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News watch July 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 Tuesday 31 July 2012•Porsche SE recorded a first half profit of €1.15bn, in comparison with €149m for the same period in 2011. The enormous jump has come not from directly selling cars, but from the group's investments in Porsche Zwischenholding GmbH and Volkswagen AG (Porsche SE)•Reuters suggests Germany's car market is in recession, but few outside the industry would know it, thanks to a controversial sales practice that inflates official statistics and paints a flattering picture of demand.

2014 Volvo S80 grabs IIHS Top Safety Pick Plus+

The second-generation Volvo S80 has been with us since 2008, and just a year before its scheduled replacement with an all-new model it has managed to grab a Top Safety Pick+ rating from the Insurance Institute for Highway Safety (IIHS). The S80 now joins its XC90, XC60, and S60 siblings in receiving this accolade, which was instituted just last year when the IIHS created a new type of crash test called the small overlap test. The small overlap test is designed to recreate a rather typical road accident scenario, one which hadn't been added to the roster of crash tests by most vehicle organizations.

Boca Raton concours to honor Milhous brothers

Well-heeled car fans will be able to get their hands on some highly coveted autos when the Milhous collection goes up for auction on Feb. 24, in a multiday sale that coincides with the Boca Raton Concours d'Elegance. Bob and Paul Milhous of the Milhous Museum will be honored with the Lee Iacocca Award at this year's concours, a distinction that goes to individuals who have perpetuated the American automotive tradition in their dedication to classic-car preservation.