Ferrari is an Italian handcrafted sports car manufacturer with an estimated net worth of $28.16 Billion. The company was founded by Enzo Ferrari in 1939 out of Alfa Romeo’s Racing division as Auto Avio Costruzioni. Ferrari built its first car in 1940. The brand was recognized as the world’s most powerful brand by brand finance, and in June 2018, the 1964 Ferrari GTO became the most expensive car in history, setting an all-time record selling price of $70 million compared to the world’s most beloved sought after muscle car, the 1971 Plymouth Hemi ‘Cuda Convertible valued at $3.5 million.
Fiat purchased a 50% stake in the handcrafted automaker and then later increased its stake to 90% in 1988. When Fiat and Chrysler merged together after a few years the company decided to spin-off Ferrari as a separate entity in 2014 when Fiat Chrysler Automobiles owned a 90% stake, and 10% was continuing to be owned by Piero Ferrari heir of the Ferrari Family. The spin-off was completed on January 3, 2016 bringing Ferrari to the New York Stock Exchange. Ferrari road cars are generally seen as a symbol of speed, luxury and wealth.