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Ford GT Sells For a Record $11 million at RM's Monterey Auction

RM Auctions sold a 1968 Ford GT40 Gulf/Mirage coupe Friday night at its Monterey sale for $11 million, setting a record for the highest price paid for an American car at auction. The Friday sales showed once again a very strong market for cars selling at auction, according to statistics gathered by classic car insurance giant Hagerty. In comparing this year's sales to last year, the total number of cars sold in two days of auctions was down slightly while the total amount generated -- $67.5 million – is far greater, as is the average selling price.

House narrowly passes scaled-back 'cash-for-clunkers' bill

The U.S. House on Tuesday narrowly passed a scaled-back version of a bill that would give consumers cash vouchers of between $3,500 and $4,500 if they trade in their cars for newer, more fuel-efficient vehicles. The $1 billion cash-for-guzzlers proposal, modeled after successful programs in Germany and other European countries, is part of a $106 billion supplemental spending measure designed mostly to fund the wars in Iraq and Afghanistan.

Porsche 911 GT3 R Hybrid race car revealed

Porsche will bring its latest hybrid know-how to the racetrack in the form of the new 911 GT3 R Hybrid, revealed here for the first time prior to a planned public premiere at the Geneva auto show in early March. Developed by a team of engineers at Porsche's Weissach R&D center, Porsche plans for the stripped-out race car to act as a rolling laboratory. The German carmaker wants to explore the potential of hybrid drivetrains in a racing environment before an expected announcement that it will return to the 24 Hours of Le Mans in a factory capacity, perhaps in 2012, with a race car boasting technology based on that used in the 911 GT3 R Hybrid.