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GM isn't liable for punitive damages in ignition switch cases

NEW YORK — A federal appeals court said General Motors is not liable for punitive damages over accidents that occurred after its 2009 bankruptcy and involved vehicles it produced earlier, including vehicles with faulty ignition switches. The 2nd U.S. Circuit Court of Appeals in Manhattan said on Tuesday that the automaker did not agree to contractually assume liability for punitive damages as part of its federally-backed Chapter 11 reorganization. GM filed for bankruptcy in June 2009, and its best assets were transferred to a new Detroit-based company with the same name. The other assets and many liabilities stayed with "Old GM," which is also known as Motors Liquidation Co. Tuesday's 3-0 decision may help GM reduce its ultimate exposure in nationwide litigation over defective ignition switches in several Chevrolet, Pontiac and Saturn models. It is also a defeat for drivers involved in post-bankruptcy accidents, including those who collided with older GM vehicles driven by others, as well as their law firms. The ignition switch defect could cause engine stalls and keep airbags from deploying, and has been linked to 124 deaths. A lawyer for the drivers and their law firms did not immediately respond to requests for comment. GM had no comment. Circuit Judge Dennis Jacobs said GM's agreement to acquire assets "free and clear" of most liabilities excused it from punitive damages claims for Old GM's conduct. He also noted that the judge who oversaw the bankruptcy concluded that the new company could not be liable for claims that the "deeply insolvent" Old GM would never have paid. The decision upheld a May 2018 ruling by U.S. District Judge Jesse Furman in Manhattan, who oversees the ignition switch litigation. Drivers have sought a variety of damages in that litigation, including for declining resale values. GM has recalled more than 2.6 million vehicles since 2014 over ignition switch problems. It has also paid more than $2.6 billion in related penalties and settlements, including $900 million to settle a U.S. Department of Justice criminal case. The case is In re: Motors Liquidation Co, 2nd U.S. Circuit Court of Appeals, No. 18-1940. Government/Legal Chevrolet Pontiac Saturn Safety gm ignition switch

What's driving the spike in air-cooled Porsche 911 prices

Classic car prices have been racing skyward in general, but prices for air-cooled (pre-1999) Porsche 911s are ascending like they're strapped to rocket boosters. It's been going on for years, and every year people are surprised by how outrageous it's getting: Classic Driver covered it this month, as did The Truth About Cars who included this example of a "scruffy" 1993 RS America with 215,000 miles asking $80K; Mike Spinelli at Drive riffed on it at length last year along with a host of classic-car-market observers; Porsche forums were at it two years ago; and let's not even get into the 993 Turbo, going for prices so high you have to lie down to look at them. Speed Academy has run a piece looking at why it's happening, one theory being that regular-guy owners are hopping on the runaway-price wagon without any good reason. As in the example of that high-mileage, scruffy 911 RS America at Bring a Trailer, the owner sees pristine examples valued by Hagerty at $170,000, and even though the average value is $93,238 he thinks something like, "Mine's got to be worth half of top dollar ..." The tide - even one rising on air - makes it hard to find decent prices. Then there is the flood of money into the market. In spite of articles that try to temper investors' outlooks on collectible cars, other articles in places like the Financial Times and the Guardian promote vintage metal as a safe place to put money and reap astonishing returns. Speed Academy thinks one side effect of high 911 prices is that responsible enthusiasts are turning their attention to cars like the BMW 2002, E30 M3, and E9 3.0CS, saying their prices are "sharply on the rise." The entire article is worth a read since it goes into markets far afield from pricey German steel, but incredibly, the entire piece was actually inspired by a 1997 Acura Integra R that sold for $43,000 on eBay. So while this could be the best time to get into the classic car market if you know what you're doing, it is certainly the best time to do your homework. Related Video:

This KITT replica sold at auction for $32,500

UPDATE: This 1987 Pontiac Firebird Trans Am KITT replica officially sold for $32,500. Here's hoping the new owner has a blast throwin' it into Pursuit Mode. Let's get one thing straight right off the bat: This isn't a perfect KITT replica. The original KITT used in the Knight Rider TV series was based on a 1982 Pontiac Firebird Trans Am. The one you see above, which is currently for sale at auction site Bring A Trailer, is a 1987 model, and since it's a GTA edition, it has some extra body cladding that the smooth-sided television car lacked. That aside, most casual observers would probably never notice the difference, and even those who did (like us) are still likely to be impressed by the car's transformation. This KITT replica is powered by a 5.0-liter V8 engine mated to a four-speed automatic transmission. It ought to be fairly quick, though quite a bit shy of the fictional car's very fictional 300-mph top speed. We're not exactly Knight Rider experts, but some quick Google sleuthing suggests that the Knight Industries Two Thousand supposedly cost more than $11,000,000 to build in Hollywoodland. This one will surely command a significantly lower sum — as of this writing, it's been bid up to $18,000 with four days remaining on the auction. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. For those truly fanatical about accuracy, here's a video of one of the originals visiting Jay Leno's Garage for reference. There are several videos of the car that detail its modifications inside and out, but suffice it to say it seems to be a well-sorted replica. Here's hoping its new owner keeps it well clear of other KARRs. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.