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Ford offers $1m of design scholarships in memory of William Clay Ford

Ford Motor Company has put aside $1million to be awarded in automotive design scholarships over the next 20 years in order to commemorate the life of William Clay Ford who passed away on Sunday. The Ford Fund will release $10,000 each to five college sophomores or juniors per year who are following a career in car design. William Clay Ford was the last surviving grandchild of company founder Henry Ford and design was his lifelong passion.

'Gran Turismo 6' coming for PS3 this holiday season

When the sixth installment of "Gran Turismo" hits store shelves this holiday season for the PlayStation 3, it will include 1,200 cars, 33 tracks in 71 layouts, a new track editor with 10 square kilometers of scenery, and more ways to connect with friends and rivals. The new installment will add to the franchise's current sales of 70 million copies, continuing its run as one of the biggest sellers on the PlayStation family of consoles. Polyphony Digital, Sony and 10 manufacturers brought journalists out to the Silverstone Circuit in England for some hands-on time with a prototype copy of the new game.

Carroll Shelby recovering from health scare

Racing legend Carroll Shelby is slowly recovering from a recent health scare and could leave the hospital in the coming weeks. Shelby has been hospitalized after catching the flu, which turned into a case of pneumonia. Shelby, 89, has received heart and kidney transplants over the course of his life and dealt with a number of health issues.