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Get ready for the New GM

Unless there is some sort of major, unforeseen hiccup, the sale of General Motors' assets--creating a new company--is expected to close Friday. The new GM will be 60.8 percent owned by the U.S. Treasury.

Ford offers trip to the summer X Games with Focus ST contest

Ford is holding a contest to get drivers interested in the new Focus ST--as if we weren't already. Ford will have driving simulators at this year's auto shows, and the person who records the fastest time will get a trip to ESPN's summer X Games. Those interested can follow the leaders at Ford's Facebook page, where all of the lap times and info will be posted.

McLaren F1 sells for $8.47 million at Gooding & Co’s Pebble Beach Auction

McLaren F1 chassis #66 (pictured) has sold for $8.47 million There’s been an inexorable rise in the price of classic cars in recent years as rich men realise that certain classic cars not only have huge appeal, but appear to be going only one way in price. Add to that – certainly in the UK – that any profits made on the sale of a classic car you’ve bought for your own enjoyment are tax free, and it’s no shock that values keep rising, and the rarer the car the more they rise. So with only 64 road cars made, the McLaren F1 can be considered a sound investment, with values rising since it first sold in the 1990s for around £640,000 to a new world record auction price set last night of £8.47 million (around £5.42m).