Shattering its pre-auction estimate of $600,000, the psychedelic Porsche 356C Cabriolet once owned by rock legend Janis Joplin brought $1.76 million at the RM Sotheby’s Driven to Distraction auction. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ The U.S. government has issued another $70 million in fines against Fiat Chrysler Automobiles for failing to properly report vehicle safety problems. More at U.S. News & World Report.
+ Ford Motor Co. has pledged to invest $4.5 billion in electric vehicle development and add 13 new electric vehicle models across its lineup by 2020. More at The Detroit News.
+ Volkswagen Chairman Hans Dieter Poetsch holds firm to his assertions that a small number of employees are responsible for the company’s diesel cheating scandal and no board members were involved. More at Reuters.
+ Jaguar Land Rover has reached an agreement with the Slovakian government on the construction of a new factory with a production capacity of 300,000 cars a year. More at Automotive News Europe.
+ New England Modified racing legend and NASCAR veteran Ron Bouchard has passed away at age 67 after a lengthy battle with cancer. More at NBC Sports.
+ Designer Henrik Fisker will unveil a new $300,000 sports car named the Force 1 at the North American International Auto Show in Detroit next month. More at Motor Trend.
+ General Motors paid $594.5 million to victims of ignition switch failures, according to a final report from the GM Ignition Compensation Claims Resolution Facility. More at CBS Detroit.
+ A Volkswagen minibus concept will an all-electric powertrain will make its debut at the Consumer Electronics Show (CES) in Las Vegas next month. More at Autocar.
+ The 1940 Ford Pilot Model GP No. 1 Pygmy, Ford’s original World War II Jeep prototype, is the eighth vehicle to be entered in the National Historic Vehicle Register. More at Olds Cars Weekly.
+ At the RM Sotheby’s Driven by Distraction auction in New York, a 1956 Ferrari 290 MM brought $28 million and Janis Joplin’s psychedelic 1964 Porsche drew a record $1.76 million. More at Bloomberg.com.
+ The Brumos Automotive chain, including the renowned Brumos Porsche dealership in Jacksonville, Florida, has been purchased by Field Automotive. More at Racer.
+ Current NASCAR Xfinity champion Chris Buescher will run for Sprint Cup rookie-of-the-year honors for Front Row Motorsports in 2016 with technical support from Roush Fenway Racing. More at Motorsport.com.
Read the previous Executive Briefing from December 7 here.
Photo courtesy of RM Sotheby’s.
Interesting result on the Janis Joplin car. Most of the time, celebrity ownership broadens the appeal of a collector car but does not have much of an impact on price. Obviously, there are exceptions to this such as vehicles having Steve McQueen heritage. Is Janis Joplin in the same boat as McQueen or was this an isolated occurrence?
Beats me. All it takes are two wealthy people who want the same possession. They may not care if they’re spending $300K or $3M.
https://youtu.be/l0BgJSRGRmc
Surprised to see two foreign vehicles in the National Vehicle Register. The first, the two-time Indy 500 winner Maserati Boyle Special, I can sort of understand. But the “1st Mercedes-Benz 300SL sold in America”? Surely this organization can find more worthy honorees. That seems like an ego stroke in return for a large cash donation.
The group appears to be focused on unrestored cars and I think that’s commendable. The selection is quirky and covers a lot of areas. I like that too. But as nice as the 300SL is, it doesn’t belong .
I know nothing at all about the process. Beats me.
WHY? As a car it has very little appeal with that paint job.
And Janis Joplin was never a ‘car guy’ unlike McQueen or a few others.