Bread. All that and more coming up over the next hour on taking stock. For the headlines lets go to my radio cohost carol massar. Jamie dimon out with an annual letter to shareholders writing the bank had conversations with regulators before settling into trading losses. They said they should do more selfexamination and that they should be better listeners. He Federal Reserve releasing minutes from the march meeting paying down forecasts saying that Interest Rates may rise faster than previously predicted. U. S. Stocks rallied on the news that Technology Shares gained the most in two months. New jerseys Credit Rating was citing the sizable imbalance and this is four levels above the top hitting cap california and illinois in the category up the top. Those are the top stories. Back to you. Thank you, carol massar. We are broadcasting live from ferrari midtown. Joining me now is marco mattiacci, chief executive of for ari north america which include central and latin america and were here to mark the 60th anniversary in the United States. Thank you very much for having us here. Tell us a little bit about the history of coming to the u. S. Thank you for having us here. Its a great moment for us. 60 years is a remarkable achievement but 60 years of incredible success, racing, victories, great drivers. The best engineering. 35,000 customers and millions of followers in all of our activities. Story. Great lets understand the grace of the scale when it comes to ferrari. Of 6000 set a target units and sales are estimated to maybe be about 3 billion. Youve done some work on the brand and your trying to make it a little more exclusive than some of the offerings that you have. Tell us about strategy. Car always left down the market. Having said that, we believe that the brand in the future will be branded through transactions. We want the most exclusive experience. That means quality more than quantity. Are means less people inspired by the brand. This is a Company Growing continuously bringing to the market best technologies and bringing the based activity. We will always be the authority in motorsports. I just want to whet peoples appetite. There are many things that are special about the 458 but it has to do with something called sideslip control and it has to do with the blending of software and of course the drivers road experience. What is it . It is a slide slip angle control and it allows for a delightful experience on the track with a great distribution of torque. Even though you are not the best professional driver, it you get the motions probably the best driver can get with a for ari. Ferrari. It is maintaining the best technology that access to those who cannot drive like a professional driver. Flex is this the kind of technology that could help our Technology Analyst pushed to the limit . 202 mph. Pretty what i hear, hes good. Hes very experienced. I dont think you would need to much. But is the pedigree of the 458 . What does it take from other models . 458 has been one of the most successful winning cars and racing. We won at le mans, the 24hour daytona. Professional drivers are driving the car in endurance races. This is one of the most powerful cars today. V8. Ost powerful th it is the most emotional driving experience. In under 3r v8 060 seconds. Will it help them to understand that the la ferrari is 1. 2 million and this is 288,000. Will it help customers understand that you have this range of prices . Units in they 120 United States and we could have sold double. Flex total production was . 499. We could have sold more but we really limited production. We brought in a lot of technology from formula one. Instead of playing golf on the weekend, if you want to have more adrenaline you have the especiale. It has been described as an adrenaline rush as an ego. Have you driven it at 202 Miles Per Hour . The testst lap is at track in italy . More in the United States. Sometimes im able to do a few laps. I like to challenge myself. And has a carbon fiber door panels. This also lightens the car, didnt it . We looked at the ratio of power to weight. Wewas 200 pounds lighter so streamed down the car. It is the really basic interior. Even the look and feel of the car. We will continue the conversation. We have more on ferrari, more on the 60th anniversary in the United States. We also have jason harper, Bloomberg News auto columnist. We will see if you was able to put the ferrari 458 speciale through the paces. This is taking stock on onomberg taking stock bloomberg. This is taking stock. My guess into the chief executive of ferrari north america, marco mattiacci. Also we have jason harper, Bloomberg News automobile columnist. E has just come from the track you have the red shoes, your special driving jacket. What automobile were you able to drive . Today. S in the speciale it was the first media drive. Im the first journalist to put the car on a track or any bit of asphalt in the u. S. There is a key and then the red button. You have to turn the key and then hit the red button and then hear that beautiful, vibrant sound that comes only from a ferrari. But almost sounds like it might be worth 280 8,000. What else is in the car thats worth it worth 288,000 . Every time it does a reiteration of the midengine hardcore smart car thee need to make difference clear. They have the front engine, generally cars that might take a long trip. These are ones you take on the race track and go all around. The speciale is stripped down, much more hardcore, and you do exactly what i do today, and i drove an hour and 40 minutes to the monticello racetrack and drove it hard for about three hours. Tractor into the day and get back home in it. That is kind of the purpose. Collect the interior has the the interior has the sued. Suede. Its much less weight. It really helps to reduce about half the weight of traditional leather trim. We were obsessed in reducing as much as we could the weight of the car. No floor mats. Flex is a aluminum . Is it aluminum . Arehe door handles beautifully crafted carbon fiber. The seats are very comfortable. They dont recline. You need to feel integrated. The scene is a fundamental part of the driving experience. Cases, it comes with a four point harness because you want to feel locked into the automobile. If you have someone there, dont forget it. Selley are not allowed to the crotch or harness automobile. Flex unless you have a challenge car. Lets talk about using this package. Control, this algorithmic messages to the Rear Differential in order to compensate for under or oversteer . They are not the only company doing this, torque vectoring. Theyre using on the system this to do what you want to do. In old cars you would under steer a pushing out towards the track or your car gets away from you. This one i drove today is still fairly cold out. On a perfect day would be 75. Today it was 50. What does that mean . I had it lit up pretty good. 135 miles pero hour. I was going around curves and this is a track i have spent a lot of time on and i was able to taking paths today i would not be able to do with other cars because of the technology. With the 458 speciale, we have a telemetry package. Orit allows you to put a usb ipad app where you can record. You know what i got up to today. We can review everything he did. With your permission, we will do it. Its important because we really want the driver engaged with the and improving performance and understanding on the track where he can improve. Flex one other interesting thing was driving on the freeway even around town here. You get more of a focused, hardcore race type, it beats you up. This car is still pretty comfortable. You know what else happens . They recall. Have you heard of all of the recalls from toyota, General Motors . Everyone has. You dont wish this on anyone but are they doing the right thing . You must have the names of everyone who buys them so you im not in the position to judge if they are doing well or not. We need to make sure that if there is an issue that you fix it and you communicate to your this issue. You need to be straightforward. You need to have an incredible reaction. News important that every you understand the issues. Safety is the most important topic for us. All the investment in formula one are in that direction. In terms of safety you see all of these tasks and this is the philosophy for us. You will find out more about the competition and we want to find out what mercedes has been doing in formula one. This idea of automobiles that then take sophisticated highend technology and it trickles down cars drive on a daytoday basis. You look at your average kia this isai and technology would have found in an s class mercedes four years ago. A lot of it is safety maiin ded. I dont think you want to do self driving. Flex it is trickle down. We have more with jason harper, Bloomberg News automobile columnist. More with the chief executive of ferrari north america, marco mattiacci. This is taking stock. Ally financial, formally General Motors, set to price its ipo coming in at 25 per share, the bottom of the pricing range. Switching gears. Having a washer dryer in your home is considered a luxury for many new york city dwellers in our next guest is cleaning up o cleaning up t on it. Off pick up, do, and drop your laundry. Its a mobile based business. You summon us by cleaning the app and we will come sometimes 10 minutes, sometimes less. This . Did you do i had a couple of bad experiences that it actually fit onmy sweater to it my fouryearold sweater. They said it was not my responsibility. I started to think about convenience, the pricing experience, everything involving dry cleaning and laundry. How do we solve this in a better way . You are hooking up with dry cleaners and laundromats out there. How do you check Quality Control to make sure other peoples sweaters arent being shrunk . We have Quality Control. We maintain at every step along the way. If theres a problem that happens, we do everything we possibly can to make sure its the best experience you can have. Thanks i assume you are screening and testing them before you hook up with them . We have a Pilot Program with every single vendor. We try to limit them to best in class to make sure we are executing. How are you making money . Volume, growth, demand, engagement. Cost . Is the service . 99 per pound for laundry. Dry cleaning can be two dollars shirt, 10 for a suit. It is the lower end of the market for pricing and we are able to do that. Six dollars 10 for a suit. How much is profit . We take the portion apart from cleaning. We are in bushwick, greenpoint. 03 and weaunched in 100 want to open through the rest of the year. There are others out there and they are kind of regional. Prim went under. The one to grow organically or a link up with other services . It is really built on a logistics program, with dry cleaning. We think we can expand and be the best by far. I read the story of the end of december. Its a tough market. Just based on engagement and growth, i feel like i know delivery pretty well. What did you learn . Delivery model. Convenience and Customer Service is first. Berkowitz, chairman and cofounder of flycleaners. Cutting down or wait time. How they will get your bread to you faster. Taking stock on bloomberg. We are coming to you from the ferrari showroom in manhattan. We of the chief executive of farah re north america, ferrari north america, marco mattiacci. Jason harper also with us to talk about engineering fine product. Lets talk about engineering some food. Carol massar has the chief executive of an air of bread. You have fast cars and i have fast casual food. Panera bread testing 2. 0 allowing you to order online or go through a mobile app and pick it up. Founder joining us here. Talk to us about panera 2. 0. Appt is much more than an for technology. Its an integrated revolution. If you want to come in and take it to go, place your order were. Ver you are, place it mobley it has it there at the. Esignated time this is something a use to do with stores that maybe you did not have an app and you call ahead. I take my kids to school two out of the three days per week because i let my wife sleep in them. I go for double brownie points. That means i get them lunch. Where do i stop . Panera. We would already be laid and i would say to the manager, can you have this put aside when we get there. I give my credit card and he runs and. I thought it was a wonderful system but it works for me. What about the other 8 million guest per week to come to panera . We redesign the system to give us that experience. That means you kind of have to redesign the workforce a little bit. That means you dont need so many people taking orders but killing them filling them. It enables us to take almost unlimited orders. Kiosks. Mobile, web, going to beheres increasing demand on the production system. You bring up total Quality Management initiatives to enable us to deliver food and do it accurately. It makes sense that it works for you. Held company. Icly talk to us about the increase you are seeing in terms of orderinging the app, in, and what it does to volume and location. Were doing the same thing for the eat in the guest. They can walk over to a table, sit down, and place the order on the open device from the table and have food delivered to them. If they are cruising on a computer, they can do the same thing. Of all like getting rid of the tellers doing everything electronically. Labor. Re taking whats the value of reading a through your mind, how did your mouse, and it becomes an extension of the machine into the register. We are putting extra labor and putting it into production, updating and increasing the quality and accuracy of our food so we get it right. Time, giving much greater warmth giving it all to you. I love all the warm and fuzzy stuff. You would not do it if it did in terms ofimpact sales volume. Heres the reality about this. If you focus on the Guest Experience, the byproduct is the sales and revenue. This company the last few years up 60 fold. I did it not by focusing on the stock price but focusing on the Guest Experience. Talk to me about that manifestation. Fore have found this vision the last 40 years. We put this in place and we prototyped it. Were seeing these doors operating under the new model are producing the highest comp sales of any stores in the area. Volume is going up. We are changing the growth rates. Want it also that you to be easier, maximize our time, get the most out of it . Business isurant about getting them to go past the competitors and come to us. Its the amount of desired compared to the friction that exists. How relevant and how much i wanted. It is your time and energy. What we are focusing on is reducing the friction for the guest while increasing desire. The fast casual space which i would put you we created it. Are a lot of choices out there. Are you going after anyone specifically in doing this . We want to own our space. We are probably the preeminent brand that those soups, salads, and sandwiches in this country. We are creating a differentiated experience if you want that food to go. We are creating a differentiated experience if you want to eat in. We are going through the small Delivery Business. We have the large order delivery and were now going through the small Delivery Business using technology as an enabler. It costs a lot. Each store in order to do this, its about 125,000. Weve already spent 42 million on the technology to do it. Im talking about the infrastructure, yes. Its expenses. Its made a huge difference and changes the trajectory. My job as a ceo is to figure out technology will change the restaurant industry. Some will figure out how to use it to change the Guest Experience and some wont. Those who do will survive. Thank you so much. Founder, chairman, and ceo of panera bread. More on the power and prowess of the new ferrari 458 speciale. Pimm is at the manhattan showroom with the ceo of ferrari north america. Will go up inpark barcelona in 2016. They already have a park in abu dhabi. Talk about a need for speed. Sounds like we need to go on a road trip. Taking stock youre watchingtaking stock. Watching taking stock. Is taking stock on bloomberg. Im pimm fox. We are coming to you from the ferrari showroom in manhattan. A special look at engineering excellence today and here to help me do so is the ferrari automobile collector and also with us, jason harper, Bloomberg News automobile columnist and one of the ferrari collector. You have to drink Something Special or take a potion in order to catch the ferrari collector bug . Youre born with it. It has such a pedigree. When you are growing up it really means something to you at a young age. Do you remember the first time he recognized the pony . Where were you . I slept with a picture of a 328 underneath my pillow. It looks just like the ferrari from magnum p. I. Toould draw it over and over get the lines down. People who really understand the ferrari brand feel like that when they see the prancing horse. Was magnum in the picture as well . I have a picture of tom selleck next to my 328. Give us an idea of how the value has held. The 328, not so much actually. [laughter] its amazing the pricing that they got. They are breaking records right and left. Seeing a think we are move to the 70s and 80s. The test derosa from the miami lot. Era was not worth a is it a car that became very popular and they all of a sudden wanted to get it. The supercars this is very inside baseball. The 328. T off with lets give a little motor history of michael apa. How old are you . I first for re was the my first ferrari was the 430. How old were you when you got your first . 28. Do you feel as if you have made it . Ive arrived. Kleckner you know you can have more than the 430. The next year i bought the 328 and the testarossa. Getting here has as much to do with the image but the car is special. Very special. You have put in an order for a 458 speciale. Knows me very well. Im on the list. How does this work . How many years in advance do you plan on this . I think it depends on the type of customer you are. I have to guess you are a good customer you are higher on the list. If you are a new customer you go through the line like everybody else. You have four ferraris. I have an f40. This is a supercar of a certain era. It was one of the supercars and it is a famous, beautiful car. Its a big deal. Thats a very rare, cool car. Thats another echelon of ferrari. What would a car like that cost today . They range anywhere between million to 1. 5 depending on the condition they are in a. Olyunin all of the new technology 1. 5. 2 Million Euros or million. You could spend as much as a new ferrari and that is the magic. Im getting the voice of automobile history. The gto, perhaps, the 250 . That went for how many million . 53 million. The you know what you could do for 53 million . I would make my on track. Where do you actually drive these automobiles . There are so road friendly that you can drive them on a race track or in the city. They are great city cars but has they are so because they are so maneuverable. Where would you park a ferrari . You would have to find the right garage because not everyone in new york city would actually accepted and i took the older two and i built a garage in upstate new york at my Fathers House and i have the tea doubledip cars up there for him to enjoy as well. Like the first time you are on a race track . Was with jason. We had a good day. [laughter] and you are still friends. He has not let me driven anymore of his cars. Thank you very much, michael apa. Congratulations on your collection. We have more with marco mattiacci, chief executive of ferrari north america. My thanks to the one of the ferrari wanna be ferrari collector, jason harper. This is taking stock on Bloomberg News. This is taking stock on bloomberg. Im pimm fox. I am here at the ferrari showroom. We are marking the 60th anniversary of excellence in the United States. My guest, marco mattiacci. Thank you to your whole crew giving us access to your showroom and all the automobiles. About the car itself. I wonder if you can give us an idea of some of the special. Eatures of the 458 speciale how many additions will be made . We will not bring more than 200 units. 150. Year no more than it is very limited. What will we find inside . There is no leather. Before the issue of ratio power to weight. No aluminum, no glove box, no leather. We looked at aerodynamics but this is the most era night mostcally this is the aerodynamically engineered ferrari. The is the best v8 in industry even for single output. It looks like you have wings on a side of the automobile here. This is a majoring engineering. Aluminum . Y is all yes, all aluminum. We reduced the rate almost 200 pounds. Of 200 pounds. Compared to the 458 italia. It is nor aerodynamic in the front and the rear of the car it is more aerodynamic. Is that just to stabilize the automobile . Towe focused on aerodynamics reduce the drag of the car. If we were to look underneath the automobile, there are also measures that would direct the flow of air at certain speeds to the rear of the automobile to create that downward movement to make sure the tires really hug the road. In terms of only that but we need to focus on beauty. It is important to study. Erodynamics it is forever a perfect distribution of the downfall of the car. It is not just the look or performance of the ferrari, but the sound of the ferrari engine. Can you identify them by the different sound they make . Indeed. We design to music because it really is music. We can find the difference between the harmonics, the v12, the v8. I like that. The harmonic v12 and aggressive v8. The exhaust has been changed. They are symmetric. What is all of this about . This is what we accumulated during endurance racing. During le mans and daytona, we used a lot of the knowledge in terms of air dynamics and reimagined the weight of this car. Im glad you mentioned racing. As we take a look at the inside up to cockpit, lets open take a look inside. Said it hasome have become almost computerdriven. Its turned into a videogame and this is being pointed to a way that racing has changed. Do you have any thoughts on that . What is your thinking about the f1 circuit . Were just in the beginning. Ferrari will react and we are working very hard to come back competitive. It is important to the sound and the top speed. E will keep working on this it is important as well to talk about the history of ferrari. Stripe, this is the north byrican racing team founded the first importer of ferraris in the United States. He started to distribute cars and karen h, connecticut. You also have the philosophy of racing in greenwich, connecticut. We focus on racing like daytona, sebring, le mans. Or threed with two cars and he is another iconic figure of what created ferrari in the United States. You cannot own a new ferrari can you . There are too many customers waiting. It would be unfair to petition. Thank you very much, marco mattiacci. Marking the 60th anniversary of ferrari in the United States with the 458 speciale. Ons is taking stock bloomberg. Im pimm fox. Good night. Live from pier 3 in san francisco, welcome to bloomberg west, where we cover the Global Technology and Media Companies that are reshaping our world. Im emily chang. Dropbox launches chapter two with a new photo at. App. A new board member, condoleezza rice. Tesla response to its latest roadblock. First, a check of your top headlines. Nuno resigned pc
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