has been subjected to vandalism and general disrepair.

Tim Hannig, Managing Director, Jaguar Heritage, said: “There is no arguing about the desirability of this iconic Jaguar. The XJ12-C Broadspeed still looks fantastic today and although the condition of NWK 60P has deteriorated over the 20 years its been locked up, it still shows how the demand for Jaguar Heritage models has increased in recent times along with their values. We hope to see the car back on the road in the near future and we will continue to support owners of cars such as this famous XJ12-C through our Jaguar Heritage business.”

Nick Delaney, Business Development Manager of H&H Classics, said: “It is fantastic to see this Jaguar XJ12-C from The New Avengers TV Series back in public view again after being locked away for so long. The sale price of £62,000 is truly remarkable considering it fetched more than £50,000 over initial estimates. It just proves the appeal of not only the programme but also of the car itself. Buyers are seeing the investment potential with classic Jaguars and the added provenance of this car means that it, once fully restored to working order again, will be even more valuable.”

Jaguar Heritage forms part of Jaguar Land Rover’s Special Operations division and has been born to support the brand’s passion in nurturing and preserving its rich heritage of vehicles and supporting its loyal customer base across Jaguar’s global sales network. Jaguar Heritage boasts a catalogue of over 30,000 original spare and replacements parts for generations of Heritage models 10 years out of production. Furthermore, Jaguar’s Heritage workshop at Browns Lane, Coventry, carries out warrantied servicing and restorations on the marque’s classic models.

John Steeds Jaguar XJC 12 going up for auction, its in a bad way, but this MUST be saved, as he passed recently.

Steed, Gambit, Purdey: cult fantasy secret agent series The New Avengers was one of the hits of the mid-1970s. But the other star alongside Patrick Macnee, Gareth Hunt and Joanna Lumley was this 1976 Jaguar XJ-C 12, now for sale at H&H Classics on 14 October 2015 with the very modest estimate of just £10,000 to £12,000.

John Steed's famous Jag, in Racing Green, was the eighth XJ-C 12 made and originally an experimental model featuring a Broadspeed body kit and extra-wide wheels fitted for the TV series.

Dry-stored for many years and now in need of restoration, it comes to the market as a dream project for someone who loves a ‘barn-find’.

There can be very few British cars that speak more eloquently of the automotive culture of the UK in the 1970s than this burly, rakish, cool brute that was John Steed’s Big Cat.

This smooth secret agent was well matched by the equally elegant but tweaked, tuned and pumped up version of Jag’s pillarless XJ Coupé that boasted a dozen cylinders offering 5.3 litres.

Driven by an elegant man in Savile Row tailoring and a bowler hat, the car, gritty Gambit and purring Purdey were perfect foils for him and the oh-so-British action.

Damian Jones, Sales Director of H&H Classics, comments: “Who of us who remember the series did not at one time or another fancy ourselves at the wheel of this car? Now there is a chance to make that fantasy a reality for a very nominal amount. And who knows, maybe the chance to find a modern-day Purdey in the passenger seat!”

Lexus extends finance deposit allowance upto double on some models, making a Lexus a good buy now !

Extra savings for private and business customers

Lexus always delivers great value for money, but this month customers can enjoy significant savings when they purchase a new vehicle from the market’s widest range of premium hybrid models in the Lexus Summer Sale.

There is no compromise on the luxury, advanced technology and market-leading customer service you would expect from Lexus; the only thing that is being reduced is the amount of money it costs to secure a new car.

The offers apply to all new CT 200h, IS 300h, GS 300h and GS 450h models and the RX 450h F Sport, giving customers an exceptional breadth of choice across Lexus’s range of stylish and efficient hybrids.

The focus of the sale is a £1,000 boost in the Finance Deposit Allowance, on top of the current allowance figure. That means the allowance increases to £2,500 for CT 200h models and to £3,500 for the IS 300h sports saloons. The figure for GS 300h and 450h is £2,000, and for the sharply styled RX 450h F Sport, it amounts to support worth £3,000. Lexus is confident this generous contribution will open up the possibility of new car ownership to many new customers.

The “grand” deal applies to new vehicle purchases ordered and proposed for finance through Lexus Connect up to 30 June, and registered by 31 July.

For fleet customers, the same models can be financed through Lexus Business Drive with monthly payment savings of up to £20 during the same period.

Peugeot Citroen (PSA) celebrate a successful year around the globe.

• PSA Peugeot Citroën unit sales up 4.3% to 2,939 million vehicles in 2014 compared to 2013
• China now the Group’s largest market, with unit sales up 31.9% to 734,000
• Strong growth in Europe,with 1,761,000 vehicles sold, for an increase of 8.1%
• Worldwide success for the entire PEUGEOT product range: globalisation of models that end in 8 and successful move upmarket with a strong contribution from the PEUGEOT 308 and the PEUGEOT 2008 and 3008 crossovers
• Good performance from CITROËN-brand models: the new CITROËN C4 Picasso is the European leader in the MPV segment, the CITROËN C4 Cactus has exceeded objectives since launch and the C-Elysée has been resounding success in China, where it is Dongfeng Peugeot Citroën Automobile’s (DPCA’s) best-selling model with more than 100,000 units sold
• Global launch of DS as the Group’s premium brand
• Tangible results from the Group’s inventory reduction initiatives, with inventories at end-December significantly lower than initially expected

Europe

The Group sustained its results in a growing, yet fragile market.

• Group sales in Europe rose 8.1% year-on-year to 1,761,000 units, reflecting the favourable market reaction to the Peugeot 308, voted 2014 car of the year (56,900 units sold), and the positive results of the CITROEN C4 Cactus.
• Registrations of PEUGEOT-brand vehicles increased by 6.2% to 952,000 units. The range’s updated and consistent model line-up, combined with the dealership network’s management of net pricing and a high standard of service quality enhanced the brand’s attractiveness and helped it deliver robust, profitable growth. Peugeot gained 0.3 points in the consumer sales channel, a benchmark indicator.
• CITROËN outperformed the market while focusing on the most profitable distribution channels, with registrations up 7.2% to 689,000 units and market share gains in France, the United Kingdom, Spain and Germany. This positive momentum was driven by the brand’s successful product offensive, headed in particular by the new C4 Picasso, the European MPV leader with 120,000 units sold in 2014, and the year’s three successful model launches: the new Jumper introduced in April (31,000 units sold), the new C1 (41,000 units sold) and the C4-Cactusintroduced in June (42,000 units sold).
• DS registrations in Europe totalled 85,900 units. The brand is concentrating on profitable sales channels to preserve its models’ long-term resale value. In addition, 61 dedicated points of sale (58 DS Salons and three DS Stores) have been opened. The year was shaped by a technological offensive that included the introduction of six new powertrains and a new Xenon Full-LED signature.

China and Southeast Asia

The PEUGEOT, CITROËN and DS brands all set new sales records in China, which is now the Group's largest market.

• The Chinese market again expanded significantly, with demand up 11,5%. The Group achieved unit sales of 734,000, lifting its market share to 4.4% from 3.6% in 2013.
• The PEUGEOT brand had another record year with unit sales rising 43.1% to 386,565, the strongest increase among the market’s top 20 players.The PEUGEOT 3008 and 2008 fully benefited from growth in the SUV segment and accounted for a third of Dongfeng Peugeot’s sales. In the C segment, which represents 52% of the Chinese passenger car market, the new Peugeot 408 got off to a quick start with 30,943 units sold in four months. The brand also added 100 dealerships to its network in 2014.
• CITROËN also outpaced the market, setting a new sales record with growth of 14.3% to 320,000 units sold. China now accounts for more than one out of four CITROËN sold worldwide and has confirmed its status as the brand’s leading market, ahead of France. This performance was driven in part by the success of recent launches, including the new CITROËN C-Elysée, Dongfeng Citroën’s best-selling model with more than 100,000 units sold in 2014, and the Citroën C4-L, which sold 66,000 units during the year.The brand extended its line-up in December with the introduction of the C3-XR SUV. The year’s performance was also supported by Dongfeng Citroën’s increasingly tight-knit and well-respected dealership network, which ranked first in JD Power’s 2014 China Sales Satisfaction Index (SSI) study.
• Sales of DS-brand models have taken off in China, for a total of 26,000 units in 2014, thanks to a premium line-up comprising three models produced in Shenzhen and launched just one year ago: the DS5, the DS 5LS and the DS 6.  At the same time, the brand has actively developed its distribution network with 80 DS Stores covering China's 60 largest cities. China now accounts for 22% of the brand’s worldwide registrations, versus 2% in 2013.

Eurasia, Latin America, Middle-East & Africa, Asia-Pacific

In the rest of the world, the market environment was difficult in 2014 due to a decline in automobile sales and unfavourable exchange rates.As a result, PSA Peugeot Citroën focused on profitability by applying a rigorous pricing policy.

• In Eurasia, the Group put an emphasis on local production of the PEUGEOT 408 and the CITROËN C4 Sedan, which together captured 8% of their segment in Russia with 6,500 and 9,000 units sold, respectively.
• In Latin America, in a difficult economic environment, the Group recorded 200,000 units sold and strengthened its position in Argentina, achieving a market share in that country of 15.1%. Recent launches delivered results, with 49,000 units sold for the PEUGEOT 208 and more than 13,000 units sold for the CITROËN C4 Lounge. Sales of the Citroën C3 held up well, at 35,300 units.
• In the Middle-East & Africa, priority was given to improving profitability in an unfavourable currency environment. The Group maintained strong positions in numerous countries, leading the market in Tunisia and France's overseas departments and ranking second in Morocco. Peugeot was the second best-selling brand in Algeria and achieved strong growth in Egypt, with unit sales up 77%.

The PEUGEOT 301 and CITROËN C-Elysée were again the leading models in 2014, with 30,400 and 14,800 units sold, respectively.Launched during the course of the year, the flagship PEUGEOT 2008 and PEUGEOT 308 achieved unit sales of 8,400 for the first and 7,400 for the second. Sales of light commercial vehicles increased year on year.

• The India-Pacific region saw an increase in sales with the successful launches of the PEUGEOT 2008 (1,000 orders in 3 months), the PEUGEOT 308 (3,200 units sold) and the CITROËN C4 Picasso (1,450 units sold).

Commenting on these results, the Chief Executive Officers of the three brands made the following remarks:

Maxime Picat, Chief Executive Officer, PEUGEOT Brand: “In terms of sales, 2014 was a year of success for PEUGEOT, with a 5.4% increase in worldwide unit sales and remarkable growth of more than 43% in China. It was also a success for our drive to globalise models that end in 8, as seen in strong demand for the 308 and the 2008 and 3008 crossovers. This situation allows us to look towards 2015 with confidence.”

Linda Jackson, Chief Executive Officer, CITROËN Brand: “2014 was a very vibrant year for CITROËN, with a double title in the FIA World Touring Car Championship (WTCC), sales growth of 4% and four launches that embody the brand’s renewal. More than ever, CITROËN represents creativity and technology, combined to promote well-being.” 

Yves Bonnefont, Chief Executive Officer, DS Brand: “In June 2014, we affirmed our ambition to make DS a global premium brand through a long-term strategy based on enriching our line-up and deploying internationally. In 2014, DS took off in China, with the successful launch of our two new models.”

Ferrari sell off helps Fiat Chrysler Automobiles Debt drop by up to $894 Million.

Fiat Chrysler Automobiles expects its net industrial debt to drop by about $894 million (715 million euros) thanks to a planned Ferrari spin-off, a regulatory filing showed on Wednesday.

FCA had already said in a separate filing with U.S. market regulator SEC earlier this month that it would receive 2.25 billion euros from Ferrari before it spins off the luxury sportscar unit from the group next year.

The company added on Wednesday that this payment and the removal of Ferrari's own debt of 133 million euros from the parent group's accounts would be offset by the loss of Ferrari's cash and receivables worth 1.67 billion euros.

FCA had net debt of 11.37 billion euros at end-September. The company added in the filing that the final impact on its debt could "differ materially" from the projected amount given potential changes to its own and Ferrari's debt at the time the spin-off occurs.

CEO Sergio Marchionne, who also serves as Ferrari chairman, said in October he would spin off the unit, sell a 10 percent stake via a public offering and distribute the rest of FCA's stake in the luxury sports car brand to its shareholders.

The spin-off is part of a bigger capital-raising plan that also includes a $2.5 billion mandatory convertible bond issue and a share sale to help cut debt and fund an ambitious business plan at the world's seventh-largest carmaker.

Marchionne said at the time that all the measures would inject 4 billion euros into the group.

REPORT HERE

FCA to sell of Ferrari to raise funds to grow main businesses.

The Board of Directors of Fiat Chrysler Automobiles N.V. (NYSE: FCAU) (“FCA”) today announced that it has authorized the offer and sale of FCA common shares and mandatory convertible securities in offerings to be registered with the U.S. Securities and Exchange Commission.

FCA anticipates that it will offer up to 100 million FCA common shares including 35 million common shares currently held in treasury by FCA and approximately 54 million common shares that will be issued by FCA to replenish the share capital canceled following the exercise by Fiat S.p.A. (“Fiat”) shareholders of cash exit rights under Italian law in connection with the cross-border merger of Fiat S.p.A. into FCA. 

Those Fiat shares were redeemed and cancelled in the merger as required by Italian law. 

U.S.$2.5 billion in aggregate principal amount of mandatory convertible securities are expected to be offered in an SEC-registered offering to U.S. and international institutional investors. 

The mandatory convertible securities will be mandatorily convertible into FCA common shares at maturity. The interest rate, conversion rates and other terms and conditions of the mandatory convertible securities will be determined at pricing of the offering. It is expected that investors participating in the offering, subject to completion of the spin-off of Ferrari being announced today, will be entitled to participate in the spin-off and receive shares of Ferrari pursuant to customary provisions adjusting the conversion terms.

The offerings are expected to be completed by the end of 2014. The timing of the offerings remains subject to market conditions, as well as registration requirements under applicable law.

Ferrari sold at auction commands highest ever price, over $38 million.

1962/63 Ferrari 250 GTO Auctioned for Record-breaking $38,115,000 USD Among the Landmark Sales so far at Monterey Car Week

At the Bonhams auction, records were shattered as the 1962/63 Ferrari 250 GTO, chassis number “3851GT”, sold for $38,115,000 USD. This is the most ever paid for an automobile at auction, underscoring the unrivalled desirability for Ferrari in the collector car market and the continued dominance of the brand at auctions worldwide.

This Ferrari 250 GTO is now, effectively, the most valuable and coveted car in the world.

This car was the 19th Ferrari GTO to be completed and was invoiced on September 11, 1962.  It was most recently owned by Italian enthusiast Fabrizio Violati and was the centerpiece of his Collezione Maranello Rosso of precious Ferraris previously on view to the general public in the Republic of San Marino.

Violati acquired this 250 GTO in 1965 for 2,500,000 Lire, then around $4,000 USD or £1,400 Sterling, equating to around £22,000/$33,500 today. It was originally finished in metallic pale grey with lengthwise red, white and blue centerline stripes when acquired by its first owner, French privateer Jo Schlesser.

No other mark is commanding attention and achieving such spectacular values so far in Monterey like Ferrari, with total Ferrari sales today at Bonhams totalling just under $65 Million USD.  Additional notable sales today at Bonhams include:

1958 Ferrari 250 GT Series 1 Cabriolet – $6,820,000 USD

1953 Ferrari 250 Mille Miglia Berlinetta – $7,260,000 USD

1969 Ferrari 365 GTB/4 ‘Daytona’ Berlinetta Competizione – $935,000 USD

1962 Ferrari 250 GT Short-Wheelbase Speciale Aerodinamica – $6,875,000 USD

1978 Ferrari 312 T3 Formula 1 Racing Single-Seater - $2,310,000 USD

USA - FIAT agrees terms with UAW to take control of Chrysler Group

FIAT S.p.A. (“FIAT”) today announced an agreement with the VEBA Trust[1], under which its wholly owned subsidiary, FIAT North America LLC (“FNA”), will acquire all of the VEBA Trust’s equity membership interests in Chrysler Group LLC (“Chrysler Group”), representing the 41.4616% of Chrysler Group not currently held by FNA.  The transaction is expected to close on or before January 20, 2014.

In consideration for the sale of its membership interests in Chrysler Group, the VEBA Trust will receive aggregate consideration of U.S. $3,650 million consisting of:

• a special distribution payable by Chrysler Group to its members, in an aggregate amount of approximately U.S.$1,900 million (FNA’s portion of the special distribution will be paid by FNA to the VEBA Trust as part of the purchase consideration)[2]; and
• at closing, FNA will pay the remainder of approximately U.S.$1,750 million in cash purchase consideration to the VEBA Trust.

FIAT expects to fund the U.S. $1,750 million in cash from available cash on hand.  Chrysler Group expects to fund the special distribution from available cash on hand.

Contemporaneously with the transactions described above, Chrysler Group and the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the “UAW”) have agreed to a memorandum of understanding under Chrysler Group’s existing collective bargaining agreements to provide for additional contributions by Chrysler Group to the VEBA Trust of an aggregate of U.S. $700 million in four equal annual installments.  The initial payment will be made on closing of the transaction with FIAT and additional payments will be payable on each of the next three anniversaries of the initial payment. Chrysler Group expects to fund the initial contribution to the VEBA Trust from available cash on hand.

In consideration for these contributions, the UAW will agree to certain commitments to continue to support the industrial operations at Chrysler Group and the further implementation of the FIAT-Chrysler alliance, including to use best efforts to cooperate in the continued roll-out of FIAT-Chrysler World Class Manufacturing programs, actively participate in benchmarking efforts associated with implementation of these programs across all of FIAT-Chrysler manufacturing sites to ensure objective performance assessments and provide for proper application of WCM principles, and actively assist in the achievement of the Group’s long-term business plan.

“I have been looking forward to this day from the very moment that we were chosen to assist in the rebuilding of a vibrant Chrysler back in 2009,” said John Elkann, Chairman of FIAT. “The work, commitment and achievement I have witnessed from Chrysler over the past four and a half years is nothing short of exceptional, and I take this opportunity to officially welcome each and every one of the people in the Chrysler organisation to the integrated FIAT-Chrysler world.”

Sergio Marchionne, Chief Executive of FIAT and Chairman and CEO of Chrysler Group, had this to say: “In the life of every major organisation and its people, there are defining moments that go down in the history books. For FIAT and Chrysler, the agreement just reached with the VEBA is clearly one of those moments. I will be forever grateful to the leadership team for the support and unwavering dedication shown to the integration project that today has taken its final shape. The unified ownership structure will now allow us to fully execute our vision of creating a global automaker that is truly unique in terms of mix of experience, perspective and know-how, a solid and open organisation that will ensure all employees a challenging and rewarding environment.”

As part of the transactions, FNA and the VEBA Trust will agree to dismiss with prejudice the current proceedings before the Delaware Court of Chancery with respect to the interpretation of the call option agreement pursuant to which FIAT has, through FNA, exercised three tranches of a call option to acquire membership interests in Chrysler Group held by the VEBA Trust.  All of these membership interests will be acquired by FNA in connection with the transactions described above.

Given the funding arrangements for this transaction, it is not envisioned that FIAT will require equity capital to be raised via a rights issue.

[1] The UAW Retiree Medical Benefits Trust, a Voluntary Employees’ Beneficiary Association, is an independently administered trust established to pay health care benefits for retirees from Chrysler.

[2] In the event that the special distribution from Chrysler Group cannot be paid by the intended closing date (January 20, 2014 or earlier) FIAT intends to make payment to the VEBA Trust of the aggregate consideration and thereafter receive the special distribution when it is the 100% owner of Chrysler Group.