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Weekly Recap: Geneva's splendor reflects growing demand for ultra-luxury cars

Geneva is one of the most glittering auto shows in the world, but the list of high-powered and bespoke luxury cars was decadent this year even by the rich standards of the Swiss exhibition. It's great for enthusiasts to revel in the flame-throwing Aston Martin Vulcan, the racing-inspired elegance of the Bentley EXP 10 Speed 6 concept and the insane performance of the Lamborghini Aventador LP 750-4 Superveloce, but there's a reason for all of this opulence: the luxury market is big business. And it's growing. IHS Automotive forecasts that so-called ultra-premium sales will nearly triple this decade from 123,000 to 353,000 units around the world. The estimate includes brands like Aston Martin, Bentley, Ferrari and Rolls-Royce, but doesn't count BMW, Mercedes and Audi, which offer less expensive models in addition to their high-end flagships. Though IHS includes Porsche and its relatively large volume in the study, the ultra-premium segment is still set grow at about the same rate, even without the German automaker's figures. So what is propelling all of this growth in the most expensive segment of the auto industry? Put simply, there's more rich people. IHS Automotive principal analyst Tim Urquhart pointed to economic expansion in China, market recovery in the United States and a surge in the lucrative technology sector as contributing factors. This dovetails with a research report by UK-based Oxfam, an international relief organization, which found the world's richest one-percent owned 48 percent of global wealth in 2014, and it's expected to increase to more than 50 percent by 2016. View 17 Photos Carmakers are moving quickly to capitalize with new products, expanding their portfolios with low-volume speedsters like the 800-hp V12 Vulcan at Geneva, and plans to enter new segments, like Rolls-Royce's strategy to make an SUV. "Ultra-premium carmakers are looking to explore ways of growing their product offerings, and thus their bottom lines, in this most potentially profitable of segments," Urquhart wrote in a report on the Geneva show. In a nutshell, there are more choices for people with more money. It's a good time to have expensive taste. Other News & Notes 2016 Mazda MX-5 Miata production launches It won't be long now. The 2016 Mazda MX-5 Miata arrives later this year, and it's officially in production. Mazda announced this week that the roadster began rolling off the assembly line at its Ujina factory in Hiroshima, Japan.

Weekly Recap: Auto execs face life in prison for recall delays under proposed legislation

The stiff punishments are part of broader transportation legislation, but clearly McCaskill has automakers in her sights.
Missouri Senator Claire McCaskill threw down the gauntlet this week, proposing a bill that could send auto executives to prison for life if they were found to have delayed a recall. She also wants to eliminate the limit for fines for auto safety violations, which are currently capped at $35 million.

2015 GMC Canyon is a Chevy Colorado in Sierra clothing [w/video]

Ford may not offer the Ranger in America anymore, nor Dodge (or Ram) its Dakota. But General Motors - not unlike Toyota with its Tacoma and Nissan with the Frontier - isn't about to give up on the midsize pickup market. Less than two months ago, it revealed the new Chevrolet Colorado, and now it's following up with its mechanical twin, the 2015 GMC Canyon.
Launched today ahead of its reveal at the Detroit Auto Show, the Canyon slots into the GMC lineup (and differentiates itself from its Chevrolet twin) with styling that closely apes the larger GMC Sierra 1500 and Sierra HD, only a size or two smaller. Oh, there are visual differences, like a subtly different grille treatment and lower fascia, but it still maintains its big brother's square-jawed good looks and rectilinear flared fenders.
Two aluminum-block engines with direct injection and variable valve timing are available: a 2.5-liter inline-four comes standard with 193 horsepower and 184 pound-feet of torque, and a 3.6-liter V6 is available with 302 hp and 270 lb-ft. Buyers will also be able to choose between three bodystyle configurations, three trim levels and either two- or four-wheel drive. A six-speed automatic transmits the power to the road, but a six-speed manual is available on the base model with the 2.5 and 2WD, and there's an All Terrain package available on SLE models. A diesel is expected later.