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First Ferrari 458 Italia in U.S. auctioned for $530,000 to benefit Haiti

It's one thing to own a Ferrari; it's another to be the first one to own an all-new model. The first 458 Italia was auctioned off on Thursday night for $530,000 in a stunning charity gala held at a Beverly Hills estate that made the Clampett mansion look like the carriage house where the pool boy stayed. Auctioneer David Gooding donated his services and got the ball rolling at $250,000, which was more than the expected MSRP for the car of about $220,000.

GM launches Corvette ads on television

WITH VIDEO -- The first work from Goodby, Silverstein & Partners' new client, General Motors' Chevrolet, is out, and it's a testosterone-filled, 45-second TV spot for the 2011 Corvette. The ad, which aired for the first time Tuesday night on ESPN, marks GM's return to TV advertising for the Corvette after a five-year absence. Titled "Still Building Rockets," the commercial shows footage of rocket scientists juxtaposed with snapshots of GM plant workers building a Corvette.

Ferrari boss Montezemolo says his future is fast cars--and fast trains

Ferrari S.p.A. Chairman Luca Cordero di Montezemolo has pledged his future to the supercar brand, refuting speculation that he might quit to join Italy's government. “In my future I see fast cars and fast trains--and no politics,” Montezemolo told Automotive News Europe in an interview at Ferrari's headquarters here.