1978 Mercury Zephyr Hood Emblem Badge 13-0821n on 2040-parts.com

Saab files for reorganization, seeks $1 billion to survive

Saab is seeking $1 billion (793 million euros) to be self-financing, the company said on Friday after it filed for reorganization under a self-managed Swedish court process. The General Motors-owned Swedish brand said it will work "to create an independent business entity" and will concentrate production, design and engineering in Sweden. Saab said it would continue to operate as normal during the reorganization process, with GM and the Swedish government providing some support.

Monterey auction kicks off with woodies sale

The Sports and Classics of Monterey auction is in full swing, and a collection of classic woodies netted $7 million Thursday. The Nick Alexander Woodie Collection featured 51 pristine pre- and postwar Ford and Mercury wood-bodied station wagons. The event was staged by RM Auctions in advance of the Pebble Beach Concours d'Elegance.

Citroen C4 Picasso five-seat

This is the new five-seat version of the C4 Picasso following the seven-seat model shown at the Paris Motor Show, which will now to be known as the Grand C4 Picasso. Naturally enough then, the two cars will compete with the standard and Grand Renault Scenics, the new Citroen C4 Picasso also tackling the handsome Volkswagen Golf Plus. The C4 Picasso shares its front half with its bigger stablemate while the rear has become more fastback in style, blackened pillars and dipping beltline also reminding of the Citroen C-Sportlounge concept.