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Vintage-photograph auction at Lime Rock to benefit teen-driver training

Photographs of racing legends from yesteryear will help the young drivers of tomorrow through an auction over Labor Day weekend at Lime Rock. Autographed vintage photos of famous drivers will be sold to benefit a charity called Survive the Drive, which educates and trains high-school drivers in the Northeast. The program helped more than 10,000 students in the 2008-09 school year.

News watch October 2012: today's industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hou Wednesday 31 October 2012• It's emerged GM's European 2012 earnings are down nearly half a billion dollars in Europe, where it now expects to lose $1.5bn to $1.8bn before interest and taxes for the full year (DetNews)• Ford has posted a third-quarter net profit of $1.63bn (£101bn) - almost matching its eventual profit total for the entire year 2011. Despite painful losses in Europe (Ford expects to lose $1bn in Europe alone this year) a resurgent North American market has buoyed Fords sales even higher than previous forecasts (Automotive News Europe)• Fiat CEO Sergio Marchionne has weighed in against Republican presedential nominee Mitt Romney, who argued that a move towards Chinese production would harm American jobs.

Mustang Boss 302 always supposed to be a quick run, Fields says

The abbreviated run of the track-oriented Ford Mustang Boss 302 was by design, says Ford Motor Co. COO Mark Fields. Speaking April 6 at the Barrett-Jackson auction in Palm Beach, Fla., Fields told Speed TV the two-year availability helps protect the Mustang's value for collectors.