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'We're not a hedge fund': Porsche plans to curtail speculators and flippers

A sizable number of speculators view cars as an investment. Rare or unusual models are quickly snapped up and either parked for years or flipped for a profit. Cars from automakers like Porsche and Ferrari are more prone than others, and at least some people behind these models are getting a bit tired of it. While it's difficult to police what goes on after you sell a car, Porsche has some plans that might curtail the problem before it starts. Andreas Preuninger, the head of GT road-car development and the man behind the new 911 GT3, spoke to Car and Driver at a recent event. "I personally like to see my cars being used," he said. "That's what we build them for. They are just too good to be left to stand and collect dust." One recent example of this rampant speculation is the 911 R. While the special manual-only model sold for $185,950 when new, used versions were selling for nearly $1.3 million just months after it went on sale. While the car is a masterpiece and an instant classic, a good number will be parked and simply used as art and not the rolling testaments to the man/machine interface they were intended to be. The concern over valuations has become so fierce that some owners are upset that Porsche is offering the new 911 GT3 with a manual transmission, fearing that it may hurt the value of the 911 R. "When I said we're not a hedge fund, I'm talking to those people who are yelling at us for offering the manual transmission similar to the R," Preuninger said. "But if there are people wanting to buy cars like that, then as a company we should try to fulfill that, to meet that demand." It seems Porsche is keeping a close eye on who is flipping cars. Since there is often far more demand than supply with certain models, the German automaker has a name for every car before it's built. Buyers with bad reputations might not even make the wait list. Related Video:

Burt Reynolds' personal 1977 Trans-Am from Smokey And The Bandit for sale

Smokey and the Bandit is one of those quintessential 1970s car movies with insane premises but tons of fun. After all, the basic plot of the film is about distracting the police to transport cases of Coors beer cross country. While Burt Reynolds receives top billing, the real star is definitely his black Pontiac Trans-Am. Now, there's a chance to posses one of these muscle machines actually owned by Reynolds, and it's already proving quite popular. The car is a '77 Trans-Am with the famous, gold screaming chicken proudly on the hood. However, while this is a piece of Reynolds memorabilia, it's not really part of cinematic history. According to the listing, this example was used as a promotional vehicle and then given to Reynolds with a title showing him as a previous owner for proof. Still, there's 400-cubic-inch (6.55-liter) V8 under the hood with a 4-barrel carburetor and an automatic transmission. A plaque inside the driver's door proclaims the car as a "1977 Pontiac Trans Am Owned By Burt Reynolds," and there's a Bandit logo on the door. This is just one lot of Julien Auction's sale of Reynolds memorabilia on December 11 and 12 at The Palms Casino Resort in Las Vegas, NV. Bidding is already running online, and the Trans-Am is up to $130,000, as of this writing. For the true Reynolds fanatic, the auction also lists the motorized stagecoach from his wedding to Loni Anderson. It rides built on an International Harvester Scout frame with an interior reportedly from Dolly Parton.

Woman Cleared In Fatal Car Wreck After GM Letter

A Texas judge cleared a woman Monday for a car accident that killed her fiance in 2004, after General Motors acknowledged that her car would have been among millions being recalled for a problem that may have contributed to the death. Candice Anderson was driving a 2004 Saturn Ion when it suddenly veered off a road about 60 miles east of Dallas and slammed into a tree. Anderson, then 21, was severely injured when the car's air bags failed to deploy. Her 25-year-old fiance, Gene Erikson, who was a passenger, was killed. She later pleaded guilty to charges stemming from the wreck. But during a hearing Monday, State District Judge Teresa Drum expunged the conviction from her record, according to officials in the Van Zandt County court andAnderson's attorney, Bob Hilliard. In a letter given to the court ahead of the hearing, an attorney for the automaker confirmed that Anderson's Saturn would have been among 2.6 million GM vehicles recalled in February to address ignition switches that can slip out of the "run" position, causing the engines to stall and disabling power steering, brakes and air bags. Anderson's crash "is one in which the recall condition may have caused or contributed to the frontal air bag non-deployment in the accident," attorney Richard C. Godfrey wrote. Hilliard provided a copy of the letter to The Associated Press, and Godfrey confirmed its contents Monday. Anderson was initially charged with criminally negligent homicide because there was no clear explanation at the time why the wreck occurred, according to court documents from the case. She pleaded guilty to a letter charge in 2006, and was sentenced to five years' probation. She also was ordered to perform 260 hours of community service, pay court costs and cover the costs of Erikson's funeral. "GM knew this defect caused this death, yet instead of telling the truth watched silently as Candice was found guilty of involuntary manslaughter," Hilliard said Monday. "It took 10 years for GM to find its voice." In a separate statement issued by the company, GM said it "cooperated fully by providing technical information that was requested to make a decision in this matter." The carmaker also said the issue in Anderson's case was for local law enforcement and courts to consider. "That's why we took a neutral position on Ms. Anderson's case," the company's statement said. "It was appropriate for the court to determine the legal status of Ms.