1970 Chevrolet C-10 Custom 350 Manual 12 Bolt Rear Power Steering New Brake Nice on 2040-cars

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First-edition Detroit muscle raises millions for charity at Barrett-Jackson

Amidst all the classic metal crossing the auction block each year in Scottsdale, AZ, Detroit automakers have a tradition of donating the first examples of their most enticing new muscle cars, with the proceeds of their sales going towards worthwhile charities. This year, Barrett-Jackson handled three noteworthy examples. The highest price among them was the first Ford Shelby GT350R Mustang with the VIN #001, which raised $1 million for the Juvenile Diabetes Research Foundation. General Motors donated the first new Chevy Corvette Z06 Convertible, the first retail example of the droptop supercar garnering $800,000 for the United Way. Along with the Z06, GM also donated the first new 2016 Cadillac CTS-V sedan, which brought in $170,000 for Detroit's College for Creative Studies. Although these were the headline Motown muscle machines furnished by the automakers themselves, they weren't the only vehicles auctioned off for worthy causes. A 1950 GM Futurliner bus donated by collector Ron Pratte led the charge when it brought in $4.65 million for the Armed Forces Foundation. Other lots included a custom Jeep Wrangler donated by SEMA ($85k), a new M5 donated by BMW ($800k), a '79 Oldsmobile Cutlass Hurst ($140k), '39 Cadillac LaSalle C-Hawk ($410k), Jeff Gordon's 1999 NASCAR-spec Chevy Monte Carlo ($500k) and a Victory Cross Country 8-Ball motorcycle ($180k). All told, the charity lots raised over $8.7 million for local and national charities. BARRETT-JACKSON REACHES HISTORIC HIGHS FOR SALES, CROWDS AND CELEBRITY APPEARANCES IN SCOTTSDALE • Barrett-Jackson sold 1,611 vehicles, which went for more than $130 million (unaudited), smashing records in the company's 44-year history during the 10-day auction at WestWorld of Scottsdale • Automobilia sales nearly tripled world records, with 2,000 pieces selling for more than $6.55 million • Celebrity attendance and crowds, along with ratings on Discovery and Velocity, spike SCOTTSDALE, Ariz. – Jan. 18, 2015 – Barrett-Jackson, The World's Greatest Collector Car AuctionsTM, reached historic highs during the Scottsdale auction at WestWorld from Jan. 10-18, 2015. During the 10-day auction, Barrett-Jackson recorded more than $130 million in vehicle sales (unaudited) and a world record $6.55 million in automobilia sales (unaudited), making it the highest auction in sales to date. The Ron Pratte Collection alone brought in over $40.44 million in vehicle and automobilia sales.

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.

GM's European Opel division may eventually go all-electric

General Motors' Opel division in Europe may transform itself into an all-electric vehicle maker by 2030. Granted, a lot can happen between now and then, including a potential buyout by French automaker PSA Group. Regardless, Opel appears to view its electric future beyond the Ampera-e, which is the sister vehicle to the Chevrolet Bolt, and more like Tesla. Opel CEO Karl-Thomas Neumann indicated that focusing on electric drivetrains would be a superior strategy to expanding its EV technology while pushing forward with conventional drivetrains, says Automotive News Europe, citing comments Neumann made to German publication Manager Magazin. General Motors could make the decision to move towards an all-electric vehicle line for Opel as soon as May. Of course, that depends on whether Opel is bought out by PSA, the parent country to Peugeot and Citroen. PSA is in talks to buy General Motors' Opel and Vauxhall divisions, though government and labor representatives in Germany have expressed concerns over potential job losses from the proposed buyout, Reuters says. Regardless, GM has hinted at expanding its electric-vehicle line far beyond the Bolt, which has a 238-mile single-charge range and debuted late last year. Mary Barra, in an interview with CNET, said the Bolt's all-electric platform could be applied to a "huge range of vehicles," though wasn't specific about additional EV models. Opel first showed off its Ampera-e at the Paris Motor Show last fall. The name of the model raised some eyebrows because the Ampera badge had been previously used by Opel for the sister version of the Chevrolet Volt extended-range plug-in. Either way, Opel is looking to take on Renault for electric-vehicle sales supremacy across the Pond. Related Video: