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Ford GT Sells For a Record $11 million at RM's Monterey Auction

RM Auctions sold a 1968 Ford GT40 Gulf/Mirage coupe Friday night at its Monterey sale for $11 million, setting a record for the highest price paid for an American car at auction. The Friday sales showed once again a very strong market for cars selling at auction, according to statistics gathered by classic car insurance giant Hagerty. In comparing this year's sales to last year, the total number of cars sold in two days of auctions was down slightly while the total amount generated -- $67.5 million – is far greater, as is the average selling price.

Toyota gunning for Honda Insight

We brought you news yesterday of the new Honda Insight, which Honda is launching in to the European market. Honda has made big noises about the Insight being significantly cheaper than the Prius, which seems to have got Toyota thinking. The next generation Toyota Prius (unveiled recently at Detroit) is due out before too long, and is a bigger, better equipped car than the outgoing version, and therefore more expensive.

Cadillac ELR – a Chevy Volt in posh clothes – confirmed

The Cadillac Converj is going in to production as the Cadillac ELR When GM revealed the Cadillac Converj Concept at Detroit in 2009 it all looked very promising. But it came to nothing, despite rumours it was going in to production. But now it is going in to production, as the Cadillac ELR.