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1962 Ferrari 250 GTO hits record $38 million sale at Bonhams' Monterey auction

This weekend's Pebble Beach Concours d'Elegrance brings together some of the rarest and most expensive automobiles in the world onto a tiny peninsula in California jutting out into the Pacific Ocean. But this year, there has been one vehicle on everyone's lips - a 1962 Ferrari 250 GTO. Bonhams put up this incredibly rare Prancing Horse at no reserve for its auction at the Quail Lodge, meaning it could have sold for just a dollar. It didn't though, this ex-Jo Schlesser owned Ferrari sold for a staggering $38.115 million. That makes it the most expensive car ever sold at auction, beating out Bonhams' sale of a Mercedes W196R last year for $29.65 million.
Ferrari only built 39 of these racers, and they have been million-dollar cars for years. One reportedly sold privately for $52 million last year, and one built for Stirling Moss went for $35 million privately in 2012.
While the spectacle of seeing a 250 GTO drive across the auction block with no reserve and then set a record price was certainly amazing, it wasn't the only rare Ferrari up for sale during the evening. Bonhams also handpicked some of the most collectible Ferraris in the world and brought them to the stage. The ten cars included a 1962 250 GT Short-Wheelbase Speciale Aerodinamica that went for $6.875 million, a 1953 250 Mille Miglia Berlinetta driven to racing victory by Phil Hill for $7.26 million and even a 1978 312 T3 Formula One car for $2.31 million. All told, the group of them sold for $65.945 million.

Who are Mike Manley, Louis Camilleri, and Suzanne Heywood?

MILAN – Fiat Chrysler aid on Saturday that boss Sergio Marchionne, 66, would not be returning to work because he was gravely ill. In addition to being FCA chief executive, Marchionne was also CEO and chairman of luxury sports car brand Ferrari and chairman of truck and tractor maker CNH Industrial, which were spun off from FCA in recent years. Following is a brief summary on the executives who have been appointed to replace him in the various roles: MIKE MANLEY The 54-year-old Briton picked to become the FCA's new CEO has been leading the group's top brand Jeep since 2009, first as Jeep President and CEO at Chrysler and then as FCA's Jeep head. In 2015 he was also appointed head of the Ram brand. Under his tenure, Jeep turned into a global brand becoming, together with Ram, FCA's profit engine. Jeep sold nearly 1.4 million cars last year compared with less than 338,000 in 2009. Manley had worked as DaimlerChrysler's head of network development in Britain since 2000, having earlier worked for several years in car dealership. At Chrysler, he headed product planning and all sales activities outside of North America and then became the group's chief operating officer for Asia and the lead executive for the international activities outside of NAFTA. LOUIS CAMILLERI The new Ferrari CEO was already a board member at the luxury sportscar maker before his latest appointment. He is also the chairman of Philip Morris International, where he also held the job of CEO from 2008 to 2013. Born in 1955, Camilleri had joined Altria Group, which controls Philip Morris, in 1978 holding various positions until he became chief financial officer in 1996 and then CEO in 2002. Camilleri was also chairman of Kraft Foods from 2002 to 2007. Malta's Prime Minister Joseph Muscat wished Camilleri luck on Twitter saying he was proud to have "a bit of Malta in Ferrari" thanks to the new CEO, who was born in Egypt to Maltese parents. SUZANNE HEYWOOD The new, British-born chairwoman of CNH Industrial has been since 2016 the managing director of EXOR, the holding company through which the Agnelli family controls FCA. Heywood, 49, started her career at the British Treasury and then joined McKinsey in 1997, leading for many years the consultancy firm's global service line on organization design. She eventually became a senior partner there. Heywood sits on the board of The Economist, which is controlled by EXOR, and the board of the Royal Opera House, where she is also deputy chair.

Max Verstappen wins rain-soaked German Grand Prix

HOCKENHEIM, Germany — Max Verstappen won a chaotic and rain-soaked German Grand Prix on Sunday as championship leader Lewis Hamilton finished 11th and his Mercedes teammate Valtteri Bottas crashed near the end. Verstappen kept his composure on a treacherous track to clinch his second victory this season and seventh of his Red Bull career, topping a surprise podium ahead of Ferrari's Sebastian Vettel — who started from last — and Toro Rosso driver Daniil Kvyat. "It was amazing to win, it was really tricky out there, you had to be focused," Verstappen said. "It was about trying to not make too many mistakes. You learn over the years. I'm very happy with the result." Following this week's crushing heatwave, wet weather caused Hockenheimring havoc as drivers took up to six pit stops for new tires and several crashed at the same spot where a section of tarmac was notoriously slippery. Ferrari driver Charles Leclerc was in contention for a podium, despite starting from 10th, but crashed after switching for quicker tires and slid off the track, over the gravel and into the barriers. Remarkably, Hamilton had the same mishap moments later, mangling his front wing after losing control at the same corner. He came in for a new wing and tires, but it took Mercedes by surprise and a painfully long stop cost him any chance of victory. For Vettel it was a remarkable turnaround, and almost the opposite to last year — when he crashed near the end after leading the race from pole position and Hamilton won, having qualified only 14th. "It was a lot of fun, it was very tough to read what the smartest move was in the conditions," Vettel said. "I stayed tidy in the whole race. Congratulations to Max, he was superb." The red-clothed Ferrari mechanics and engineers mobbed the four-time F1 champion, doubtless relieved after the team's botched qualifying on Saturday. Vettel could not even get out on track to set a time and Leclerc's qualifying bid was undone late in the session, forcing him to start 10th. For Kvyat it was a third career podium but, above all, a point proved. The 25-year-old Russian driver was ruthlessly replaced at Red Bull by Verstappen after just four races of the 2016 season, and could not even get a seat in F1 last year. "Amazing to be back on the podium," Kvyat said. "The race was crazy. Incredible roller-coaster, like my whole career." The track was drenched by the time the race started. For safety reasons, a safety car was deployed.