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Chrysler sold in £3.76 billion deal

By Ben Whitworth Motor Industry 17 May 2007 09:38 Chrysler has been sold. In one of the biggest private equity deals seen in the automotive industry, Cerberus Capital Management has purchased 80.1% of Chrysler in a £3.76billion deal, leaving DaimlerChrysler with the remaining 19.9% stake in the loss-making company. The move marks the close of arguably the most high-profile transatlantic merger and shuts the door on Canadian car assembly giant Magna and billionaire Kirk Kerkorian, who last month offered £2.27billion for Chrysler.

Mini and Miles Ahead team up for teen driving school at Indy

Mini has teamed up with new teen driving school Miles Ahead to bring licensed youth to the Indianapolis Motor Speedway and train them to drive properly. Indy 500 veteran Stephan Gregoire founded the effort to combat the high number of crashes, injuries and deaths involving teenage drivers. The chance of a teen crashing in the first three years of driving is 82.9 percent, according to Mini, and a 16-year-old is 20 times more likely to be killed in a crash than an adult.

Design Contest: Terra Prix 2085

Local Motors is back once again with another design competition. Unlike previous contests that aim to produce cars through open source design, the Terra Prix 2085 contest is set firmly in the future. As the name would suggest, the concept is based around the idea of future motorsport: an around the world race taking in all continents and every variety of terrain.