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Volkswagen Group names Paefgen head of classics program

You may remember the name Franz-Josef Paefgen. Until recently, the German engineer and executive was head of both Bentley and Bugatti. Before that he was chief executive of Audi, after working for several years at Ford. He technically "retired" earlier this year, but like the cars he helped create, an executive like Paefgen could never really retire. So it should come as little surprise that the Volkswagen Group has named Dr. Paefgen head of its Classic program.
In his new capacity, Paefgen will oversee the historic automobile activities of the entire VW Group, including those of Volkswagen, Seat, Skoda, Audi, Lamborghini, and of course Bentley and Bugatti. It strikes us as a suitable semi-retirement for the man responsible in no small part for the Bugatti Veyron and Bentley Mulsanne, to name just two, and who was decorated in 2006 by the ACO as the "Spirit of Le Mans" for his contribution to endurance racing. Read the official announcement after the break.

Lamborghini Huracan LP580-2 is a purist's RWD, 571-hp dream

Purists rejoice: Lamborghini has revealed the new Huracan LP580-2, ditching the all-wheel drive system for a rear-drive setup and a slight decrease in power. Like the previous Gallardo LP550-2 (and Balboni edition) before it, the Huracan LP580-2 is based on the same technologies as the LP610-4 coupe and Spyder. Instead of 602 horsepower and 413 pound-feet of torque, it produces 571 hp and 398 lb-ft to the rear wheels through the same seven-speed dual-clutch gearbox. Some might balk at the lack of availability of a manual transmission, but Lamborghini figures few (if any) would have ordered one that way at any rate. What the new setup means is more tail-happy handling, which the engineers in Sant'Agata have only encouraged that through specific tuning of the electronic systems. Equally as important is a lower dry weight of 3,062 pounds – 73 fewer than the all-wheel-drive coupe. To set the rear-drive version apart from its AWD counterpart, Lamborghini has restyled the front and rear ends and anchored it to the road on staggered 19-inch wheels coated in Pirelli PZero rubber. Aluminum calipers grip steel (instead of carbon-ceramic) rotors to keep it all in check. In measurable terms, that all comes down to a 0-62 time quoted at 3.4 seconds and a top speed at 199 miles per hour - respectively 0.2 seconds and 3 mph slower than the LP610-4. But the LP580-2 isn't about outright pace or bragging rights. Those are best left to the more potent and grippy model, and to the yet more powerful versions that are sure to follow. In the meantime, we can look forward to the getting a closer look at the latest version of the Huracan in the flesh at the LA Auto Show. Related Video: The rear-wheel drive Lamborghini Huracan LP 580-2: the essence of driving fun - New dynamic design of front and rear - Designed and engineered to provide perfect rear-wheel driving fun - Weight reduction with recalibrated power management for highly-involving driver experience - 0-100km/h in 3.4 seconds, top speed of 320 km/h Sant'Agata Bolognese/LA, 17 November 2015 – Automobili Lamborghini presents the Lamborghini Huracan LP 580-2: a two-wheel drive version of the Huracan coupe. Specifically designed and engineered for its rear-wheel drive set-up, the Huracan LP 580-2's combines dynamic new looks with a package for an enhanced Lamborghini driving emotion.

$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