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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.

Fisker, Energy Department face tough Congressional hearing on federal loans

Struggling Fisker Automotive took a bludgeoning Wednesday on Capitol Hill from top congressional Republicans who compared Fisker to failed automotive startups of the past and lambasted the Department of Energy for allowing the electric-car producer to draw down nearly $200 million in taxpayer-funded loans. House Oversight Chairman Darrell Issa, R-Calif., told Fisker founder Henrik Fisker that he will be remembered fondly for his design work for BMW and Aston Martin. But he compared Fisker to Malcolm Bricklin, John DeLorean and Preston Tucker -- three entrepreneurs known for their failed startup car companies.

KTM Crossbow unveiled

By Jack Carfrae First Official Pictures 07 February 2007 10:52 The KTM Crossbow: it looks like a go-kart on steroids! That’s not far off, actually. Austrian company KTM usually manufactures off-road motorbikes, but it has recently made the jump into street bikes, and now the lightweight sports car market.