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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 recalling another 2.7 million vehicles in five separate campaigns

The recalls keep rolling in from General Motors, evidently keen to avoid repeating the mistakes of the ignition-switch debacle and clean house. This time they're all coming at once, with five separate recalls announced together covering approximately 2.7 million vehicles.
The largest of the five actions involves over 2.4 million units of the previous-generation Chevrolet Malibu and Malibu Maxx, Pontiac G6 and Saturn Aura in order to fix brake light wiring harness, which have been found to be susceptible to corrosion. The recall is separate from the 56k Aura sedans which GM recently recalled over faulty shift cables, not to mention the previous massive recall of 1.3 million vehicles - some of them the same models - but appears to have resulted from the National Highway Traffic Safety Administration investigation that started with the G6 almost a year ago.
The second-largest campaign involves the 2014 Chevy Malibu, specifically those fitted with GM's 2.5-liter engine and stop/start system, approximately 140,000 examples of which has been found to have problematic brakes. The issue does not appear to be connected to the recall of 8k Malibu and Buick LaCrosse sedans (also involving brake woes) which we reported upon last week. Four crashes have been reported in such models, but GM admits it's not yet clear if the problem was a contributing factor in the accidents.

One of Burt Reynolds' favorite cars could be yours

LOS ANGELES — One of Burt Reynolds' favorite cars is going up for auction in June along with some of his cowboy boots, hats, sports jackets and other items from his estate, Julien's Auctions said on Friday. The two-day auction in Beverly Hills, authorized by the actor's family, comes almost a year after the death at age 82 of the charming star who was one of Hollywood's favorite actors. The highlight of the auction is a 1979 Pontiac Trans Am car that Reynolds used on photo shoots and drove on the Bandit Run cross country rally, which re-enacts the journey at the center of his 1977 film "Smokey and the Bandit." The car, which Reynolds co-owned with his business partner Gene Kennedy, is expected to fetch up to $500,000 at auction, Julien's said in a statement. Two pairs of leather cowboy boots — one red and one yellow — are also offered for sale with estimates ranging from $800 to $2,000 a pair, along with two cowboy hats. Reynolds started out as a football player at Florida State University (FSU) before injuries suffered in a car crash wrecked his hopes of a professional career. But his attachment to FSU remained strong. The auction includes several custom or personalized FSU baseball, basketball and varsity jackets. Other highlights include an oil on canvas painting of the actor's favorite horse titled "Cartouche," which carries an estimate of $20,000 - $30,000. Other art works, furniture and dozens of personal items are also being offered for sale. The auction will take place in Beverly Hills on June 15 and 16, and will be preceded by a public exhibition of some of the items from June 10-14. Reynolds, who was also known for the 1960s television series "Gunsmoke" and the movies "Deliverance" and "Boogie Nights,"" died of a heart attack in Florida in September 2018. Reporting by Jill Serjeant.