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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.

GM opens military discount to 21M veterans and their spouses

May marks the start of National Military Appreciation Month, and General Motors is getting into the spirit by expanding its military discount program to, well, just about everyone. That includes a total of 21 million military veterans and their spouses, along with the current slate of active duty, reserve, and National Guard members. The discount can slash thousands of dollars off the price of a new Buick, Chevrolet, or GMC vehicles, with Automotive News listing an $1,100 discount on the top gas-powered version of the Malibu, the Premiere. Those that want a bit more spice can get $1,700 off the price of a last-generation 2015 Camaro SS, while truck buyers will enjoy $3,000 off the Chevy Silverado All Star. That's just a start, though, since the military discount can be paired with other GM incentives. The discount doesn't apply to everything, though. Some are understandable – none of Cadillac's vehicles are included in the deal, nor is the Corvette Z06. You'll also be unable to apply the discount to a range of base-level trims, like the Chevy Cruze or Equinox L, the base Colorado, or the entry level GMC Acadia, Canyon, and Terrain. A full list is available at GM's dedicated military discount website. GM's expanded discount plan runs from today through May 31. News Source: General MotorsImage Credit: General Motors Buick Chevrolet GM GMC Car Buying Car Dealers Military

Feds open investigation into Chevy Express, Ford Freestar rust issues

'Tis the season... for road salt. And with that, comes rust. And what does rust bring? Well, for Ford and General Motors, a National Highway Traffic Safety Administration investigation. According to The Detroit News, NHTSA is looking into potential recalls issues with Chevrolet Express vans and Ford Freestar minivans.
The feds have received five complaints that rust has caused leaking fuel filler pipes on 2003 Express vans. Separately, seven complaints have been filed over excessive rust in the rear wheel wells of 2004 Ford Freestar and Mercury Monterey minivans. The Freestar and Monterey went out of production in 2007. Neither issue has resulted in any crashes or injuries, according to the report.