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Money flows at Monterey Auctions

Buyers of classic vehicles have dug deep into their pockets at auctions on the Monterey Peninsula, easily topping the sales totals from last year with one auction still remaining. More than $203 million has been spent on 704 vehicles, for an average sale price of $288,360. In 2011, the auction houses set a record for total sales during Pebble Beach week at $197,732,538 having been spent on 881 vehicles for an average sale price of $224,441.

Ford names Freeman Thomas as Strategic Design Director

 Long-time DaimlerChrysler designer Freeman Thomas is joining Ford Motor Company from June 1. Thomas, 47, will become director of Strategic Design, reporting to Peter Horbury, executive director of Design, North America. Based in the company's Irvine, California studio, Thomas will lead advanced design teams in both California and Dearborn.

Ford gets the 1965 Mustang ready for the racetrack

When a pair of 1965 Ford Mustangs served as pace cars for the 1964 Indianapolis 500, the car -- which had made its debut just a few weeks before -- was kicking off an exciting motorsports career that continues to this day. In the April 25, 1964, issue of Competition Press and Autoweek, we shared news (relayed to us by none other than Lee Iacocca) of the Mustang's racing ambitions. At the time, the competition schedule included the Midnight Sun road rally in Sweden, the Alpine rally in France and Spa-Sofia-Liege rally, which ran between Belgium and Yugoslavia.