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Big Spenders Flock To Bohnams Festival Of Speed Auction

GOODWOOD’S Festival of Speed might be famous for the action on its famous hill, but there’s more to the self proclaimed ‘world's largest motoring garden’ than just the racing. And just to prove the point, this year the annual Bonhams sale earned a staggering £22.6 million on the Friday of the event. The star attraction was a 1954 Ferrari 375-Plus, as used in iconic road races such as the Mille Miglia, Targa Florio and Carrera Panamericana, which sold for £10.7 million following a fierce battle between bidders.

Mandelson to announce help for car makers

Lord Mandelson is the man charged with finding ways to fund UK Car purchases (yes, he of the dodgy mortgage debacle – at least he should know a few tricks!) as the credit crunch has dried up funding, leading to an unprecedented drop in new car sales in the UK. Mandelson is due to make a statement in the Lords just after 3pm today, outlining the help the government is going to offer to ailing car makers. Central to this package is expected to be a funding channel directly from the Bank of England to inject liquidity in to the car financing sector.

Former General Motors CEO Robert Stempel dies

Former General Motors CEO Robert Stempel, who led the automaker during a turbulent period of recession and restructuring in the early 1990s, has died at the age of 77. "Bob was a very popular chairman with employees, and his many accomplishments as a visionary engineer included leading the development of the catalytic converter, one of the great environmental advancements in auto history," GM said in a statement. "His knowledge of battery development led to the push for the EV1 electric car, and Bob continued to build his expertise in the electrification of the automobile after he left GM in 1992." Stempel died Saturday in Florida, the Detroit News and Detroit Free Press reported Monday night.