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DoJ fines Japanese parts firms $740M in massive automotive price-fixing scandal

Nine Japanese suppliers have pleaded guilty in US court over charges of price fixing in the automotive parts industry, resulting in the Department of Justice doling out a total of $740 million of fines, according to a report from Bloomberg. The scandal, which has resulted in General Motors, Ford, Toyota and Chrysler spending up to $5 billion on inflated parts and driving up prices on 25 million vehicles has sent the DoJ hustling into investigations. "The conduct this investigation uncovered involved more than a dozen separate conspiracies aimed at the U.S. economy," Attorney General Eric Holder (pictured above) said during yesterday's press conference.
As the investigation stands, the DoJ has issued $1.6 billion in fines against 20 companies and 21 individual executives, with 17 of the execs headed to prison. Deputy Assistant Attorney General Scott Hammond said, "The breadth of the conspiracies brought to light today are as egregious as they are pervasive. They involve more than a dozen separate conspiracies operating independently but all sharing in common that they targeted US automotive manufacturers."
Big-name suppliers indicted in the investigation include Mitsubishi Electric, Mitsubishi Heavy Industries, Hitachi Automotive and Mitsuba Corporation. A list of fines and other corporations named in the investigation is available at Bloomberg.

2015 Ford Mustang EcoBoost already hitting 12-second quarters

The arrival of a new Ford Mustang means many things to many people, but not least of them is drag racers. The pony car has always been a mainstay of the drag strip, and the Ford Racing team aims to carry that reputation forward with this latest generation. So it cooked up a few basic modifications on three new 'Stangs and headed to the strips at US 131 and Milan Dragway to see what they could coax out of 'em.
Impressively, the 5.0-liter V8 Mustang GT with a few modifications (but no forced induction) managed to clock a quarter-mile time of 11.77 seconds. Another Mustang GT fitted with a supercharger clocked a blistering 10.97 seconds. But just as intriguing was the modified EcoBoost model that, with only four cylinders and 2.3 liters of displacement, still passed the gates in just 12.56 seconds - nearly half a second better than expected. This with modification limited to a new subframe, half-shaft, drive shaft loops, exhaust, engine calibration, slicks, roll cage and bucket seat. Well done, boys.

Shelby to auction 2012 GT350 No. 1 in Vegas

With Shelby preparing to wind down production of its brutal GT350, a 624-horsepower Mustang that's meant to go up against the Roush Stage 3 in the world of tuned Ford ponycars, the Las Vegas-based tuner is looking to give back to one lucky customer. It'll auction off the very first GT350 ever produced, at the 2013 Barrett-Jackson auction in Las Vegas, a three-day event that runs from September 26 through September 28.
The GT350 is a monster, with a 5.0-liter, supercharged V8 that's been tuned well past 600 horsepower in a time when Ford's own Shelby-branded GT500 barely reached 550 horsepower. The GT350 is much louder than Ford's effort, too, both visually and audibly. The wide body look isn't what we'd call conventional, but on a car that sounds and goes like this, something extreme is needed. According to Shelby American's vice president of production, Gary Davis, "Carroll was very excited about the new wide body option, so that was included on this car. It's the first 2012 GT350 serial number from our anniversary year. It is a very special car." Wilwood brakes, a massaged suspension, and some very fat, sticky tires add to the Shelby experience.
This particular GT350 will be lot number 750, and will cross the Barrett-Jackson stage on Sunday, September 28.