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Weekly Recap: Geneva's splendor reflects growing demand for ultra-luxury cars

Geneva is one of the most glittering auto shows in the world, but the list of high-powered and bespoke luxury cars was decadent this year even by the rich standards of the Swiss exhibition. It's great for enthusiasts to revel in the flame-throwing Aston Martin Vulcan, the racing-inspired elegance of the Bentley EXP 10 Speed 6 concept and the insane performance of the Lamborghini Aventador LP 750-4 Superveloce, but there's a reason for all of this opulence: the luxury market is big business. And it's growing. IHS Automotive forecasts that so-called ultra-premium sales will nearly triple this decade from 123,000 to 353,000 units around the world. The estimate includes brands like Aston Martin, Bentley, Ferrari and Rolls-Royce, but doesn't count BMW, Mercedes and Audi, which offer less expensive models in addition to their high-end flagships. Though IHS includes Porsche and its relatively large volume in the study, the ultra-premium segment is still set grow at about the same rate, even without the German automaker's figures. So what is propelling all of this growth in the most expensive segment of the auto industry? Put simply, there's more rich people. IHS Automotive principal analyst Tim Urquhart pointed to economic expansion in China, market recovery in the United States and a surge in the lucrative technology sector as contributing factors. This dovetails with a research report by UK-based Oxfam, an international relief organization, which found the world's richest one-percent owned 48 percent of global wealth in 2014, and it's expected to increase to more than 50 percent by 2016. View 17 Photos Carmakers are moving quickly to capitalize with new products, expanding their portfolios with low-volume speedsters like the 800-hp V12 Vulcan at Geneva, and plans to enter new segments, like Rolls-Royce's strategy to make an SUV. "Ultra-premium carmakers are looking to explore ways of growing their product offerings, and thus their bottom lines, in this most potentially profitable of segments," Urquhart wrote in a report on the Geneva show. In a nutshell, there are more choices for people with more money. It's a good time to have expensive taste. Other News & Notes 2016 Mazda MX-5 Miata production launches It won't be long now. The 2016 Mazda MX-5 Miata arrives later this year, and it's officially in production. Mazda announced this week that the roadster began rolling off the assembly line at its Ujina factory in Hiroshima, Japan.

Did the Chevy Corvette Z06 break 7 minutes at the Ring? Not likely

"Just because it's on the internet doesn't make it true." That's rule number one, two and arguably, three, of surfing the world wide web. In today's example of this rule, we have the following. The website HorsepowerKings is claiming that a 2015 Chevrolet Corvette Z06, with the eight-speed automatic and Z07 package, managed to lap the Nurburgring Nordschleife in under seven minutes. To put that in perspective, that super-quick time would put the 650-horsepower, $97,000 (the price of a 2LZ with the Z07/8AT combo) Z06 a mere two seconds slower around the world's most challenging race track than the $929,000, 887-horsepower Porsche 918 Spyder Weissach. It's about eight seconds quicker than Nissan's own test of the GT-R Nismo Track Pack and 13 seconds faster than a Dodge Viper ACR. Unfortunately, Chevy says there isn't anything to it. We reached out to the Bowtie's Monte Doran, who confirmed that HK's claims are "not accurate." "Any one – a manufacturer, a journalist, a guy standing on the fence of the Ring – can claim a lap time. As such, we think the in-car video is essential to proving a time is real and credible, and Chevrolet will not release a lap until we have a video to substantiate the claim," Doran told Autoblog. "Chevrolet accumulated nearly 1,000 miles of testing on the Nurburgring with the Z06. During that time, we only had two opportunities to run a lap on video – and both were rained out. If we get a lap on video, we will post an official time." Doran finished by referencing the "only official lap time" for the Z06 – a 2:41 around the Virginia International Raceway. Frankly, we aren't terribly surprised by Chevy's position. One would imagine if the Z06 were matching million-dollar hypercars around the 'Ring, the company would literally be screaming about it from Renaissance Center's rooftop. As this is quite the opposite of that, though, we're betting that the real Z06 lap time - while still likely very, very fast – won't be quite quick enough to frighten the brightest and best of today's hypercars.

Submit your questions for Autoblog Podcast #316 LIVE!

We record Autoblog Podcast #316 tonight, and you can drop us your questions and comments regarding the rest of the week's news via our Q&A module below. Subscribe to the Autoblog Podcast in iTunes if you haven't already done so, and if you want to take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
Discussion Topics for Autoblog Podcast Episode #316
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