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VW stock plummets as Euro markets open

The fallout from Volkswagen's installation of an emissions "defeat device" on nearly 500,000 diesel-fueled models in the US is already hitting the automaker hard on the German stock exchange. At one point, the share price plummeted 23 percent to erase the equivalent of $17.6 billion in value. Things eventually bounced back slightly to a still severe 19.23 percent loss, according to Bloomberg as of this writing. The scandal couldn't come at a worse time for chairman Martin Winterkorn. The VW supervisory board takes up the issue of renewing his contract on September 25, Bloomberg reports. If things get bad enough, the door could be open for a new boss to step in. Dealers in the US might start feeling the pain from this, as well. Affected 2015 VWs that are still at showrooms are now under a stop sale. Until the issue is straightened out, the Environmental Protection Agency isn't certifying the company's 2016 diesel models with the 2.0 TDI, either. The diesel emissions problem was first discovered by research from West Virginia University and the International Council on Clean Transportation. In some cases, the engines can produce 40 times more nitrogen oxides than allowed. The automaker could be on the hook for $18 billion in fines for the breach, but the actual figure is expected to be lower. In response, Winterkorn has issued a public apology and ordered an independent investigation into what happened. The EPA and California Air Resources Board have also been looking into the situation. This could become an international problem, though. According to The Detroit News, European authorities might begin similar inquires to check the automaker's diesel emissions there.

Conquest and controversy conclude the 2014 Rolex 24 at Daytona [spoilers]

If you don't wish to know who won the 2014 Rolex 24 at Daytona, you should avert your eyes right now. We'll even give you a double-space to skedaddle...
For those of you still with us, the first race in the United SportsCar Championship (USCC) is done, but the discussions about it certainly won't end for a while. Daytona Prototypes claimed the first four overall places, the top spot taken by the No. 5 Action Express Coyote-Chevrolet Corvette DP driven by Joao Barbosa, Christian Fittipaldi, Sebastien Bourdain and Burt Friselle. The 16th and final caution of the race bunched the field up for an eight-minute sprint to the flag, so the first place getter finished just 1.4 seconds ahead of the No. 10 Wayne Taylor Racing Dallara-Chevrolet Corvette DP driven by Max Angelelli. Third place went to Brian Friselle in the No. 9 Action Express Chevrolet Corvette DP, 20 seconds down. Chevrolet power hasn't taken the overall win since 2003, eleven years later it scores a one-two-three-four. The No. 6 Muscle Milk/Pickett Racing ORECA-Nissan 03 scored fifth place, the top LMP2 finisher.
The Prototype Challenge class win went to the No. 54 CORE Autosport team of Colin Braun, Jon Bennett, Mark Wilkins and James Gue.

Car Club USA: Waterfest

Car Club USA travels back to Englishtown Raceway Park for Waterfest, a celebration of water-cooled Audi and Volkswagen cars. We catch up with a pair of VW autocross contestants racing for top prize, and a young Audi owner hoping to win best in show for the Garden State Euros car club. "It's massive," explained Garden State Euro's Ryan Topken. "You have tons of vendors, tons of events going on. There's the show. There's the drag strip. There's autocross." "It's pretty much like a frat party for Volkswagens," added fellow club member Carlin Belkowski. Will the guys from Garden State Euros head home with any hardware? Each Car Club USA episode features a different car club or event from across the US, where passionate owner communities gather to share automotive experiences and embark on incredible adventures. From Main Street cruises to off-road trails, catch all the latest car club activity on Autoblog.