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Ferrari 250 GTO sells for $35 million

A Ferrari 250 GTO – once owned by Sir Stirling Moss – is reported to have sold for a record-breaking $35 million. The Ferrari 250 GTO is probably the most coveted car on the planet and is, therefore, one of the most expensive. Simple supply and demand dictates that when a product is reckoned to be the best there is and the supply is limited prices will rise.

Who's Where: Maximilian Missoni joins Volvo as exterior design chief

Maximilian Missoni has been appointed exterior design chief at Volvo Cars. He will report to exterior design director Fedde Talsma and to Thomas Ingenlath, vice president design. 34-year-old Austrian-born Missoni joins the Swedish carmaker from Volkswagen where he worked from 2002, first working in Wolfsburg as a designer before being appointed senior exterior designer at the company's Advanced Design Center in Potsdam.

General Motors says Magna's Opel bid has obstacles, RHJ's is easier to accept

General Motors Co. says a bid for Opel from Magna International faces hurdles while a rival offer from Belgian investor RHJ International would be easier to accept. Writing on GM Europe's Web site, John Smith, GM's chief negotiator for the Opel sale, says Magna's bid "contained elements around intellectual property and our Russian operations that simply could not be implemented." He adds: "GM has partners in other parts of the world who have joint ownership of these assets ...