Although it only arrived in the UK in January this year, the popular supermini was first launched in Italy on 4 July 2007, and the Fiat Group is celebrating its anniversary with a series of bold, elaborate parties across the world, including the UK.

The date of this landmark occasion is especially significant as last year’s Italian launch of the car was exactly 50 years after the original introduction of Dante Giacosa’s classic post-war 500.

The UK party, hosted by TV presenter Alex Zane, is called the Fiat 500 PicNic and takes place at Alexandra Park, North London. It’s designed to be a traditional British summer outdoor gathering, but with a special 500 twist.

With invitations extended to more than 5,000 specially-invited Fiat 500 drivers and potential owners, this Saturday’s (5 July) PicNic initiative, which was conceived to share the passion and emotion of the huge Fiat 500 community, will feature live music, delicious Italian food and drink, outdoor games, big-screen sports coverage and special ‘chill-out’ zones for participants.

The London event is part of a series of global parties celebrating the hugely successful first year of Fiat’s iconic city car. Athens, Budapest, Copenhagen, London, Milan, Munich, Palermo, Paris, Rome, Rotterdam, Tokyo, Valencia, Hel, Liège, Zurich, and Cape Town are the chosen cities that, either in parks or on beaches, will welcome thousands of people brought together by the new car.

Music, art, and fun are the ingredients which will guarantee a successful event involving new Fiat 500 owners and those who are still waiting to get one (222,000 have been ordered so far).

This is a global initiative that we in Britain are delighted to be involved in,

says Andrew Humberstone, managing director, Fiat Group Automobiles UK.

It is everything that the new Fiat 500 stands for – fun, excitement, freedom and the knack of bringing people together in a great atmosphere – and I am sure the event will be a great success.

The London party will feature four special themed zones – Energy, Entertainment, Chill and Children. The Energy Zone offers outdoor games, fun races and a volleyball competition, while in Entertainment there will be live music, jugglers, a giant screen and Fiat 500 interactive car configurators to try.

The Chill Zone is designed for relaxation with Tai Chi, head massages and hammocks all available, and the Children’s Zone will feature face painting, street theatre and games.

The predicted residual values on some 500 models have increased from 42 per cent to 46 per cent of original list price. That equates to a positive adjustment of more than £350 on the car’s value on a typical three year/30,000 mile contract. For buyers funding the car through contract hire or personal contract purchase (PCP) that should reduce rentals by more than £20 per month.

As is often the case in the motor trade, the entry level model, the Fiat 500 1.2 Pop is rated as having the best residual value at 47 per cent after three years.

The residual value guides have reacted positively to the success of the 500 and have increased their used predictions accordingly. This is good news for those who have already bought one and it should help reduce monthly costs,

says Adam Pumfrey, fleet and remarketing director, Fiat Group Automobiles UK.

The 500 has also generated a great deal of interest from small and medium sized companies for test drives as it offers drivers a high profile company car that is low on fuel use and CO2 emissions.

Those clever bods at HAMANN took to the task with great enthusiasm for the cool little retro sports car and developed the new and extensive HAMANN Sportivo tuning programme. The range includes wheels, exhausts, suspension, brakes and tuning gear for the Fiat 500 range, all designed to improve style and performance for those who just couldn’t, or don’t to wait for the official Abarth 500 upgrades.

Available across the Fiat 500 range is the HM sportivo wheel, which HAMANN claim offers both improved style and fantastic handling. The matt black varnish rim in one piece has a diamond-polished outer edge and is offered in the size 7.0 x 17. HAMANN recommends matching tyres in the sizes 195/40 ZR17 or 215/35 ZR 17 by its technology partner Hankook, but we’re sure any other high end rubber will do just as well. A complete set can be yours from 1,420 €.

The HAMANN-set for lowering chassis leads to a further improvement in handling the car and ensures that the vehicle centre which is made up from four progressively spun springs is lowered by 30mm.

For the 1.4 petrol, HAMANN have prepared a sport exhaust system. The system includes a muffler (from 390 € onwards) with two round end pipes made of high-grade steel (70 mm diameter), a pre-muffler with metal catalyst and a sport fan manifold. All components can also be obtained individually.

Also for the 1.4 Fiat 500, HAMANN developed a stable sport braking system for improved stopping power. The set consists of two perforated and ventilated brake discs (diameter 280 x 28mm) at the front axle in connection with red 4-piston fixed yokes and steal flex brake lines. The back axle can be upgraded with brake discs measuring 240 mm in diameter.

For the 1.3 Diesel Fiat 500, HAMANN have joined other tuning houses in offering and ECU program upgrade, which increases power to 90 hp / 66 kW at 4,000 r.p.m. (standard: 75 hp / 55 KW) and a maximum torque of 230 Nm at 1,750 r.p.m. (standard: 145 Nm at 1,500 r.p.m.).

As for a final flourish to your HAMANN Fiat 500 make over, how about an aluminium pedal set including footrest and a car mat set with an embroidered HAMANN sportive logo?

Well, despite recent tales of doom and gloom surrounding the economy in the media recently, her latest Fiat 500 to go up for auction, this time a little number titled “Dark, Dark, Dark”, sold for an incredible £200,000.

Absolute Return for Kids charity (ARK) raised £25 million for children at a gala reception in the Royal Naval College, Greenwich last week, with an auction in which this one off Fiat 500 was included.

Thanks (once again) to top news spotter KevinB for finding out the sale details.

The full quote, taken on the sidelines of a foreign policy forum in Venice, reads

We are examining ways and means to manufacture the cars in the United States, I don’t want to bring it over made. I want to manufacture [in the North American free-trade area]

You have to feel a little pity for any American eagerly awaiting the Fiat 500, the situation gets more confusing with every turn.

Apparently some Abarth dealerships will have their own stand alone sites alongside or near to current Fiat franchises, while others will have an Abarth zone integrated into their current showroom space.

In the AM-online article they also reveal it will cost existing Fiat dealers anything from £40-£80,000 to become an Abarth franchise, which that investment potentially being repaid within a year.

Apparently Fiat are seriously considering following in the footsteps of Smart by teaming up with a dealer network with a strong US base to distribute the 500 in America. This would ideally lead to an established and trusted brand stateside offering a foot in the door for Fiat, who haven’t had their own dealer presence there for 25 years.

In an article published on Just-Auto.com, Marchionne is quoted as saying

I am convinced that the full range of the Cinquecento would be a huge smash in the US if we do it right…. I think the full Cinquecento product range is a brand within a brand and can probably carry the market - we’re looking real hard at this now.

Fiat representatives have been quoted in the past as wanting to emulate the success of the MINI Cooper stateside, however MINI had the distinct advantage of a ready and willing BMW dealer network who put not an inconsiderable investment into making the brand a success, with the aid of some very clever marketing. It will be interesting to see how Fiat can make waves to the same degree without a strong parent company to piggy back on.

The rather outrageous body kit shown above is supplied by Parotech, and the Fiat 500 in question also features suspension, wheel, performance and interior modifications, which come to a cool £19,500 spent on tarting up this particular vehicle. Yep, that’s a Fiat 500 with more than double its sale value spent on aftermarket goodies (or gaudiness, depending on your point of view).

Max Power are driving the car from Paris to Donnington (apparently more exciting than the Paris-Dakar?!), and you can read all about their excellent adventure in the magazine.

As an aside, Mr Marchionne also reaffirmed that the convertible Fiat 500 is heading for production in 2009.

That’s according to a report published today in Just-Auto.com.

Roberto Giolito, styling director for the Fiat brand, reportedly informed a just-auto reporter that the convertible variant of the new Fiat 500 was definitely going to be produced and that the design would be simple, affordable and “aimed at bringing maximum customer enjoyment”.

The Fiat 500 Convertible will sport a traditional fabric roof, as opposed to joining the hordes of overly fussy and in our opinion downright ugly “coupe convertibles” which seem to have flooded the convertible market over the past few years.

Fiat are confident that progresses in the technology of fabric roofs means a space-saving fabric folding roof can offer excellent insulation against the elements and exterior noise. We certainly welcome this decision and cant wait to see what the designers come up with.