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The most expensive cars ever: Ferrari 250 GTO sells for $38 million

By Tim Pollard Motoring Issues 15 August 2014 10:19 A 1962 Ferrari 250 GTO Berlinetta sold overnight for a record $38,115,000 (£22,528,626) at the prestigious Bonhams Quail Lodge Auction held during Monterey Car Week. At a stroke, the Ferrari has become the most valuable car in the world, overtaking the 1954 Mercedes W196 R F1 Racer which sold for $30m at an auction at the 2013 Goodwood Festival of Speed. Tellingly, seven of the top 10 most expensive cars ever sold at auction were Ferraris (see our list below).

SPD starts collaboration with VW Group Design on Masters program

Scuola Politecnica di Design (SPD) and Volkswagen Group Design are starting a new five year collaboration program focused on the development of experimental mobility projects for Lamborghini, Audi and Volkswagen. The Milan, Italy-based university is offering eight scholarships to participate to the one year Master Program in Car and Transportation Design, which will take place from 21 October 2010 to October 2011. The university is currently accepting applications from students and professionals from all over the world, with the aim of providing training with the protagonists of automotive design.

Lotus CEO Mike Kimberley to step down on Friday, citing health issues

Lotus CEO Mike Kimberley is stepping down on Friday, as back problems are forcing him to prematurely call it a career. Kimberley will turn 71 in August. He's in his second stint at Lotus and has been CEO since 2006.