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Ferrari 250 GTO sells for $35 million

A Ferrari 250 GTO – once owned by Sir Stirling Moss – is reported to have sold for a record-breaking $35 million. The Ferrari 250 GTO is probably the most coveted car on the planet and is, therefore, one of the most expensive. Simple supply and demand dictates that when a product is reckoned to be the best there is and the supply is limited prices will rise.

Obama calls for shared sacrifice in auto bailout

President-elect Barack Obama says he wants to keep tough conditions on automakers that get federal loans. The companies must develop sustainable business models because it would be unacceptable "to keep them on their lifeline through taxpayer dollars in perpetuity," Obama told The Washington Post. Obama said industry restructuring will require "everybody, from labor to management to creditors to shareholders, giving something up." His comments contradict suggestions that the new administration will relax federal loan agreements reached last month with General Motors and Chrysler LLC, possibly with softer demands on the UAW.

Redesigned Opel Astra revealed ahead of Frankfurt rollout

Opel, General Motors' financially embattled European subsidiary, has ripped the covers from its sixth-generation Astra ahead of the car's planned debut at the Frankfurt motor show in September. The five-door hatchback traditionally is one of Europe's best-selling models and originally was expected to play an important role in the Saturn lineup in the United States. Under GM's pared-down lineup, the Astra's Delta 2 chassis is likely provide the underpinnings for a small Buick, initially in China, and then in the United States, depending on market conditions.