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1971 Ferrari 365 GTB/4 Daytona could be world's first great 'condo find' [w/video]

Barn finds are the absinthe of the collector car world right now. They're highly intoxicating and a bit of the 'flavor of the month.' An actual barn isn't necessary, just some form of out-of-the-way long-term storage that involves a car being out of circulation for a long period of time, remaining complete with the time-capsule-like detritus of their slumber-yellowed newspapers, vintage eight-tracks or real pay dirt like a telex printout from Howard Hughes or a receipt from the Playboy Club. RM Auctions has just announced perhaps the first 'condo find' in a 1971 Ferrari 365 GTB/4 Daytona coupe that had been stored in a Toronto condominium building for a quarter century. Like any good barn find, this Ferrari is still covered in a layer of thick dust (the removal of which would likely devalue the car considerably) and still has a cartridge entitled "Disco Rock" shoved in its original eight-track player. And while the one and only owner's taste in music may have been questionable, his taste in cars wasn't. The Daytona was the last front-engine V12 two-seater Ferrari produced during the so-called Enzo-era, when founder Enzo Ferrari was still in command of the company. With its 172 mph top speed, a Daytona was famously used by Dan Gurney and Brock Yates in setting a coast-to-coast record of 35 hours and 54 minutes to win the first Cannonball Baker Sea-to-Shining-Sea Memorial Trophy Dash in 1971. An impulse trip to the Geneva Motor Show in the same year by a Toronto businessman saw him purchase the Daytona where he spent a month touring Europe before sending the car back to Canada on the Queen Elizabeth II. He drove it for eighteen years and put a whopping 90,000 kilometers – 56,000 miles – on the car prior to putting the car up on blocks in a condo garage before a trip to Asia that he anticipated would last just six months. The car remained in that spot until November 14, 2014. The car that originally sold for $18,000 in Geneva, Switzerland in 1971 is expected to bring in excess of $600,000 at RM Auction's Amelia Island sale in March. Carwash not included. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 1971 Ferrari 365 GTB/4 Daytona Berlinetta Chassis no. 14385 Body no.

RM Sotheby's 2015 Monterey auction sets records

RM Sotheby's wrapped up three days of beautiful cars crossing the block during Monterey Car Week with a company record of $172.7 million in vehicles sold. The first day's Pinnacle Portfolio collection alone brought in $75.4 million, a new high for a one-day, single-vendor auction. While nothing ever topped the $17.6 million 1964 Ferrari 250 LM, the hammer continued to fall on some very expensive vehicles each day. Expected to clear over $11 million, the sale of a 1956 Ferrari 250 GT Berlinetta Competizione 'Tour de France' easily managed that with a final price of $13.2 million. Multiple bidders on the phone and in the room desperately wanted this famous racer, and it drove the price up. To make this thoroughbred worth the lavish amount, the coupe won the 1956 Tour de France series of events and was among seven with this body by Scaglietti. Many of the top sellers came from the first night's Pinnacle Portfolio, but records continued to be broken over the weekend. Notably, a 1953 Jaguar C-Type Works Lightweight brought $13.2 million to make it the most expensive Jag ever at auction. Also among RM Sotheby's top sellers were a 1950 Ferrari 275S/340 America Barchetta at $7.975 million and a 1952 Jaguar XK120 Supersonic for $2,062,500. Take a look at a few of these special vehicles in the gallery above. HISTORIC FERRARI 250 GT 'TOUR DE FRANCE' LEADS THIRD NIGHT OF RECORD SALES AT RM SOTHEBY'S MONTEREY World's largest collector car auction house concludes three day event with more than $172.7 million in auction and post-auction sales MONTEREY, CALIFORNIA (August 15, 2015) - A historic 1956 Ferrari 250 GT Berlinetta Competizione 'Tour de France' set a new auction record for the model tonight, selling for an outstanding $13.2 million before another packed house at RM Sotheby's Monterey event. Spurring a lively bidding contest between multiple collectors in the room and on the telephones, the influential Ferrari is the actual car that instituted the 'Tour de France' nomenclature following its overall victory at that legendary race in 1956. The fifth of only seven Scaglietti-bodied first-series competition berlinettas, it was sold new to the Marquis Alfonso de Portago, the flamboyant and daring Spanish driver, who, joined by his close friend Ed Nelson, piloted to car to first place overall at the 1956 Tour de France Auto.

Weekly Recap: FCA hit with record fine as NHTSA crackdown continues

The National Highway Traffic Safety Administration slapped Fiat Chrysler Automobiles with a record fine this week that could reach $105 million. The punishment comes after NHTSA found problems with the automaker's execution of 23 recalls that affect more than 11 million vehicles. The consent agreement, announced Sunday, calls for FCA to pay a $70-million cash fine and requires the company to spend at least $20 million over a three-year period on industry outreach programs and to beef up old recall campaigns. Failure to comply will result in another $15-million fine. FCA also agreed to federal oversight, which includes an independent monitor to oversee the company's recalls. The $70-million cash fine equals a penalty NHTSA levied on Honda in January. "Fiat Chrysler's pattern of poor performance put millions of its customers and the driving public at risk," NHTSA administrator Mark Rosekind said in a statement. "This action will provide relief to owners of defective vehicles, will help improve recall performance throughout the auto industry, and gives Fiat Chrysler the opportunity to embrace a proactive safety culture." FCA called the deal a "consensual resolution," but admitted that it "failed to timely provide an effective remedy" during certain recalls. "We are intent on rebuilding our relationship with NHTSA and we embrace the role of public safety advocate," the company said in a statement. The announcement kicked off a busy week for the automaker. NHTSA agreed FCA did not need to recall 4.7 million vehicles after an investigation failed to find defects with a power module used in some Jeep, Dodge, and Ram vehicles. A Georgia judge also reduced a civil verdict involving a death in a Jeep Grand Cherokee crash. Amid all of that, the company reported net profit of about 333 million euros, or $364 million in the second quarter on Thursday. OTHER NEWS & NOTES FCA ramps up Hellcat production Despite a decidedly legal and financial week for FCA, there was still time for the performance side of the business to briefly grab the spotlight. The automaker is more than doubling its production of the Dodge Challenger and Charger SRT Hellcats in response to strong demand. The order bank opens the second week of August and production begins in September. FCA will finish up its scheduled 2015 model-year Hellcat builds, and cancel any "unscheduled" versions, though customers will get discounted pricing for 2016.