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China's largest dealer body pushes back against foreign automakers over huge inventories

Do not think for a second that automakers forcing inventory on dealers in order to pad the numbers is a ruse known only in the US. Stories of individual brands have hinted at the trouble Chinese dealerships are having trying to move units as the country's economic growth remains hot but comes off the boil, like the one revealing that 95 percent of Toyota-FAW showrooms are losing money. Yet Toyota isn't the only culprit, and the issue has become so dire that the China Automobile Dealers Association (CADA), the largest dealer body in the country, has written to the government to complain. Chinese car sales are expected to close out the year with an annualized growth of six-percent, down from last year's 14 percent when targets were set, while in the background the pace of overall economic expansion is the slowest its been since the early nineties. Automakers, shipping cars on schedule to make their earlier targets, have blown up inventories such that they are an average of 1.8 times monthly sales, when the preferred multiplier is from 0.9 to 1.2. According to the CADA, the price wars and necessary incentives mean that only 30 percent of dealers are operating in the black. That number is down a whopping forty percent since 2010. In response, Toyota has already said it will not make its 2014 target of 1.1 million cars sold. We're a long way from 2012, when Toyota planned on selling 1.8 million cars in China in 2015, a target that's now as realistic as a manticore. BMW, Honda and Nissan have erased numbers on their spreadsheets, too; BMW growth dropped from 20 percent to 8 percent midyear after it began "reducing wholesale supplies," and Honda has been reworking its plans as sales have decreased each of the past six months. It's a big deal for Chinese dealers to begin protesting publicly, the CADA saying, "In the past, dealers were angry, but dared not speak out. But now, they have to shout because the situation is getting so unbearable." With six-percent growth forecast for next year and dealers unwilling to remain underwater, The Year of the Sheep coming in 2015 could portend meaning beyond the zodiac. News Source: ReutersImage Credit: AP Photo/Andy Wong BMW Honda Nissan Toyota Car Buying Car Dealers

1959 Ferrari 250 GT California sells for nearly $18M, exceeding expectations

RM Sotheby's just wrapped up its auction in New York, where it sold off a pair of gorgeous silver roadsters, with one of them selling for the incredible price of $17.99 million. That car was a 1959 Ferrari 250 GT LWB California that we covered previously, and Sotheby's was only expecting it to go for between $14 million and $17 million. Apparently someone felt the car's rare aluminum construction and racing history was worth the extra cash. View 11 Photos The other roadster went for considerably less money but was notable because of its previous owner, late Apple CEO Steve Jobs. The car is a 2000 BMW Z8 that the tech mogul had for around three years. The final sale price only met expectations, though, at $329,500. The original auction estimate was between $300,000 and $400,000. Related Video: Featured Gallery 1959 Ferrari 250 GT LWB California Spider Competizione by Scaglietti View 30 Photos Image Credit: Diana Varga courtesy of RM Sotheby's, RM Sotheby's Celebrities BMW Ferrari Auctions Convertible Racing Vehicles Performance Classics bmw z8 ferrari 250 gt california

The Bilenkin Vintage is a retro-Russian coachbuilt BMW

If you want to add some retro Russian style to your E92 BMW 3 Series, the coachbuilt Vintage by Bilenkin Classic Cars is probably your best (and only) option. The coupe's shape takes inspiration from vehicles of the Communist era, but this bespoke machine's design gets even crazier on the inside. The company's website shows that Bilenkin already has experience restoring classic cars, but this design. That experience is on display here. The stylists do a masterful job of hiding the BMW donor at the front, and the two big headlights and low-mounted, chrome bumper seem to take inspiration from old Volgas. In a fantastic touch, lengths of chrome also run through the door handles down the side to accentuate the rear. The back might be the styling's best angle because of the way the fins step down over two tiers to create the taillights. While the exterior focuses on mixing vintage looks with modern underpinnings, the interior cossets the occupants in opulent trim that features gold and diamonds. Bilenkin upholsters one example in its photos (above right) with paisley fabric, teal trim, and a frosted gearshift. The company also has one with a more traditional look that combines brown leather, wood, and crimson carpets. The Vintage recently debuted at the 2015 Dubai International Motor Show, but Bilenkin doesn't go into much detail about the vehicle's mechanical specs. According to the company's site, "it is intended to embody elegance and style along with the principle 'Sheer Driving Pleasure.'" The retro design certainly achieves the first part of that goal, while the BMW bones probably deliver the latter as well.