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Exotic cars caught on video racing on neighborhood streets in Beverly Hills

A pair of supercars caught on camera racing around a quiet Beverly Hills neighborhood last week has residents fearing for their safety. The video shows a white Porsche 911 and a yellow Ferrari LaFerrari as they clipped parked cars and blew through stop signs while residents of the upscale community watched in horror. Freelance cameraman Jacob Rogers shot the video of the supercar shenanigans. He later confronted a man outside the house where the Ferrari eventually parked. He asked the man if he cared that he was endangering people's lives. The man became combative and claimed he had diplomatic immunity. "He told me verbatim, 'I could have you killed and get away with it,'" Rogers told NBC Los Angeles. "I told him, 'the press is allowed to be here on the sidewalk on a public street.' He said, '(Expletive) America' and threw a cigarette at me." The Ferrari's plates are from the oil-rich country of Qatar. The race ended with the Ferrari pulling into the driveway of a $45,000-per-month rental home, its engine compartment smoking. Police can be seen arriving in the neighborhood. Los Angeles police are currently investigating the incident. Even though the LaFerrari was still smoking when police arrived they haven't filed charges because no officer witnessed the illegal activities. When police approached the owner of the vehicle he denied doing anything illegal and again claimed diplomatic immunity. Police told NBC they are in contact with the State Department about the man's diplomatic status and the legality of the cars in the neighborhood. Beverly Hills isn't the only swanky zip code plague by hotshot supercar owners. Some of the most expensive homes in London can be found In the Knightsbridge neighborhood - and some of the most expensive cars as well. This summer, the local council of Knightsbridge and nearby Chelsea began exploring a Public Space Protection Order that would fine drivers who rev their engines, drag race on residential streets or blare music, according to Reuters UK. News Source: NBC Los Angeles Government/Legal Ferrari Porsche Racing Vehicles Supercars Videos illegal

Marchionne takes total control of Ferrari as CEO and chairman

Ferrari is undergoing another changing of the guard as Amedeo Felisa retires from his longtime role as CEO. In his place, Sergio Marchionne will add the job to his absurd list of responsibilities. An engineer by training, Felisa has been with the company for 26 years, and some form of Fiat for nearly 50, having come to Maranello in 1990 after two decades at Alfa Romeo. He took charge of Ferrari's road-car division in 2001, was named general manager in 2006, and got the CEO job in 2008 after Jean Todt left to run for president of the FIA. Felisa's role as chief executive was seen as all the more important after Luca di Montezemolo was shown the door. Rumors persisted recently that Felisa was on his way out. With Felisa gone, Marchionne will be left running the company more directly than he has been as chairman for the past two years since supplanting Montezemolo. As it is, Marchionne serves as CEO of Fiat Chrysler Automobiles, chairman of CNH Industrial (the merged entity of Fiat Industrial and Case New Holland), and directly runs the NAFTA region for FCA, splitting his time between offices in Detroit, Turin, and Maranello. We wouldn't be surprised, then, to see Ferrari name a new CEO, or at least a senior manager to run the day to day and take some of the pressure off Marchionne, as adept as he's proven at wearing multiple hats. The company is in the process of reforming itself as a corporate entity separate from FCA, positioned more as a luxury brand, and is seeking to rediscover its former winning form on the racetrack. In the meantime, while Felisa steps down with immediate effect, he will remain on the board – his term having recently been renewed – as a technical advisor, just as Todt did before him. Related Video: Ferrari announces CEO succession Maranello (Italy), 2 May 2016 – Ferrari N.V. ("Ferrari" or "Company") (NYSE/MTA: RACE) announces the retirement of its Chief Executive Officer, Mr. Amedeo Felisa, after 26 years of dedicated service. Mr. Sergio Marchionne will assume those responsibilities while retaining his current role as Chairman of the Company. Mr. Felisa will continue to serve on the Board of Directors of Ferrari with a specific mandate as technical advisor to the Company. Sergio Marchionne had this to say: "I have known Amedeo for more than a decade and I have had the opportunity to work with him closely for the last two years. He is beyond any doubt one of the best automotive engineers in the world.

Ferrari and Jaguar dominate the 2017 Arizona Auctions

The 2017 Arizona Auctions took place this past weekend, and one look at the results should be a reminder that big-name auto auctions are no place for mere mortals. Aside from the fast paced nature – seven auction houses moved 3,486 vehicles across the auction block – the rarest and most desirable cars sold for more than most people will make in a lifetime. There were around 20 cars that sold for at least $1 million, with Bonhams topping the list with a $7,370,000 1963 Jaguar E-Type Lightweight. Despite $259.8 million in sales, Hagerty reports that 2017 was only the second biggest weekend in the Arizona auction's long history. The figure was up $9 million from 2016's total, but much of that increase can be attributed to the 12-percent increase in the total number of cars auctioned. The average selling price was $89,601, with the vast majority of vehicles selling for less than $100,000. Aside from the 1963 Jaguar E-Type, there were a number of rare and noteworthy vehicles for up for grabs. RM Sotheby's $6,600,000 1939 Mercedes-Benz 540K Special Roadster was the runner-up in value, followed closely by a $6,380,000 1952 Ferrari 340 America Competizione Spider from Bonhams. The various top-10 lists were awash with Ferraris and other European automakers, though much of the lower-end sales were populated by classic American autos. Most of the top sellers were built before 1970, though the occasional newer model (1995 Ferrari F50, 2005 Porsche Carrera GT, 2006 Ford GT) made it through. Based on 2017's overall theme, it appears that interest on cars from American automakers is on the rise. Hagerty notes that a number of 1980s American sports cars like the Chevrolet Corvette and Pontiac Firebird did surprisingly well. Look for the 2018 auctions to see if the momentum continues. Related Video: