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The most expensive cars ever: Ferrari 250 GTO sells for $38 million

By Tim Pollard Motoring Issues 15 August 2014 10:19 A 1962 Ferrari 250 GTO Berlinetta sold overnight for a record $38,115,000 (£22,528,626) at the prestigious Bonhams Quail Lodge Auction held during Monterey Car Week. At a stroke, the Ferrari has become the most valuable car in the world, overtaking the 1954 Mercedes W196 R F1 Racer which sold for $30m at an auction at the 2013 Goodwood Festival of Speed. Tellingly, seven of the top 10 most expensive cars ever sold at auction were Ferraris (see our list below).

Mazda Furai concept burns in Top Gear's hands

It's the 20th anniversary of Top Gear -- the magazine anyway -- and as it celebrates its 20th anniversary, the magazine has copped to the destruction of the Mazda Furai concept, which caught on fire while in its possession an unspecified length of time ago. "The 20th anniversary collectors" edition of BBC Top Gear magazine…reveals a host of until-now untold secrets," says a statement from the magazine's publisher, "including the truth behind the mysterious disappearance of Mazda's astonishing Furai concept (hint: it involves the East Anglia fire service)." Well, that sucks. Look at that picture above!

Kia promotes design chief Schreyer

Kia Motors Corp. has promoted design chief Peter Schreyer to president. He's the first non-Korean to attain the position at Kia.