This famed 1911 Oldsmobile Autocrat, fitted with special speedster bodywork and known as the Yellow Peril, sold for $698,500 at the RM Sotheby’s Hershey sale. Get all the latest auto industry news in the Executive Briefing.
+ Investigators have searched the headquarters of Volkswagen’s operations in France, one day after ex-VW CEO Martin Winterkorn stepped down as chairman of Porsche Automobil Holding SE, VW’s biggest shareholder. More at Bloomberg.com.
+ Ford’s joint venture in China will recall around 220,000 Kuga SUVs to correct potential fuel system leaks, the Chinese government’s watchdog agency reported. More at Business Insider.
+ British luxury automaker Aston Martin is planning to cut 295 jobs from its global workforce of 2,100 in an effort to cut costs and rebalance the business. More at Automotive Business Review.
+ Sky News in the UK reports that China Media Capital (CMC) leads a group of Chinese firms seeking to invest $1.5 billion in the Formula 1 series, orchestrated by Miami Dolphins owner Stephen Ross. More at Sky News.
+ Porsche has all but confirmed it will offer a purist-oriented 911 R model, essentially a 911 GT3 with a seven-speed transmission and reduced aero. More at Motor Trend.
+ Three law firms have accused General Motors of violating its $900 million consent agreement with the Justice Department over the automaker’s delayed recall of 2.6 million vehicles for ignition switch defects. More at The Detroit News.
+ Volkswagen developed multiple versions of its diesel defeat device software to subvert emissions tests, three people close to the matter told Reuters reporters, suggesting a systematic deception by the automaker. More at Reuters.
+ The RM Sotheby’s Hershey 2015 auction produced $16.34 million in total sales and a 96 percent sell-through rate, exceeding 2014’s results by 16 percent. More at Sports Car Digest.
+ Demand for shares far exceeds supply as Ferrari prepares for its initial public stock offering this week with 10 percent of the company going on the block. More at Autoblog.
+ MotoGP rider Jorge Lorenzo finished second at Grand Prix of Australia in Phillip Island, handing Yamaha its 37th manufacturer’s title in series history. More at Motorsport.com.
Read the previous Executive Briefing from October 16 here.
Photo by Darin Schnabel courtesy of RM Sotheby’s.