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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 recalling 118K Colorado, Canyon pickups over missing hood latches

General Motors has announced a recall of 118,800 Chevrolet Colorado and GMC Canyon pickup trucks due to the possibility of secondary hood latches not being installed at the time of manufacture. The affected vehicles are from the 2010, 2011 and 2012 model years, all of which were built between November 9, 2009 and August 28, 2012.
According to the official National Highway Traffic Safety Administration report, these trucks fail to "comply with the requirements of Federal Motor Vehicle Safety Standard No. 113, 'Hood Latch System.' The hood may be missing the secondary hood latch." In other words, owners of these trucks could find their vehicles' hoods opening unexpectedly while driving.
The official recall campaign is expected to begin on January 17, 2013. Dealers will inspect the affected pickups and if a secondary hood latch is not present, one will be installed free of charge. Scroll down to read the official NHTSA report.

Official USPS Muscle Cars stamps coming to a mailbox near you

As much as our digital lives have cut down on our trips to the post office, there are still times that sending "snail mail" is necessary. With us car lovers in mind and philately in their hearts, the good folks at the United States Postal Service will introduce a new stamp design called "Muscle Cars" starting on February 22.
Designed by artist Tom Fritz, the new collection of stamps consist of five classic muscle cars: 1969 Dodge Charger Daytona, 1970 Chevrolet Chevelle SS, 1967 Shelby GT-500, 1966 Pontiac GTO and 1970 Plymouth Hemi 'Cuda. In addition to just the stamps, the USPS is also commemorating the new series with plenty of collectable memorabilia. Previous car-related stamps include 50s Sporty Cars from 2005 and 50s Fins and Chrome from 2008.