“They were selling dozens each month and making millions of euros a year. “It was a very well run Mafia operation.” Those arrested are being held on suspicion of fraud, conspiracy and receiving stolen goods. Carofiglio said one of the cars seized was a flaming red F360, which is no longer made. It was selling at 100,000 euros - half what it should cost. Dozens of false Ferraris have been seized in Italy over the last 25 years.
Scroll down for more … Fake versions of Ferraris like this were being sold online by the Mafia Twenty-one of the fake cars were seized in Palermo and were put together using parts salvaged from stolen cars and write-offs. General Carofiglio described the fake mechanics as “extremely talented” and said that they also used second-hand American Pontiacs before selling them on for a huge profit. He added that a used car cost them 3,000 Euros, while the finished product fetched 20,000-50,000 Euros.
The brand s 15-strong UK network has been piloting the Ferrari Approved programme since last May and will begin to actively promote it from this week on its website. Massimo Fedeli, Ferrari s UK managing director, speaking exclusively to Motor Trader, said a key aim of the initiative is to reduce the flow of used Ferraris into the independent and private sectors and increase the brand s penetration.
Ferrari UK has launched its own ‘approved used’ car service, called Ferrari Approved, that has been set up to allow certification of appropriately high quality second-hand Prancing Horses. Covering the all versions of the 360, 430, 465M, 612, 550, 575 and 599 models, with the oldest being made in 1998, Ferrari Approved is a comprehensive scheme to say the very least.
Meanwhile, down on Wall Street some people are still whining about how much Nokia paid for Navteq, referencing silly EBITDA ratios. They’re drinking the short-term, make-me-rich-today-not-tomorrow Wall Street Kool-Aid. The EBITDA ratio is just a current guesstimate calculation, and means almost nothing about the real value of a company in the future. It would be like saying the value of a used car can be based upon a ratio of the model year to the number of miles on the car.
SUMMERFIELD Say ciao, Summerfield. Come February, Steve Barney likely won’t be peddling new Italian sports cars on Summerfield Road. No, this longtime dealer of luxury cars has plans to take his Lamborghinis on a road trip to Greensboro. Barney, 64, is spending $1.2 million to build a new dealership on West Wendover Avenue, just a hop from downtown.
Fortified by coffee and doughnuts, we watch proud owners wielding last-minute toothbrushes and polishing rags. The immaculate natural scenery provides a spectacular backdrop for the chrome, brass, and steel before us. Launched in 1950, the Concours (pebblebeachconcours.com) has grown over the years into a weeklong celebration of vintage autos.
Dean Parsons, of Adderley Street, Uppingham, smashed the ВЈ70,000 sports car after spending the evening in a pub. But the 43-year-old, who was banned from the road at the time and had a four-month suspended prison sentence hanging over him for a previous drink-driving conviction, fled the scene. He then told friend Mark Bowen, of Newtown Crescent, Uppingham, he would pay him to accept responsibility for the crash. But Bowen admitted he had not been at the wheel after the pair were arrested.
The acquisition is expected to be earnings enhancing for the company. HR Owen chief executive Nick Lancaster said: This is a good opportunity to expand within our core luxury brand market. The new showrooms complement our existing Ferrari and Maserati franchises in London and the St Albans facilities will allow us to expand our new and used car operations that support these marques. The deal has been concluded despite HR Owen being the possible target of a takeover bid.
Ferrari has launched a new factory-approved scheme for used cars, called Ferrari Approved. Cars sold through the scheme will be have a minimum of a one year warranty and roadside assistance package. In addition, before they go on sale, all cars will have a 190-point technical inspection, an independent identity, mileage and ownership history check and verification there is no outstanding finance owing.