An auction was held this week for high-end cars and at the auction was one very special vehicle, a Ferrari 250 GTO. The car sold at the auction at a price that has set a record for the most money ever paid for an automobile at auction, the Ferrari was purchased for $38,115,000.
That sales price bested the previous highest price of $29,650,000 significantly. That second most expensive car ever sold was a 1954 Mercedes-Benz W196 Formula One car. The Ferrari did fall a bit shy of setting a record for the most expensive car ever sold. That distinction goes to a 1963 Ferrari 250 GTO that sold for $52 million in a private sale.
The Ferrari 250 GTO is considered the Holy Grail in the collector car world with only 39 having been produced and some having impressive racing pedigrees. The GTO was both a racing car and a road car when it was built. This car was the 19th 250 GTO to be built and finished second overall in the 1962 Tour de France car race.
Land Rover is the latest automaker to be forced to issue major recalls on its vehicles for airbag issues. The company has recalled 46,515 Land Rover SUVs in the US and Canada due to risk that the airbag may not deploy in an accident due to a component failure. Land Rover says that no reports of accidents or injuries have been made.
There is no indication at this time if the airbag issue will force recalls in other areas where the vehicles are sold. Vehicles covered in the recall include 2010 to 2015 LR2 compact SUVs and 2012 and 2013 Evoque SUVs. The issue in these vehicles is that the occupant classification system electronic control unit could fail.
If that failed, the passenger airbag would be partially or completely disabled. When owners take their vehicles to dealerships, the software for that control module will be replaced at no cost beginning August 30.
Hyundai has been in some legal trouble over inflated claims of fuel efficiency for its Santa Fe SUV. The automaker has offered a large settlement and an apology for inflating the fuel economy numbers in an attempt to settle a suit against it. The same suit targeted five other carmakers as well.
Hyundai has offered in the settlement a total of $54.3 million, which would give each customer who purchased a diesel-powered Santa Fe SUV $388.12 for extra fuel costs and inconvenience of dealing with the issue. The money will only be paid out to owners who purchased in South Korea since May 2012.
Hyundai says that it will revise the fuel efficiency of the diesel Santa Fe to 32.5 mpg, or 13.8 kilometers per liter from the original 14.4 kilometers per liter. Hyundai will have to adjust the fuel efficiency on about 140,000 units, over 1700 owners filed suit against Hyundai over fuel efficiency.
Lexus is a car company that many will think of as making luxury cars that are more for comfort than speed and performance. That is true for the most part, but Lexus did make a supercar called the LFA during a two-year production run. That production run ended in 2012 after Lexus built 500 examples of the vehicle.
The LFA was a sports car using high tech construction methods and powered by a 552-hp engine. The production run for the LFA has been over for a few years, but Lexus has announced that it intends to build a successor to the supercar. Sadly, Lexus has offered no insight into exactly what the successor to the LFA will be like.
Originally, the LFA was supposed to be a car selling in the $120,000 range, but that price quickly grew as more technology was added. The car eventually ended up costing $375,000 per unit. It wasn't the fastest supercar in that price range but it looks good and sounds fantastic.
If you take a camera or camera phone and snap a photo, you own the copyright. What if someone else takes your camera or phone and takes a picture with it, who owns the copyright then? In that instance, it's likely the person who snapped the pic that owns copyright. If a wild animal happens to steal your phone and take a selfie, apparently the wild animal owns the copyright.
This is exactly what a photographer named David Slater is finding out. Wikimedia refused to remove a photo that a monkey took of itself with his camera. The reason cited for not removing the image is that Slater doesn't own the copyright.
According to Wikimedia, the monkey owns the copyright because it pressed the shutter button. The monkey, in the selfie seen here, is a black crested macaque. Can a monkey own anything?
20th Century Fox has been working on a deal that would have seen it purchase time Warner. That purchase deal has now fallen through as Fox has withdrawn its plans to purchase Time Warner. The announcement was made Tuesday and has sent shares of Time Warner stock tumbling 11% in trading.
Word of the potential purchase surfaced in June and the expectation was that Fox would make a higher bid than the $85 per share that had been offered. News of the offer sent shares of Time Warner stock trading above that $85 per share offer at the time.
A source had said previously that Fox would not offer more than the $90 to $95 range. Fox did announce a $6 billion share buyback program to help sooth disappointed shareholders. The move has sent shares in Fox up by 7% in trading.
A few years back there were multiple mid-size trucks on the market with Ford, Chevy, Toyota, and Nissan all offering trucks in the segment. Not too long ago Chevy and Ford both dropped their mid-size trucks while Toyota and Nissan went on selling theirs. Chevy is ready to bring its mid-size Colorado truck back to the US and has announced the starting price for the vehicle.
The 2015 Colorado will start at $20,995 including a 200hp 2.5L 4-cylinder engine and 6-speed manual transmission. That base level trim will have power windows, a rear camera, and a locking tailgate as well. Pricing for the small truck goes up significantly from there.
The Colorado LT crew cab will start at $27,985 while the top of the line Colorado Z71 crew cab 4x4 will start at $34,990. All of the higher-end versions of the truck will use a 305hp 3.6L V6 and 6-speed automatic.
Ford has set the truck market on fire when it announced that it would be making the body of its new F-150, one of the top selling vehicles in the US, completely out of aluminum. The move was done to shed weight from the truck and increase performance and fuel economy. One of the questions that has remained about the truck is exactly how much it will cost.
That question has been answered with Ford unveiling the pricing for the truck this week. As you might expect, the price has increased with the base model F-150 XL starting at $26,615. The 2015 F-50 XLT will start at $31,890, both those base model trucks get $400 price increases.
Where the big price increases come in is with the higher-end models of the new F-150. The 2015 F-150 Lariat increases $900 to $39,880. Pricing for the King Ranch will go up $3615 to start at $49,460. Platinum top of the line models will start at $52,155, an increase of $3,055 compared to 2014 models.
If you have ever made a grilled cheese sandwich and didn't eat it straight away, you know how soggy they can get and how quickly crunchy becomes a soft mess. This is a big problem for a restaurant that makes all sorts of grilled cheese sandwiches for delivery called The Melt. Crispy, crunchy goodness at the store can be soggy and nasty in short order.
To combat this problem the company has come up with a Smart Box that is designed specifically to keep the sandwiches crispy, crunchy, and just as good as when it came off the grill during it's roughly 30 minute journey to your door. The Smart Box was created by former Flip Camera founder Jonathan Kaplan.
The challenge in designing the Smart Box was figuring out how to create airflow to prevent moisture build up. The Smart Box has gone through several iterations and the current one can keep the sandwiches fresh and hot for up to 30 minutes. The Smart Box has a heating element and fans that trigger when the temperature gets too low or the humidity too high. The Melt currently has 15 locations in California.
GM has been at the center of a raging controversy and some of the biggest recalls in automotive history over the last year or so. The company has had a myriad of problems, but the biggest of the recalls is the ignition switch problem that has been linked to several deaths. GM has now offered an estimate of what it will cost to pay victims of the ignition switch recall at $1.2 billion.
GM has hired a disaster compensation expert to administer a victims fund and claims will begin being accepted on August 1. The fund is uncapped and for now, the number of victims who are qualified for payments from the fund is unknown.
Some analysts estimate that the total cost of fines and settlements GM faces could total as much as $7 billion. GM is expected to fight lawsuits that are tied to accidents that happened before it exited bankruptcy in July 2009. For now GM has taken a single-time $1.2 billion recall cost from its earnings.