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Barrett-Jackson Palm Beach auction rakes in $18 million

Barrett-Jackson's Palm Beach auction concluded on Sunday with more than $18 million in sales at the South Florida Fairgrounds. A 2011 Ford Mustang Shelby GT500 crossed the block for $1,000,000. That sale benefited the Wounded Warrior Family Support charity, which is not to be confused with the Wounded Warrior Project.

Caparo supercars

By Tim Pollard 21 July 2008 10:42 You've probably heard of the madcap Caparo T1. CAR drove the first example and was left pondering how one of the world's fastest cars was also one of the scariest. But you might have forgotten that Caparo is better known as a huge engineering company in the automotive sector and elsewhere, employing 6000 people worldwide and turning over €1.5 billion a year.

Saab unable to pay wages as financing crisis deepens

Saab's money troubles have worsened to the point that the struggling car maker is unable to pay its employees' wages on the eve of the Swedish mid-summer vacation period.In a brief official statement last night, Saab's parent company Swedish Automobile N.V (formerly Spyker Cars) announced that it was 'will be unable to pay the wages to employees as it has not yet obtained the necessary short-term funding.'  While Swedish Automobile and Saab continue to pursue options for securing short-term financing to solve the cashflow crisis, the company admitted 'there can however be no assurance that these discussions will be successful or that the necessary funding will be obtained.' Saab share prices tumble, Swedish government will not intervene Reaction to the worsening financial crisis from stakeholders has been predictably bleak. Swedish Automobile's shares dropped 61% in value yesterday, and are currently trading at 0.948 euro. The Swedish government, already guaranteeing a €400m loan to Saab by the European Investment Bank, shows no inclination to bail-out Saab, which employs 3800 staff.