1974 Jaguar V-12 Roadster - Green / Tan on 2040-cars

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An E-Type in the garden: rotting '63 Jaguar heads for auction

There's something about formerly gorgeous cars in dilapidated states from which the eye cannot turn away. The devastatingly cruel fate of this Jaguar E-Type is an illustration. Next week, it likely begins a new life. Still voluptuous after decades rotting in a garden, this 1963 Series 1 fixed head coupe will be offered for sale at the Coys auction Tuesday in London. The car has 44,870 miles on the odometer and has passed through several owners, including one with a tangential connection to the Beatles and another man who used the Jag to pull his MG to Brands Hatch. He would race them both, according to Coys' listing, wringing the most out of the E-Type's 265-horsepower inline six. Ivor Arbiter was owner No. 1. His link to history is that he designed the Beatles drop-T logo in the early '60s and was reportedly paid five British pounds for it. He bought the E-Type new in 1963, used it, and then sold it to in 1965. The E-Type passed through a couple of owners until motorsports enthusiast Frank Riches bought it in '67. He tracked the Jag at some of Britain's iconic circuits and drove it until he fried the clutch. Coys cites a story from Riches' brother recounting when the E-Type hit 150 miles per hour on a public road, its listed top speed. It was in storage until the 1980s, and then Riches relocated it to his garden, where it has sat for years. Considering its long dormancy, the Jag appears to be in reasonable shape. It's never been restored, obviously, and Riches still has many of the original parts he replaced, including the center console and radiator bar. Coys notes that the seats have a "lovely patina" and are worth saving, too. The buyer also gets a brown logbook, the sales invoice to Riches, two service books (it is a '63 Jag) and a spare parts catalogue. A Coys auctioneer told ITV.com that the car could net about $140,000. Related Video: Jaguar Auctions Coupe Luxury Performance jaguar e-type

Formula E is on track financially, with NYC race coming up

LONDON - Formula E could be breaking even already were it not investing for the future, chief executive Alejandro Agag said on Monday after the electric motor racing series reported continuing losses in its latest annual accounts. Accounts filed at Companies House showed Formula E Operations Ltd reduced its operating loss to 33.7 million euros ($38.32 million) at end-July 2016, a period covering its second season, from a previous 62.7 million. Net liabilities rose to 107.2 million euros from 72.1 million, while total revenues reached 56.6 million from a previous 19.7 million. "Everything is going according to plan," Agag, whose city-based series will be racing in New York for the first time on July 15 and 16, told Reuters in an interview at his London offices. "Actually we are doing incredibly well financially according to our plan. "We could have broken even this year but we decided to invest more in marketing and promotion. We decided to add races like the one in New York, which is in year one a race which is costing, we have significant capital expenditure." "It's really up to us when we want to go to break even or not. We could be in break-even now, we could be in break-even next season but we may decide to invest more in marketing and promotion." Agag said the shareholders, including John Malone's Liberty Global and Discovery Communications, were supportive of the strategy and the series had attracted more investors, sponsors and car manufacturers. The New York races will be held in Brooklyn's Red hook neighborhood, with lower Manhattan and the Statue of Liberty as a backdrop with technology partner Qualcomm securing the naming rights. MANUFACTURER INTEREST Agag, whose series plays down competition with Liberty Media-owned Formula One, said more carmakers were set to join a series increasingly aligned with their commercial focus. "I think Formula E has become the preferred destination for manufacturers and there are a few reasons for that," said the Spaniard. "Obviously, one is that it is electric and manufacturers are more and more focusing on electric cars...and we are the only platform really to help them promote that technology and those types of cars. "And second, because of the cost. The cost of the team in Formula E is very moderate." Whereas top Formula One teams can burn through $300 million a year, as can the likes of Toyota in the World Endurance Championship, the budgets of successful Formula E teams are between 10 and 15 million.

UK car output falls 14% in March, may get worse with no-deal Brexit

LONDON — British car output fell for the 10th month in a row in March, hit by a slowdown in key foreign markets, and the sector stands to suffer a lot more if the country leaves the European Union without a deal, an industry body said on Tuesday. Output tumbled by an annual 14.4 percent to 126,195 cars in March, the Society of Motor Manufacturers and Traders said. Exports, which account for nearly four out of every five cars made in Britain, were down by 13.4 percent. The SMMT said analysis it had commissioned predicted output would fall this year to 1.36 million units from 1.52 million in 2018, assuming London can secure a transition deal with the EU. If Britain has to rely instead on World Trade Organization rules for its trade with the bloc, which include import tariffs, output is forecast to fall by around 30 percent to 1.07 million units in 2021, returning to mid-1980s levels, the SMMT said. The forecasts were produced for SMMT by AutoAnalysis, a consultancy. Prime Minister Theresa May has secured a delay to the Brexit deadline until Oct. 31, giving her more time to try to break an impasse in parliament over the terms of Britain's departure from the EU. Foreign minister Jeremy Hunt traveled to Japan earlier this month to try to persuade the Japanese government and Toyota, which has a big presence in Britain, that London was determined to avoid a no-deal Brexit. "Just a few years ago, industry was on track to produce 2 million cars by 2020 — a target now impossible with Britain's reputation as stable and attractive business environment undermined," SMMT chief executive Mike Hawes said. "All parties must find a compromise urgently so we can set about repairing the damage and diverting energy and investment to the technological challenges that will define the future of the global industry." (Reporting by William Schomberg, editing by David Milliken)