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Ferrari 250 GTO sets new world record with £32 million sale

The Ferrari 250 GTO was already the most expensive car in the world ever sold: now, it has cemented its position as reports emerge of an example selling for a staggering £32 million ($50.3m). That’s an increase of almost 50% on the selling price of the former record-setting 250 GTO, an example built for Sir Stirling Moss and sold in 2012. The latest deal is a private transaction and both the identity of the new owner and the location of the car are being kept secret.

GM recalls small cars to fix steering problem

A problem with the power-steering system is prompting General Motors to recall 1.3 million small cars. There have been reports of 14 crashes and one injury related to the steering problem, GM said on Tuesday. The recall covers 2005-10 Chevrolet Cobalts and 2007-10 Pontiac G5s sold in the United States.

Two million drivers risk insurance fraud

MORE THAN 2 million drivers in the UK could be at risk of committing insurance fraud by claiming they are the main driver on a policy when someone else uses the car. As many as 6% of the UK’s drivers are risking invalidating their insurance by letting someone else drive the car for most of the time despite claiming they are the principal driver. Known as ‘fronting’, this kind of insurance fraud is common among parents helping their children to get cheaper car insurance.