The first Ferrari 458 Italia to be sold in North America fetched a staggering $530,000 at an auction in Los Angeles last night. The proceeds from the sale will go to help Haiti relief efforts through the CMMB (Catholic Medical Mission Board) and the William J. Clinton Foundation.

In total $601,000 was raised at the event with other auction items including Ferrari F1 driver Fernando Alonso’s racing suit going for $31,000 and two Scuderia Ferrari team experiences at the Canadian Gran Prix in Montreal in June.

Those in attendance included John Mayer, Jeremy Renner, Patrick Dempsey, Aaron Eckhart, Joel McHale, Malin Ackerman, Mollie Simms, Katie Cassidy and director Michael Bay.

Official release after the jump:

After ABC News admitted a piece of footage from its Runaway Toyota story was staged and Toyota debunked the method by which the news outlet’s expert created the runaway car, the automaker has now sent a letter to ABC News asking for a formal apology and retraction. And while there’s no mention of a lawsuit, it’s certainly implied, with the words: “Toyota reserves the right to take any and every appropriate step to protect and defend the reputation of our company and its products from irresponsible and inaccurate claims.” Frankly we wouldn’t be surprised to see a lawsuit filed considering the undue fuel this poured on the Toyota recall fire.

To summarize the facts, ABC News ran a story by reporter Brian Ross, entitled, “Expert: Electronic Design Flaw Linked to Runaway Toyotas.” In the story Ross even got behind the wheel of a Toyota, when the expert, Professor David Gilbert of Southern Illinois University, created a condition whereby the car had an, “unintended acceleration.” The story aired the night before Proff. Gilbert appeared at a government hearing on the issue of recalled Toyota vehicles. Since, Toyota has not only drawn into question Proff. Gilbert’s motivation, as his work was funded by a so-called safety group that receives its funding from law firms (several of which are suing Toyota), but it has also debunked the method by which Proff. Gilbert created the unintended acceleration. In fact, Toyota showed that the “unintended acceleration,” was more of an “intentional manipulation” and that the circumstances by which Proff. Gilbert was able to achieve such a result are, “virtually impossible to occur in real-world conditions.” In addition, Toyota hired experts at Stanford University who were able to replicate Gilbert’s method in a Subaru, Honda, Ford and Chevy.

Toyota claims that ABC News “rushed out the report” to be broadcast the night before the congressional hearing while denying Toyota the ability to review the piece or respond. The letter clearly states that according to Toyota, Ross, “failed in his basic duty as a journalist” by not disclosing the source of Proff. Gilbert’s funding.

For its part, ABC News has responded to the Toyota letter, without apology or retraction, stating that it did in fact let Toyota know about the original “Expert: Electronic Design Flaw Linked to Runaway Toyotas” story before it ran, to which Toyota did not at the time comment on. In addition, ABC news says it was justified in reporting on Proff. Gilbert’s claims just as it was justified in reporting on Toyota’s response.

We have a feeling this isn’t the last we’ve heard on the ongoing tiff between Toyota and ABC News.

GALLERY: Toyota Retraction Letter to ABC News

GALLERY: ABC News Response

[Source: Gawker]

Cadillac’s beautiful plug-in hybrid concept car will remain a great idea, but nothing more. According to a report by Automotive News, GM Vice Chairman Bob Lutz wrote in a text message that the Converj, first shown at the Detroit Auto Show in 2009 and well-received by the media, won’t be headed for production.

Lutz wrote that, “priorities and the conviction that the Volt and Ampera will use all available capacity for years to come,” mean that the Converj project has been canceled. This comes as somewhat of a surprise, as it was thought that a higher output version of the Volt’s motor, fitted into a Cadillac, would not only be appealing to consumers, but would also make for a profitable business case. The higher profit margins and higher dollar value of a Cadillac would help cover the cost of the expensive high-technology powertrain.

Instead, Chevy and Opel will mark forward with the Volt and Ampera, while the Cadillac brand seems poised to tackle the lower end of the market, with plenty of resources being poured into the brand’s upcoming rear-drive BMW 3 Series competitor.

[Source: Automotive News via Autoblog]

J.D. Power has just released its Vehicle Dependability (VDS) Study for 2010, giving the top spot to Porsche, followed closely by Lincoln and Buick. Only one of the three, Buick, was on the podium last year, but has dropped from first to third. Also of significance is the continued slide by Lexus, which finds itself in fourth place this year. Last year Lexus placed third, marking the first time in 14 years the luxury Japanese automaker didn’t take first. That’s nothing compared to Jaguar, however, which dropped a total of 21 spots from second last year to 22nd for 2010.

Other big movers include Ford, moving up six spots to 8th overall.

Included in this year’s results, J.D. Power thought to mention several automakers that placed highly, but which aren’t generally considered by consumers due to poor brand perception about reliability. These include Cadillac, Ford, Hyundai, Lincoln and Mercury. No doubt these brands will all see improved brand perception and sales in the years to come.

Despite its recall woes this year, Toyota continues to perform highly, placing sixth overall and taking home the most vehicle segment awards, for models such as the Highlander, Prius, Sequoia and Tundra. Honda, in seventh place overall, took home three for the CR-V, Fit and Ridgeline.

Overall, J.D. Power found that vehicle dependability has improved by 7 percent.

The 2010 Vehicle Dependability Study was based on responses by more than 52,000 vehicle owners with three-year-old (2007) models. Scores are based on the number of problems per 10p vehicles, with lower scores indicating a higher quality.

GALLERY: J.D. Power 2010 Vehicle Dependability Study

Official release after the jump:

Volvo is following a trend by European automakers to bring their products further down market, with plans to introduce a new compact crossover based on the C30 hatchback. Likely to be called the XC30, this would be the fourth SUV/Crossover in the company’s lineup and slot in underneath the new XC60 model.

According to a report by CarsGuide, Volvo’s man in charge of corporate strategy, Lex Kerssemakers, commented that an expansion of the XC line was in order considering the core of Volvo’s business lies in the V and XC models. Kerssemakers then went on to say that with the proliferation of larger crossovers within the brand, the logical step would be to look down-market. Downsizing for Volvo is likely to stop there, however, says Kerssemakers, with no plans to take on the city car market with a competitor to Audi’s new A1.

The new XC30 model would compete with BMW’s upcoming X1 model and the rumored Audi Q3. It’s also likely that when the next generation of C30 models debuts, Volvo will offer a five-door version as well as the current 3-door. Volvo chose to go with a three-door because of the style, but now admits that with the five-door portion of the hatchback marketing being the largest area, the Swedish automaker will look to compete more readily by expanding its C30 product offerings.

[Source: CarsGuide]

With the seventh-generation Corvette due out soon, Chevy is reportedly already looking ahead to the C8 model with major changes planned. General Motors had planned a major revamp of the Corvette for the C7 model but when the economy took a turn for the worse, it was decided that less ambitious changes had to be made. As a result the C7 is to follow after previous Vettes, but with improvements. In other words, it’s more of a stop-gap, to keep the iconic sports car alive until the C8 arrives to usher in a new era of the Corvette.

“That [the C7] will be the last of the traditional, old-style Corvettes,” said a senior GM representative to AutoWeek. Reportedly under consideration for the C8 is a light-weight aluminum platform with a mid-engine layout. It is may also be smaller in size and could even use a V6 engine. That might sound crazy, but if a V6 is planned, you can expect a few turbochargers to also be a part of the package.

We’ve already seen reports mentioning GM’s plans to make the Corvette a more global car with improved youth-appeal, and as much as cosmetic changes to the C7 platform are expected to head in that direction, the C8 is now looking to update every aspect of the car.

[Source: Autoweek]

It’s a great day to be Canadian. Why you ask? Well, along with the overall friendliness, beautiful scenery and lack of crime, it now appears as though Canada will get the incredible Audi TT-RS.

Haven’t hear of it? Well, you know that TT-S that’s currently on sale with the turbocharged 2.0-liter 4-cylinder. Well, add an extra cylinder and 0.5-liters of displacement and then make the whole package a lot more hard-core and you’ve got the TT-RS. In total it makes 335-hp and 332 ft-lbs of torque and when combined with quattro all-wheel drive and offered exclusively with a six-speed manual transmission, it can hit 62 mph in just 4.6 seconds.

Its unusual that Canada would get a model that the United States wouldn’t, unless of course Audi is still planning to bring the car here as well. Plus, Audi Canada hasn’t officially confirmed this report either. However, there is one good reason that Canada could get the car, namely, the high price of cars in the country. Even when the Canadian and U.S dollars are at parity, (like they pretty much are now), vehicles in Canada cost anywhere from 10 to 15 percent more – plus the significantly higher taxes. This makes it possible for Audi (or any other automaker) to make a slight profit, which would be impossible in the U.S. on a 10 to 15 percent cheaper car.Generally, automakers still choose not to sell such vehicles in Canada because of the low volume possible.

According to Monvolant, (which also claims the BMW X1 rear-drive model will make its way to Canada), just 250 TT-RS models will be imported to Canada. Lucky bastards, eh?

[Source: Monvolant via Autoblog]

The 2003-2006 Ford GT is one of America’s proudest super cars. Its sleek, low profile design gives it a sense of being exotic while there’s no mistaking the American muscle that powers it. From the factory it came equipped with a 5.4L V8 with a Lysholm twin screw-type supercharger producing 550-hp and 500 ft-lbs of torque. With an MSRP in the mid-$100,000’s, it’s hard to imagine there would be many of these prowling on the streets, never mind modified ones. But modified ones there are, and Performance Power Racing is taking top honors with its 1,400-hp Ford GT that recently set a production car world record.

You see, the Ford GT has a top speed of 200 MPH off the assembly line. Performance Power Racing in South Florida  wanted to take that above and beyond. They claim that their Ford GT went from the previous top speed of 200 mph to 252.97 mph in merely 7.3 seconds with the aid of a pair of turbochargers forcing 26 psi into the V8.

And just like that a record is set and for those not fortunate enough have witnessed it (we definitely weren’t!) there’s a video after the break.

It is now becoming apparent how Volkswagen’s partnership with Japanese automaker Suzuki and it’s plans to become the world’s largest automaker are intertwined. Outlined in a VW employee newsletter is an interview with VW board member Detlef Wittig, who says that the German automaker will rebadge Suzuki models as Volkswagens. The vehicles could then be sold in emerging markets, helping VW twofold.

First, it’s likely that Volkswagen could sell a VW-badged Suzuki at a slight premium, allowing for better profits. Plus, it brings into play VW’s larger plan to utilize another automaker’s success in the small car market to its advantage. (Volkswagen, we should point out, has had a tough time making a success in the small car market and expects to face even larger challenges in building mini cars, as VW production costs tend to be quite high).

Suzuki may even take over all future mini-car projects, using its expertise in the area. This, after all, is one of the main reasons VW purchased a 20 percent stake in Suzuki last year. Currently VW is looking to produce a line of Up! small cars (shown above) and plans to introduce an entire lineup of even smaller vehicles, with Suzuki’s help, after that. “Where VW’s portfolio ends, Suzuki’s begins,” said Wittig.

So what does Suzuki get out of this? Well, according to a report by Car & Driver, the Japanese automaker is expected to get access to VW’s new hybrid technology, even delivering a hybrid SX4 in the near future.

[Source: Car & Driver]

We’re not exaggerating when we say that the Corvette Z06 Carbon Edition might just be the sexiest looking Vette ever created. That’s why when Chevy released a new selection of photos of the stunning Supersonic Blue sports car, we thought it warranted a whole new post.

Created to celebrate 50 years since a Corvette first competed at the 24 Hours of Le Mans, the 2011 Corvette Z06 Carbon Edition gets brake and suspension upgrades, as well as a lighter overall weight thanks to plenty of carbon fiber. The changes, says Chief Corvette Engineer Tadge Juechter, are enough to shave up to 3.0 seconds per lap off a standard Z06 on a track like Laguna Seca.

“For track use, the Z06 Carbon is the best balanced Corvette yet. It combines the lightweight and naturally-aspirated Z06 engine with the road-holding and braking of the ZR1,” he comments.

Upgrades include Brembo carbon ceramic brakes, straight from the ZR1, as well as 19-inch front and 20-inch rear wheels, coated in Michelin PS2 tires. Upgraded engine and transmissions coolers are part of the package, as is a Magnetic Selective Ride Control system. And let’s not forget a special carbon fiber hood (lighter than the one used on the ZR1), as well as a carbon fiber engine cover, carbon fiber rocker panels and front splitter. There’s even a ZR1-inspired rear spoiler, plus black headlights and mirrors.

The body of the Carbon Edition Vette will be offered in two colors (either, Inferno Orange or the all-new Supersonic Blue, pictured above), while the interior gets ebony leather and suede with blue or orange stitching. Suede is used for the steering wheel, shifter, seat inserts, armrests and doors. Unfortunately, we can also tell from some of the photos that there’s still some el cheapo plastics used on places like the steering wheel.

Just 500 Carbon Edition models will be made, although Chevy will make some of the items available in packages for Z06 models. A Z07 Performance Package includes the performance upgrades, while a CFZ Z06 Carbon Fiber package includes many of the carbon fiber components (but not the hood) as well as a rear spoiler.

The Z06 Carbon Edition will be available this summer.

Now you’ve probably heard all this before (when we posted the original story earlier this week), so stop reading and get to the gallery.

GALLERY: 2011 Chevy Corvette Z06 Carbon Edition