Turns out he was losing money on every deal after all. It’s hard to get a good deal on a new car , that is unless you’re shopping at Parkway Chrysler-Dodge-Jeep-Ram in the Detroit area. According to a legal investigation, a singular salesperson is responsible for costing FCA millions of dollars thanks to the illicit use of family discounts. This illegal practice has been going on since 2014 and has benefited thousands of customers who claim to somehow be related to the generous salesman. According to recent court filings, the defendant was at times to number one user of this restricted discount coding making him the more generous car sales person in America. This robin hood like character was indeed losing money on his deals to the tune of $8.7 Million lost due to discounts but his dealings were not all about giving to the needy. Homeland Security Investigations found that the perpetrator sold his discount codes on Facebook Groups and offered random customers the 5% family … [Read more...] about FCA Lost $8.7 Million From One Sales Guy Giving Family Discounts
The bosses at Ford and FCA made far less than Barra. General Motors CEO Mary Barra had the highest executive pay among the Big Three in 2020 by earning $23.7 million. She has a base salary of $2 million but also gets short-term incentives of $3.8 million and $13.1 million in stock, according to Automotive News . In 2020, Mike Manley was the CEO of Fiat Chrysler Automobiles before its merger with PSA to become Stellantis , and he made $14.2 million. Ford switched CEOs in October 2020. Jim Hackett, the previous boss, got $16.7 million, and the incoming Jim Farley received $11.8 million last year. Ford CEO Jim Farley Tesla also announced its executive pay. Elon Musk received no salary in 2020 . However, he has reached six of the predetermined milestones in his contract. This gives him the ability to purchase 50.6 million shares of the automaker for $70.01 per share. As of this writing, the company is trading at just below $700 a share, which means that Musk … [Read more...] about GM CEO Mary Barra Made $23.7M In 2020, Musk Technically Made Nothing
Formula 1 is a sport that arguably consumes money like no other on the planet. The sums involved are vast and, to be player, you have to have access to some serious cash. Fortunately – just like with thoroughbred horse racing's standing as the "sport of kings" – the prestige and status of F1 attracts some of the wealthiest people on the planet. So let’s take a look at them... As an entrée, just think about that Claro sticker on the rear wing of the Red Bull Racing car. Claro is the South American part of America Movil, a Forbes Global 2000 telecoms group that employs almost 200,000 staff and is headquartered in Mexico City – its reported revenues are north of $50 billion. Its chairman, Carlos Slim Helu, has a current net worth of $62.8 billion, according to Forbes – at the time of writing, he’s the world's 16 th richest man. He – along with son Carlos Slim Domit – has been the financial force behind driver Sergio Perez, who joined the team in 2021. His career has … [Read more...] about Who Are The Richest People In Formula 1?
Fortunately – just like with thoroughbred horse racing’s standing as the ‘sport of kings’ – the prestige and status of F1 attracts some of the wealthiest people on the planet. So let’s take a look at them... As an entrée, just think about that Claro sticker on the rear wing of the Red Bull Racing car. Claro is the South American part of America Movil, a Forbes Global 2000 telecoms group that employs almost 200,000 staff and is headquartered in Mexico City – its reported revenues are north of $50billion. Its chairman, Carlos Slim Helu, has a current net worth of $62.8billion, according to Forbes – at the time of writing, he’s the world’s 16th richest man. Red Bull Racing RB16B rear wing endplate Photo by: Mark Sutton / Motorsport Images He – along with son Carlos Slim Domit – has been the financial force behind driver Sergio Perez, who joined the team in 2021. His career has been intrinsically linked to the Slim family via their Telmex telecoms company, which … [Read more...] about Who are the richest people in Formula 1?
Red Bull revealed in February that it would be forming its own power unit arm, known as Red Bull Powertrains, that would take over the existing Honda engine IP upon the Japanese manufacturer’s F1 exit at the end of the year. Red Bull is making plans to produce and develop its own power unit in-house upon the next generation of engines in 2025, led by technical director Ben Hodgkinson , who will join from Mercedes High Performance Powertrains. A further five Mercedes staff members were named on Thursday as new signings for Red Bull Powertrains, with their moves coming against the backdrop of the two teams fighting for this year’s world championship. Mercedes F1 boss Wolff said he felt no frustration over the moves, adding it was “pretty obvious” where the talent would lie for an engine division being established in the UK. “If you want to set up an engine factory in the UK, there is only one, and that is us,” Wolff said on Sky Sports F1. “We have 900 or so … [Read more...] about Wolff: Red Bull approached 100 Mercedes F1 engine staff