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News watch August 2012: today's auto industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour Friday 31 August 2012•European car sales continue to struggle, down 8.2% in July. Spain, europe's biggest market, saw sales frop the most, by a massive 26%.

2014 Toyota Corolla order guide leaked

The 2014 Toyota Corolla arrives in dealerships later this year, but some bits of information about the big seller have leaked through a Kansas dealer to Car and Driver. The Corolla will stick with a 1.8-liter, four-cylinder engine, but will add Toyota's Valvematic variable valve timing, which may add a few ponies. A four-speed automatic will be standard on base models, while a six-speed manual will also be offered, replacing the old five-speed .

Celebrating the Bugatti clan at the Mullin Museum

Legend holds that Ettore Bugatti was at dinner with some of his wealthiest clients when an aristocratic lady -- who already owned numerous Bugattis -- lamented, "I want to buy another Bugatti…but I want the most luxurious car in the world. Too bad I have to buy a Rolls-Royce or a Hispano-Suiza." Ettore nodded politely, in that insouciant way that temperamental geniuses do in order to distance their own reactions, excused himself after dinner, ran to his hotel room, and drew what would become the Type 41 Royale -- the most astonishing, dramatic, expensive luxury car in the world. True to the name of the recent crop of limited-edition Veyron SuperSports (and what Veyron isn't a limited edition?), Bugatti traffics in legend.