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$1.3B worth of classic cars were auctioned in 2014

The collector auto market in the US just continues to expand with the values of vehicles seemingly only growing in the past years, especially if they have a prancing horse on the hood. This year was no different. According to data compiled by classic car insurance agency Hagerty, there were about $1.3 billion worth of vintage rides auctioned in North America in 2014, up just slightly from $1.2 billion crossing the block in 2013. If you want an idea of just how big a role the Monterey Car Week plays in the North American collector hobby, Hagerty's stats illustrate it perfectly. The company recorded $430 million in auction sales during the week – about a third of the entire market for the year. The event also hosted the biggest seller of 2014 when the hammer fell on a 1962 Ferrari 250 GTO (pictured above) for $38.115 million at Bonhams. In fact, vintage Ferraris in general were among the top buys in the classic auto world in 2014. Eight of the ten most expensive vehicles sold at auction were Prancing Horses (the other two were Ford GT40s). Also, the insurance company's price index for these Italian stallions showed a 43-percent gain in value for the year. The market for another Italian supercar is exploding, as well. The Lamborghini Countach showed a staggering 175-percent growth in auction value in 2014. According to Hagerty, the average price when they crossed the block was $736,599. Judging by Hagerty's numbers, there were still some places to look for those hoping to spend a bit less money. The Aston Martin Lagonda showed a strong gain in value with a 32-percent increase in auction price, but they still averaged $47,078. In addition, the company's index for '50s American cars showed only one-percent growth for these classics. These huge leaps in collector car value might be winding down, according to Hagerty. It predicts growth in the market to slow to an estimated five percent gain in 2015. Maybe a few of these classics might actually become a bit more affordable to fans without such deep pockets sometime in the future. Featured Gallery Bonhams Maranello Rosso Collection: Monterey 2014 View 21 Photos News Source: HagertyImage Credit: Copyright 2014 Drew Phillips / AOL Aston Martin Ferrari Lamborghini Auctions Car Buying Performance Classics aston martin lagonda ferrari 250 gto Lamborghini Countach collector cars 1962 ferrari 250 gto auto auction

Translogic 186: 1978 Ferrari 308 GTE Virtual Reality Test Drive

For years we've heard about how virtual reality will revolutionize the world, but only recently does the technology seem poised to hit the mainstream. From advanced headsets like the Oculus Rift, to simple cardboard viewers that turn your smartphone into a VR device, 360-degree videos promise to take us closer to the action than ever before. What does it all mean for the automotive world? Imagine first-person views from behind the wheel of your favorite car, at a famous track. Or, augmented-reality owners manuals. Or, in the instance of today's episode of Translogic, a ride-along in an all-electric Ferrari with host Jonathon Buckley. We partnered with industry innovators from 8112 Studios to bring you a 360-view test drive of a 1978 Ferrari 308 GTS, converted to an all electric "GTE" by EV West. Hear about the process in the episode above, and experience the 360-VR test drive using the player below. To experience the 360-VR test drive on your smart device, download the Littlstar app on the App Store for iOS or Google Play for Android. Watch the 360-VR test drive on your computer using the Littlstar player below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Oculus Rift users can download the 360-VR video file here. YouTube users can watch here. Can't get enough of automotive VR content? Take a virtual test drive of the newest luxury vehicles with our Autoblog 360 app! Have an RSS feed? Click here to add Translogic. Follow Translogic on Twitter and Facebook. Click here to learn more about our host, Jonathon Buckley. Green Ferrari Technology Emerging Technologies Gadgets Smartphone Convertible Electric Performance Translogic Videos Original Video virtual reality

Ex-Ferrari chairman sounds off on IPO

Former Ferrari chairman Luca di Montezemolo preferred to put exclusivity over profits when he ran the company, and the lower volume still meant huge amounts of cash for the business. FCA CEO Sergio Marchionne has since taken over Ferrari, but that hasn't stopped di Montezemolo from voicing his opinions. "I hope that the clients will remain more important than the analyst or the investor or the financial markets," di Montezemolo said prior to his induction into the Automotive Hall of Fame in Detroit, the Detroit Free Press reported. The former chairman argued that once on the stock exchange, a company would need to maximize profits quarter after quarter to keep investors happy. Conversely, di Montezemolo said Ferrari's years of success came from an "exclusivity in terms of number of cars, exclusivity in terms of how you deal with the clients." When di Montezemolo left Ferrari last year, he and Marchionne were scuffling about the future of the brand, including the health of the Formula 1 program. With the change in leadership, the company has reversed course in some ways. Where volume was previously kept around 7,000 units annually, the carmaker has set a new goal of closer to 10,000. The paperwork was filed for the IPO, and Marchionne thinks the company could be worth over $11 billion. The actual shares are rumored to go on sale in October. Related Video: