On a cold winter day near the turn of the century a boy was born into an era of mechanical things. Steam still ruled the transportation world.

The steam locomotive was nearly 100 years old at the time of his birth, although in Italy trains connecting the north and south ends of the country were still relatively new.

The first railway constructed in 1839 was the start of a new transportation infrastructure designed to integrate all of Italy. The expansion over the next years provided jobs like the one the boy’s father had.

Steam locomotives require iron and steel. The father started manufacturing small items needed for the fledgling industry and soon expanded to a full metalworking shop.

It was here that the boy could spend his young days growing up among the hot metal being shaped into parts. Machinists noisily run the lathes and mills turning raw steel into functioning parts.

I would bet the noise and sparks, the whirring of the machines, the marvel of completed parts fascinated the boy. There would also be the metallurgy and science behind the manufacturing how the various types of metal could be used.

All these things were observed and experienced directly from a young age. Who could fathom how the lessons learned and the observations from the shop floor would shape the future.

Surely, the plan would be for the son to one day replace his father and run the company. Generational wealth in Italy was strong. If a company could be passed down to a son, the family could gain status within the community.

Before 1861 Italy was made up of several states. The unification of Italy also known as the Risorgimento annexed the states into one single country, the Kingdom of Italy.

The people born and raised in one state often did not move to another. Family ties were strong. Statehood pride was strong. It would be common for a person born in one region not to trust or associate with others from another region.

The act of the country becoming one congenial land, the Kingdom of Italy, did not erase the strong regional division lines within the country.

Then the automobile arrived. One automobile found on a street would be a novelty. If two automobiles came together on a street you could bet, there was a race to see who was faster.

The same event has happened since the beginning of time. Whether it was a foot race, donkey carts or horses, mankind has always had that desire to see who was faster.

This has been ingrained into our DNA probably from the time we had to run from enemies or larger animals before we created fire and weapons.

The boy with his early knowledge of mechanical things relating to large slow-moving trains would have been mesmerized by the speed and quickness of the automobile. Instead of large, massive parts, all moving in unison, the automobile would have been downright dainty in comparison.

At ten years of age his father took him to see the 1908 Circuito di Bologna race. It was here that the speed, the sound and more than likely, the danger of these racing cars driving at reckless speeds around the streets of Bologna made a life-changing impression on the child.

Surely, he continued to work in his father’s shop, learning and dreaming about the racers he had seen. His father also owned one of the first automobiles in town and the son would have tinkered with this new-fangled piece of equipment, learning all its secrets.

World War I put a damper on any future plans the young man might have had. Mandatory service in the Italian army found the young man, with his knowledge of metal taking care of the mules that pulled artillery up to the front lines.

Pounding out shoes for the mules must have been well beneath his skill level. But that was not the only hardship to fall upon his shoulders.

In 1916 a flu outbreak spread through Italy causing many deaths. The boy’s father and older brother both succumbed to the illness leaving the boy nearly family less.

To add to the indignity of the loss, he himself came down with the flu in 1918, an even more potent version that killed many millions around the world. Fortunately, after a long recovery the boy lived.

In the meantime, the family business had been financially hurt without its leader. The boy’s mother did what was necessary, but women were not, at that time, known for running a business, so the business was sold.

When the war was over and the boy released from service the peacetime economy was in shambles. Jobs were scarce and money was even more scarce. Things did not look good for the future.

Surely, in these dark times something was growing in the young man’s mind. Not forgetting the races he saw in his younger years, he longed to be involved. His first job was test driving for a company who rebuilt military truck bodies into passenger cars. This led to driving one as a racer.

His prospects grew larger when in 1920 he was hired by Alfa Romeo to drive their racing machines. While driving for Alfa Romeo he was generally successful but grew to be even more successful in organizing racers and the team in general.

Scuderia Ferrari was formed in 1929. This organization grew to ultimately manage all of Alfa Romeo’s racing division. Working closely with Alfa engineers the Scuderia maintained, modified and kept Alfa winning races even when up against larger companies.

Things were not well at Alfa, and they brought their racing division ‘in house’ in 1937 effectively dissolving Scuderia Ferrari. By 1939 Enzo Ferrari left Alfa for good with the restriction of not building an automobile using his name for four years.

There was another war brewing. Italy was being drawn towards Germany by Mussolini, the Italian dictator. The need to ramp up war production was imminent and Enzo Ferrari founded Auto-Avio Costruzioni.

I have no proof, but Mussolini was a sports car enthusiast and could have crossed paths with Enzo Ferrari. In addition, to build war materials, machine equipment would be necessary. Ferrari could have received loans or funding to purchase the machine tools to make more machine tools for the war effort.

In a long-range plan, building up an inventory of lathes and milling machines that could be used to manufacture more tools, could also be used after the war to manufacture automobiles.

It should be noted here that Enzo Ferrari was not a political person, at least where government politics are concerned. Most of Italy still had a state mentality, rather than a national identity. Fascism was more lip service to the government than an all-encompassing ideology.

It appears Enzo Ferrari was able to navigate the changes of fascism as it developed in the 1930s and also navigate German occupation along with the turmoil in the waning days of the war.

The war did end, and while Italy was devastated with roads destroyed, bridges bombed out and the general economy in shambles, Ferrari was looking to the future.

The war years had taken up the time restriction of not building an automobile. He was now free to use his name and build his racing machines.

Development began immediately. Recalling the engineers and designers from his previous Scuderia Ferrari days, Ferrari wanted a V-12 engine and that is what he got.

The original engine was unique and powerful but to win, more torque was needed, and then there was a four-cylinder engine. Even later a V-6 design was used and into more modern times a V-10 engine was developed.

Enzo Ferrari knew how to keep up with the competition or stay ahead of the competition. He was even asked at one point, “What is the best Ferrari?” Answer: “The next one.”

The first road cars were built by carrozzeria not by Ferrari. Companies like Touring, Ghia and Vignale built up bodies from the chassis Ferrari supplied.

Later there is the famous meeting between Enzo Ferrari and Giovanni Battista Farina where the two titans chose to work together to give Ferrari automobiles their identity.

The story goes that neither man wished to go to the other’s business and a neutral restaurant was used as the meeting place.

Farina was only a few years older than Ferrari. They had both grown up in a time when regional pride was important. While both men had traveled the world local pride was still very much in control.

Farina had traveled to America and so had Ferrari. Both men were world wise, successful and strong leaders. There should have been no reason for these two men not to meet and discuss the future direction of Ferrari automobiles.

But how could it be explained that a Piedmont resident could meet with someone from the Emilia-Romagna region? The image, the indignity, the power struggle was too much for either man, so a meeting place in Tortona was chosen.

The result was that Ferrari automobiles now had an identity that stood until 2012. Some of the most beautiful designs that have ever graced an automobile have been on Ferrari chassis.

One of those designs graced the cover of the September 1958 issue of Sports Cars Illustrated. The text blared; Driver’s Report: Modena Masterpiece 4.9 “Superfast”.

Inside those covers the article described the performance, the feeling and the elegance of this creation from Maranello. “A bit theatrical perhaps, but in a car which can do 0-60 in first gear alone, a car which roars from under 30 in fourth to a maximum WAY over two miles per minute, a car which excites the eye of every beholder, well, in such a car as this, complete restraint is nearly impossible for us.”

Few sentences could stimulate the mind like those on the pages. The pictures that accompanied the article were no less sensual than ones that would have been on the pages of the, then current, Playboy magazine.

A seventeen-year-old Gerald Roush was immediately captivated by the cover and the words contained within. Few know exactly when and where the Ferrari bug bites, Gerald Roush could pin it down to an exact point.

Roush began researching Ferrari and recording sighting of Ferraris. First on 5 x 7 cards where information found was neatly typed on a card with the chassis number at the top. It must be remembered that at this time fewer than one thousand Ferraris had even been made.

Finding and recording every bit of information was a challenge. File drawers slowly filled with cards, information was duly recorded and soon Roush, the historian, was well known within this small community of owners.

In 1970 he joined the Ferrari Club of America and began to attend meets and other gatherings of Ferraris to record the cars and owners. Each sighting recorded onto the 5 x 7 card.

While teaching at college he had access to the library, which received newspapers from across the country. The classified ad section provided more information about Ferraris for sale.

In 1975 the owners of a fledgling dealership in Tucker, Georgia, FAF Motorcars, wanted to advertise their Ferraris. Soon, Roush and FAF came together to create the FAF Ferrari Market Letter.

Inside the single sheets were stapled in the corner and Ferraris advertised in newspapers from around the country along with other ads provided by dealerships and owners wishing to sell their cars filled the pages.

Often the cover contained an article describing a particular model, providing information to others. The cover article also gave a platform for Roush to expound on other topics related to driving or collecting Ferraris, and pricing trends.

The very first FAF Ferrari Market Letter cover date was January 3rd, 1976, and contained an article about the 330 GTC. The years of manufacture and pricing trends were explored. It would be good to know a low average GTC could be had for $7,000 while a high average for this model was $14,700.

Other models advertised in this first issue were a 275 GTB/4 for $15,000 and a new 308 GT/4 for $20,000. A 330 GTS could be had for $14,500 while a Daytona was a little more expensive at $16,500.

The collaboration between Roush and FAF lasted until mid-1978 when Roush struck out on his own and the FAF Ferrari Market Letter became just the Ferrari Market Letter. The effort had always been a family affair with Gerald, wife Carol, and children Cathy and Chris helping to print, collate and stamp each issue. Twenty-six issues, every two weeks, another Ferrari Market Letter was put into the mail.

Over the next decade the FML flourished. Subscribers caught on and the FML was THE place to find a Ferrari. The ads were honest because each car was vetted against the extensive database accumulated for decades.

Honesty and integrity were one of the hallmarks of the ads placed inside the pages. As the 1980s wound down there was rampant appreciation of Ferrari values. The final days of Enzo Ferrari were near, and speculation of future values created a bubble in the market.

Prices were changing so quickly, and many ads did not publish a price. As 1989 wound down all classified ads were required to have a price listed. The first issue where the new policy was enacted was Volume 14, number 24, dated November 25th, 1989.

Since that time all classified ads in the Ferrari Market Letter have required a price. Only paid display ads can be run without pricing.

This change allowed the beginning of the Asking Price Index. Previously, about twice each year, Gerald Roush published pricing trends on selected models, usually breaking up the V-12 cars and the V6/V-8 cars into separate issues.

The first Asking Price Index looked back on the prices from the last three issues, showing the percentage of change from each of the previous issues. The next year the look-back period expanded to one year and by year three the look-back period was set.

This has been the standard since and while the API is sometimes praised or cussed for the values shown, historically it has done a good job of showing the market trends.

As time moved on, the size and shape of the Ferrari Market Letter changed. The single pages collated and stapled in the corner were turned into full 11 x 17 pages, printed on both sides folded and stapled in the middle. The first issue without a staple in the corner was Volume 11, number 11, dated May 31, 1986.

This change required issues to grow in pages of four. As one more sheet of paper was added there were now four sides to fill. Editorial content could be much more in-depth.

Stories of events or personalities, auctions and new model unveilings were presented every two weeks. Then the internet was invented.

In March of 1997, www.Ferrarimarketletter.com was born. The website mirrored the content contained within the paper magazine. Same ads, same articles. Since then, the on-line version always contained the same content as the print.

For nearly thirty years this has been the formula, but times change, technology changes, people change.

I was brought into the Ferrari Market Letter family VERY early. Gerald Roush hired me in 1977 when he was parts manager at FAF Motorcars when the FML was still the FAF Ferrari Market Letter.

Gerald tutored me on the various Ferrari models and taught me how rare certain models were. I could not have asked for a better teacher. I even assembled a bicycle for Cathy’s Christmas present.

After Gerald left FAF and the Ferrari Market Letter became his full-time job, I still stayed close to the market letter. I found my first Ferrari in its pages. I sold my second Ferrari with an ad I placed.

When I came back to Atlanta as service manager at FAF I wrote articles about technical things within the pages. The FML and I have never been too far apart. When I sold my business, Dr. Hondaa, it was Gerald who cornered me to come and spend my spare time working on various projects in the office.

Historical research, photo identification and many other tasks like filing and writing ads filled my days in 2008. In 2010 while I was working elsewhere, Gerald’s stroke brought me back into the office to help the FML through those difficult times.

After his passing I was further drawn into the company and became editor. My first article as editor was August 3rd, 2013, called Monterey Preview 2013 – Things to see and do.

I don’t fancy myself as a writer. I have many skills but writing and typing are not really among my best. Chris Roush reviewed all my early texts and showed me how to do things better. Once again, a Roush teacher has helped me grow in a direction I would never have thought I could.

Daughter, Cathy, had come in after Geralds passing to run the family business. She and I made a good team, and we conspired to purchase the business. In 2015 a new company was founded, CJ Publications, Inc., to make sure the Ferrari Market Letter would continue.

This article is called Evoluzione because evolution happens whether you want it to or not. This issue in paper form will be the final one after fifty years, but this does not mark the end of the Ferrari Market Letter.

Just as Ferrari changed with the times, so does the FML. Paper magazines and newspapers have been dying out for several decades. The expectations of the younger generation must be met. We will be able to do things on-line we could never do in paper form.

Although my articles often don’t give me any feedback, the comments from subscribers who do chime in keep me encouraged to keep bringing you stories. With more space on the internet, I can solicit stories from more sources and from you, the subscriber, to bring your experiences to others who read these pages.

COVID has caused much upheaval in how automobiles are now displayed and sold. In the past a small description was enough to peak someone’s interest in a car, and they could contact the seller for more information.

I always felt that after a conversation was started a sale could be made. Today, the BaT and auction houses have changed sales completely. Descriptions detailing everything about the vehicle, history and condition along with a couple hundred photographs sell the vehicle.

The buyer makes the decision to purchase long before any conversation is started. Is this better? I don’t know but I believe this is the direction sales are going and we should adjust our approach accordingly.

The new website will offer more text for description and more photos. In fact, the subscriber will be able to upload their own text and photos. We will still review what is listed and the Ferrari Market Letter will still verify every car against our database.

One of the hallmarks of the FML is we don’t allow cars to be advertised without a VIN or price. This policy will continue. If we cannot verify whether a Ferrari is real, it will not show up on the website.

The same will go for a price. As you have read, we will always require some number attached to an ad. Prices can always be negotiated but there should always be some starting point.

The pricing requirement is what we use for the Asking Price Index. The API on the new website is going to blow people away. We have been going back to the beginning and inputting prices from every Ferrari Market Letter.

We may not have them all input yet, but it is an ongoing project. Imagine, fifty years of pricing available. You can sort by periods of time to see trends in the market. What has a particular model done in the last five years? What about the last fifty years?

The computing power we have behind the scenes driving this innovative approach will be the envy of all who use the API. Nobody else will be able to provide this data. Thank goodness you will be a subscriber.

There are plans to expand into other areas in the future. Online opens many possibilities that cannot be done on paper. I know it will seem like the end of an era because the print is going away, but untying ourselves from the limitations of paper will provide a better and more comprehensive experience.

Evoluzione. It happens to everything. Trains were not the final transportation mode at the turn of the century. Ferrari was not satisfied to drive a race car or run a stable of racing machines for Alfa. Ferrari was also not going to be satisfied with the one V-12 engine he first created. To win requires trying many different forms.

Gerald Roush changed from mimeograph pages to actual printing in a booklet form. The computation of prices twice each year morphed into the Asking Price Index.

Today, the Ferrari Market Letter is taking a bold new step in evolution to expand and enhance what we have always brought to our subscribers. The journey continues, who knows what tomorrow will bring? Visit the new www.Ferrarimarketletter.com in January 2026!

Evolution, or as Ferrari often does when it brings a model to market, it improves, modifies and calls it an Evoluzione.