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'We're not a hedge fund': Porsche plans to curtail speculators and flippers

A sizable number of speculators view cars as an investment. Rare or unusual models are quickly snapped up and either parked for years or flipped for a profit. Cars from automakers like Porsche and Ferrari are more prone than others, and at least some people behind these models are getting a bit tired of it. While it's difficult to police what goes on after you sell a car, Porsche has some plans that might curtail the problem before it starts. Andreas Preuninger, the head of GT road-car development and the man behind the new 911 GT3, spoke to Car and Driver at a recent event. "I personally like to see my cars being used," he said. "That's what we build them for. They are just too good to be left to stand and collect dust." One recent example of this rampant speculation is the 911 R. While the special manual-only model sold for $185,950 when new, used versions were selling for nearly $1.3 million just months after it went on sale. While the car is a masterpiece and an instant classic, a good number will be parked and simply used as art and not the rolling testaments to the man/machine interface they were intended to be. The concern over valuations has become so fierce that some owners are upset that Porsche is offering the new 911 GT3 with a manual transmission, fearing that it may hurt the value of the 911 R. "When I said we're not a hedge fund, I'm talking to those people who are yelling at us for offering the manual transmission similar to the R," Preuninger said. "But if there are people wanting to buy cars like that, then as a company we should try to fulfill that, to meet that demand." It seems Porsche is keeping a close eye on who is flipping cars. Since there is often far more demand than supply with certain models, the German automaker has a name for every car before it's built. Buyers with bad reputations might not even make the wait list. Related Video:

GM isn't liable for punitive damages in ignition switch cases

NEW YORK — A federal appeals court said General Motors is not liable for punitive damages over accidents that occurred after its 2009 bankruptcy and involved vehicles it produced earlier, including vehicles with faulty ignition switches. The 2nd U.S. Circuit Court of Appeals in Manhattan said on Tuesday that the automaker did not agree to contractually assume liability for punitive damages as part of its federally-backed Chapter 11 reorganization. GM filed for bankruptcy in June 2009, and its best assets were transferred to a new Detroit-based company with the same name. The other assets and many liabilities stayed with "Old GM," which is also known as Motors Liquidation Co. Tuesday's 3-0 decision may help GM reduce its ultimate exposure in nationwide litigation over defective ignition switches in several Chevrolet, Pontiac and Saturn models. It is also a defeat for drivers involved in post-bankruptcy accidents, including those who collided with older GM vehicles driven by others, as well as their law firms. The ignition switch defect could cause engine stalls and keep airbags from deploying, and has been linked to 124 deaths. A lawyer for the drivers and their law firms did not immediately respond to requests for comment. GM had no comment. Circuit Judge Dennis Jacobs said GM's agreement to acquire assets "free and clear" of most liabilities excused it from punitive damages claims for Old GM's conduct. He also noted that the judge who oversaw the bankruptcy concluded that the new company could not be liable for claims that the "deeply insolvent" Old GM would never have paid. The decision upheld a May 2018 ruling by U.S. District Judge Jesse Furman in Manhattan, who oversees the ignition switch litigation. Drivers have sought a variety of damages in that litigation, including for declining resale values. GM has recalled more than 2.6 million vehicles since 2014 over ignition switch problems. It has also paid more than $2.6 billion in related penalties and settlements, including $900 million to settle a U.S. Department of Justice criminal case. The case is In re: Motors Liquidation Co, 2nd U.S. Circuit Court of Appeals, No. 18-1940. Government/Legal Chevrolet Pontiac Saturn Safety gm ignition switch

Steve McQueen barn find: Movie Trans Am surfaces after almost 40 years

An important Steve McQueen film car has emerged from barn storage. No, it's not yet another " Bullitt" Mustang, quite the contrary: The car in question is a 1980 Pontiac Trans Am, and it starred in McQueen's final film, " The Hunter." In the movie, McQueen plays a bounty hunter, and while in " Bullitt" he's quite the wheelman, that's not the case in this one. McQueen's character, "Papa" Thorson, is a horrible driver, and the Trans Am is far too much car for him. A chase sequence sees McQueen driving a combine harvester to catch the perps who are driving his stolen rental Pontiac, and the Trans Am ends up blown in half with dynamite, then returned to the airport on a trailer. The driver of said GMC truck and trailer combination, Harold McQueen (no relation), received the title of the first car used in filming, and for the following decades planned to fix the now-ruined car, but never got around to it. Instead, the 1,300-mile Pontiac wreck sat on a farm for nearly 40 years, until Harold decided to sell it to an enthusiast. There's studio documentation proving the car's pedigree, and stunt modifications can be seen in the Pontiac's floor and dash. While it's obviously in dreadful condition, the car remained more intact than the other stunt car the film crew blew up even more spectacularly — that car ended up as the pile of parts in the airport scene, and those bits and pieces were eventually dropped off at a junkyard after a Pontiac dealer refused them. McQueen did also drive a 1951 Chevrolet in the film, and kept that yellow convertible after filming was wrapped up. Sadly, he was diagnosed with cancer just a month later, after reportedly being in poor health during the shooting, and passed away in December 1980. The yellow Chevy stayed with his estate for some years, later getting restored and auctioned. Right now, it's not clear what the Trans Am's fate will be. The car's current owner, Calvin Riggs from Carlyle Motors in Katy, Texas, wants to know more about the Trans Am and the film shoot: His post on Hemmings includes a lot of information, but more would be useful. Related Video: