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Fiat Chrysler Automobiles to be automaker’s new name

Fiat and Chrysler will become Fiat Chrysler Automobiles and its stock will be listed on the New York Stock Exchange if Fiat’s shareholders approve the proposal.

The proposal, approved by the board of directors, comes eight days after Fiat closed its purchase of the Chrysler shares it didn’t already own. Fiat, which became Chrysler’s controlling shareholder in 2009, acquired the remaining 41.5% of Chrysler shares owned by the UAW Retiree Medical Benefits Trust on Jan. 21 for $4.35 billion.

“Today is one of the most important days in my career at Fiat and Chrysler. Five years ago we began to cultivate a vision that went beyond industrial cooperation to include full cultural integration at all levels,” Marchionne said in a statement. “An international governance structure and listings will complete this vision and improve access to global markets bringing obvious financial benefits.”

Under the proposal, Fiat shareholders will receive one share of Fiat Chrysler Automobiles in return for each Fiat share they hold.

■ Related: Fiat earnings fall short, but Chrysler’s 2013 profit rose to $1.8 billion

■ Related: Chrysler workers to get profit sharing, performance bonuses for 2013

All of Fiat Chrysler Automobiles’ shares will be listed on the New York Stock Exchange (NYSE) with an additional listing on the Milan Stock Exchange.

The board also is proposing that the company be incorporated in the United Kingdom for tax purposes. The board said the incorporation location is not expected to affect the taxes the automaker owes in other countries where it does business. The transaction is subject to approval by Fiat’s board of directors and shareholders.

Fiat’s board also wants to establish Fiat Chrysler Automobiles N.V., incorporated in the Netherlands, as the parent company of the two automakers.

Fiat’s board expects to complete the transactions by the end of this year.

“A new chapter of our story begins with the creation of Fiat Chrysler Automobiles, a journey that started over a decade ago,” Fiat Chairman John Elkann said in a statement. “Fiat sought to ensure its place in an increasingly complex marketplace, has brought together two organizations each with a great history in the automotive industry and different but complementary geographic strengths.”

Marchionne has said the location of the new company’s headquarters would have little impact on employment or investment decisions. That’s because the two companies are already managed by a 22-member group executive council whose executives are evenly divided among North America, Europe and Latin America.

Marchionne divides his time among those three continents, often spending more time on an airplane than any one country.

“Talking about a headquarters is almost an anachronistic term,” Marchionne said. “We live in a world where power travels.”

Nevertheless, most people still view the location of a corporate headquarters as a symbol of power that has implications for a company’s community involvement and corporate giving.

As read on: http://www.freep.com/article/20140129/BUSINESS0103/301290078/Fiat-Chrysler-Marchionne-UAW-board-of-directors

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Dick Scott Automotive Group: Giving Back to our Community

Congratulations to Moraine Elementary School from Northville, MI on their Chrysler Drive for the Kids Fundraiser held on May 31st, 2013! Representative from Dick Scott Chrysler Dodge Jeep Ram joined parents and teachers at the fundraiser bringing 2013 Chrysler brand Town & Country minivans to the Event.


Pictured above is General Manager Jason Scott (left) and Director of Dealership Operations, Nichole Scott (right) presenting the check from Chrysler for the funds raised at this event to Chris Van Ittersum, Moraine Elementary School PTA president. Chrysler donated $580 from this 3 hour event!

Parents and guests each earned $10 from Chrysler to be put toward school enrichment programs. Knowledgeable dealership staff was on site during the event to help answer questions about the vehicles and facilitate the fundraising test drives.

The Drive for the Kids tour will continue to make its way around the region, and the school with the highest number of test drives will win an additional $5,000 through the program. In addition, every test drive participant will be entered into a national giveaway for a chance to win $45,000 towards any eligible Chrysler Group vehicle!

From all of us at Dick Scott Chrysler Dodge Jeep Ram, Thank you, to everyone who came

out to this event to make it such a Big Success!!