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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.

2014 Bentley Continental GT V8 S Convertible

There are few things in this world I enjoy more than an enthusiastic drive down tree-lined backroads on a warm summer evening. If you're familiar with the geographic location of Detroit, you won't be shocked to learn that we don't have the sort of very-involving roads found all throughout California and other gorgeous parts of the country, but we still have some stretches of pavement that can be pretty darn fun when driven in the right car. The vast majority of our scenic roads, however, are of a more relaxed nature. And that's why, despite my tendency to prefer high-strung hot hatches above all, I will never say no to a big, fast convertible during the warm season.
As far as said big, fast convertibles go, perhaps none is more exquisite than the 2014 Bentley Continental GT V8 S Convertible, pictured here in the striking shade of St. James Red. Not long after returning from my trip across the pond to drive Bentley's V8-powered Flying Spur sedan, I was given the chance to sample another one of its eight-cylinder wares, this one carrying less heft, offering a smidge more power, and, oh yeah, a roof that neatly stows behind the rear seats.
As luck would have it, the weather for my Conti weekend was the absolute definition of perfection. And so I took to those sweeping, tree-lined roads way outside of Detroit to see how this Bentley's "S" badge improves upon the lovely GT V8 Convertible I drove last year. Hard work, but somebody's gotta do it.

The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.