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Fiat Chrysler denies rumors that Ferrari SpA is moving to London

It seems that reports of Ferrari's relocation to London have been somewhat exaggerated. The past few days have seen more than a few stories on the legendary Italian brand's decision to move its tax base out of Italy, and now Fiat Chrysler is speaking out against the scuttlebutt. "These rumors have no grounds," FCA said in a statement obtained by Reuters. "There is no intention to move the tax residence of Ferrari SpA outside Italy, nor is there any project to delocalize its Italian operations, which will continue to be subject to Italian tax jurisdiction." Ferrari's move to London was based on two beliefs. First, that the company would benefit from being located nearer the investor community, should it be listed on a European exchange. FCA, though, said a European listing was only a "possibility," according to Reuters. Instead, the company will be listed on an American market. Aside from the move to benefit investors, it was believed Ferrari was looking to relocate to escape Italy's more oppressive corporate tax rate, which sits around at 31.4 percent, compared to the UK's 20 percent, Bloomberg reports. This denial by Fiat Chrysler, though, should be enough to close the book on Ferrari leaving Italy, no matter how much sense it might make. Related Video:

Sebastian Vettel rips Ferrari FXX K around Fiorano

Sebastian Vettel is without a doubt the most successful driver currently on the Formula One grid. He's won four world championships, 39 grands prix and taken pole position 45 times. That makes him the third most successful driver in F1 history, retired or active. And now that he's signed with Ferrari, he's driving for the most successful team in the series as well. That's good news for the tifosi, but it's also good news for Vettel. Because not only will he be driving one of the best cars on the grid, but he'll have access to some of the best wheels off of it, too. Case in point: This latest video released by the Maranello outfit, in which the multiple world champion takes the new FXX K out for a spin around Fiorano. The track-bound evolution of the hybrid LaFerrari hypercar, the FXX K is said to lap the circuit in 1:14, making it the fastest Prancing Horse this side of a purpose-built racer like the SF15-T he'll be piloting in the 2015 world championship. In short, it's a heck of a step up from the special-edition FX crossover Infiniti made for him when he was still at Red Bull. And while you might think it still wouldn't measure up to some of the race-winning single-seaters he's driven over the years, he does seem to enjoy the experience. At least it's got a bit more elbow room than what he's used to. Related Gallery Sebastian Vettel in Ferrari FXX K at Fiorano News Source: Ferrari Ferrari Supercars Videos F1 Sebastian Vettel fiorano ferrari fxx k

$11.55 million 1964 Ferrari 250 LM highlights RM Auctions' first night in Monterey

Some of the biggest auto auctions of the year are held during the weekend of the Pebble Beach Concours d'Elegance. Millionaires gather in hopes of outbidding their contemporaries for incredibly rare cars. As Bonhams' record sale on Thursday of a 1962 Ferrari 250 GTO for $38 million showed, these days the world's most expensive vehicles are found at auctions, often with a prancing horse on the nose.
RM Auctions' Friday sale reinforced this even more when a 1964 Ferrari 250 LM topped the evening by bringing in $11.55 million, after the 10 percent commission. It wasn't the only million-dollar vehicle of the event, though. A 1965 Ford GT40 Roadster Prototype garnered $6.93 million, and a 1966 Shelby Cobra 427 brought $1.705 million. Even a classic 1948 Tucker 48 had a final price of $1.57 million.
Surprisingly, some rather new cars actually brought in quite big money, too. A 2013 Bugatti Veyron 16.4 Vitesse Le Ciel Californien sold for $2.42 million, and a 2006 Ford GT with just 13 miles sold for $407,000.