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Aston Martin DB4 GT Zagato expected to fetch over $16M

Classic car collectors will want to head to New York on December 10. That's where RM Sotheby's will be holding its Driven by Disruption sale, with some of the most desirable pieces of automotive history on the docket. And arguably the most tempting of them is the 1962 Aston Martin DB4 GT Zagato pictured here. The start of a long and distinguished partnership between Aston Martin and Zagato, the DB4 GT is considered by many (ourselves included) to be one of the most beautiful automobiles ever made. You can judge for yourself after looking over the images in the gallery above. Only 19 were originally made, of which this, the 14th example, was the only one delivered new to Australia. After undergoing a complete restoration in 2002, chassis number DB4GT/0186/R won first-in-class awards at both Pebble Beach and Villa d'Este. RM hasn't published pre-sale estimates for how much it expects to get for this one, but in correspondence with Autoblog, a spokesperson for the auction house revealed that "it is expected to fetch in excess of $16 million USD when it crosses the podium in December." That would eclipse by order of magnitude the prices fetched at auction for previous examples in recent years, which (according to the records at Sports Car Market) have traded hands for around $2.5 million. Of course, the Aston isn't the only classic automobile consigned for the event. With two months still to go before the auction takes place, RM has confirmed a 1955 Siata 208S Spider that's expected to fetch upwards of $1.5 million, a '53 Ferrari 250 Europa (~$4 million), and a '38 Bugatti Type 57C Atalante (>$2 million). Fans of more modern and rare equipment, however, may be more enticed by the Lamborghini Concept S previously announced for the auction, expected to go for as much as $3 million.

Aston Martin DBX spied looking like a finished product

The Aston Martin DBX is inching closer to its December reveal, and today we get to see the SUV in its most finished form yet. One of our spy shooters managed to catch a DBX out and about with production headlights, taillights, door handles and rear fascia. It’s great to see the DBX like this, because until now weÂ’ve only seen it in the mule-like form that Aston wanted us to see. Taking a look at the rear end is where things really start coming together. Instead of the odd, pod-like taillights, some slick and thin light fixtures extend from the ducktail spoiler into the rear fender. They look proper on the rear end of the SUV. Just a bit below these are the two exhaust outlets. ThereÂ’s still plenty of camouflage about, but the exhaust tips and molding around it appears to be production-spec. ItÂ’s interesting to see the exhaust so high up on the rear bumper in an SUV, and they also stick out a fair amount. Just watch for the flaming hot tips when loading and unloading items directly after driving it. We also gain a better understanding of what the grille is going to look like up front. Instead of the wire mesh weÂ’ve been looking at before, this maw has actual slats and a defined shape. The headlights look like production units, and there are cutouts for possible foglights down there, too. Instead of the unfinished rear door handles, Aston appears to have installed the electric pop-out units weÂ’ve been seeing in the front for awhile. There are more creases and muscular lines visible all over the vehicle that were covered up previously, too. As September quickly approaches, the DBXÂ’s reveal in December isnÂ’t that far out anymore. A few more months will pass, and then the first Aston Martin SUV will be out. There will be plenty of Mercedes-Benz part sharing, but weÂ’re still excited to see what an Aston SUV ends up like

Bond, junk bond? Aston Martin financial ratings go south as it awaits DBX

Ratings agencies Standard & Poor's and Moody's have taken a dim view of Aston Martin Lagonda. S&P cut its credit rating on the storied carmaker deeper into junk territory this week, and Moody's revised its credit outlook to "negative" after the company raised $150 million in debt from a bond issue at 12% interest, with the option to raise another $100 million at 15%. The Standard & Poor's rating was trimmed by one notch to 'CCC+', which reflects substantial risks and takes it close to default territory after a faster-than-expected cash burn this year. The outlook is negative.  The negative outlook reflects ongoing pressure on profits, a high cash burn, and very high leverage in the face of heightened risks linked to a potential no-deal Brexit and new tariffs on car imports threatened by the United States. The potential salvation for the company is its new DBX luxury SUV, the success of which is critical to its ambitious growth strategy and ongoing creditworthiness, S&P said. But Moody's noted that it's burning cash at a high rate as it nears the launch of the DBX. The British carmaker, known as James Bond's favorite marque, has been hit by falling demand in Europe, the Middle East and Africa. It slumped to a first-half loss in July. Chief Executive Andy Palmer said concerns around Brexit and U.S.-China trade relations were skewing the outlook to the downside, so it was prudent to address investor concerns about its balance sheet. "Taking this debt on — short-term debt — is we think the correct tool to completely remove that thesis that we don't have sufficient liquidity," he told Reuters. "In every substantial and material way, this ensures that we can get through to DBX in spite of what all of those global uncertainties might throw at us." The main tranche comprises notes with an interest rate of 12% due in 2022, while the additional notes could be issued under the same terms if permitted, or could be issued as unsecured notes with an interest rate of 15%, Aston Martin said. Shares of stock in the company, which have had a precipitous fall since they listed in London in October 2018 at 19 pounds, were trading down 5% at 545 pence in early deals. Broker AJ Bell said Aston Martin was known for its high end prices and that situation now also applied to its debt. "These rates are very high and are a major red flag that investors consider the car company to be a high risk entity," it said.