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AUTO NEWS: Record weekend for classic car auctions

Published August 22, 2014

A week ago, the classic car world descended on California for what turned out to be a significant weekend.

The Rolex Monterey Motorsports Reunion, the Pebble Beach Concours d’Elegance and the Quail Lodge auto auction resulted in some of the world’s most beautiful cars being on display on both the track and the auction block.

The tone of the weekend was set at the Bonhams Quail Lodge Sale, where a scarlet 1962 Ferrari 250 GTO Berlinetta became the all-time most expensive car. When the gavel fell, the sale price was $38,115,000 (U.S.).

The incredible machine had been owned by the same family for 49 years and, rather than being a restored model, it had been a well-maintained racing car for most of its life.

The Ferrari brand continued to lead the sales charts as Ontario-based RM Auctions hosted the highest grossing collector car auction of all time, with $143.4 million being spent to purchase 118 vehicles.

The sale marked the RM’s 35th anniversary and was also of note for being the top selling single day event ever, with $88-million worth of bidding taking place in the first four hours alone.

Insurance companies work to educate “distracted” teens 

With high school students getting ready to return to school over the next couple of weeks, State Farm and insurance shopping service Kanetix are stepping up their efforts to educate young drivers about the importance of safe driving.

Part of the challenge of getting teens to buy in to anything is creating a platform that is cool.

The folks at State Farm have that covered, as the next step in their Celebrate My Drive campaign gives students a chance to win a private concert with the Band Perry at their own high school.

As part of the program, State Farm has donated $75,000 nationally to organizations promoting teen driver safety, including support for Arrive Alive, the Canadian Centre for Substance Abuse, Canada Safety Council and Toronto Police Service.

Learn more at celebratemydrive.com

Whether it is caused by adjusting the radio, munching on some fast food or a fussy child in the back seat, we have all been distracted behind the wheel at some point or another.

Kanetix is asking Canadians to pledge to not drive distracted. For every pledge received at distractedtodeath.com, Kanetix will donate $1 to Teens Learn To Drive, which is a non-profit organization dedicated to reducing teenage driving crashes that cause injury or fatalities.

Study shows crossover owners want third row, more cargo room

In what could be called a case of consumers wanting to “have their cake and eat it too,” J.D. Power’s recent 2014 Seat Quality and Satisfaction Study shows that consumers want vehicles with third row seating, but also want added cargo space, despite driving smaller vehicles.

They also expect those seats to be trouble-free.

The compact SUV/MPV segment is on the rise as consumers look for a vehicle that can haul the family, yet is more hip than a minivan.

Auto parts firms fined for price fixing

Reuters reports that China has fined Japanese auto parts makers a record 1.235 billion yuan ($201 million U.S.) for manipulating prices. The fines follow a global crackdown on price fixing in the auto parts sector, which has also mostly affected Japanese companies.

In China, parts maker Sumitomo Electric Industries Ltd was the hardest hit. Denso Corp and Mitsubishi Electric Corp. were also fined for colluding to reduce competition and establish favourable pricing on their products.

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