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Here's how wildly expensive it is to participate in F1

The cost of competing in Formula One racing is extremely high. Not in the physical and lifestyle sense, although that too takes a major toll on each team and driver, but in a literal hand-over-the-cash sense. Each F1 team pays hundreds of thousands of dollars to enter, plus a fee for every single point the team earned in the previous season. Motorsport.com recently detailed just how absurdly pricey entering the F1 field is. According to the piece, the price of entry goes up each year due to the U.S. Consumer Price Index. For 2019, the entry fee is $546,133, and it doesn't stop there. There are additional dues required of each team based on where the team finished in the previous season. Interestingly, the winners pay more. For example, Mercedes-Benz, the constructor champion for the past five years, must pay $6,553 per point it scored in 2018. With 655 points scored, that's $4,292,215. All other teams must pay $5,459 per point. For a full rundown of what the teams will be paying for 2019, check out the full article here.Related Video:

Trucks, SUVs drive U.S. October new vehicle sales

DETROIT — Major automakers posted mixed U.S. new vehicle sales in October on Wednesday, though America's love affair with high-margin pickup trucks and SUVs remained in full bloom as larger, pricier vehicles fared better than passenger cars. Auto industry publication WardsAuto put the seasonally-adjusted annualized rate (SAAR) for light vehicle sales in October at a robust level of 18 million units. But after a long boom cycle, carmakers are still ill-prepared for the slight decline in sales anticipated for full-year 2017 and have taken too few steps to trim production, said Doug Mehl, a partner in consultancy A.T. Kearney's automotive practice. "When you make a new vehicle, you have volume assumptions tagged to it, and who wants to be the guy who says, 'I'm going to make less of this really cool model'?" Mehl said. "But eventually the market is the reality, and it's going to force companies one way or other here." General Motors GM reported a sales drop of 2.2 percent for the month, with consumer sales down 6.6 percent. But sales of high-margin pickup trucks, sport utility vehicles and crossovers all rose. GM also cut its inventory of unsold vehicles — a source of concern for the market — slightly. The automaker has worked to reduce its volume of excess inventory, including through significant production shutdowns in the third quarter. GM had said its inventory would rise in October. "We are heading into the fourth quarter with good momentum, thanks to a strong U.S. economy and very strong pickup and crossover sales," said Kurt McNeil, GM vice president for U.S. sales operations. GM slightly reduced consumer discounts as a percentage of average transaction prices to 13.5 percent, from 13.7 percent in the third quarter. Industry experts believe consumer discounts above 10 percent of the average transaction price are unhealthy as they erode resale values and are unsustainable in the long term. Consultants J.D. Power and LMC said last week that based on preliminary October sales numbers, discounts have exceeded 10 percent in 15 of the past 16 months. Ford The U.S. auto industry posted record sales of 17.55 million vehicles in 2016. New sales received a strong boost in September as consumers replaced vehicles damaged in southeast Texas by Hurricane Harvey the previous month. Full-year 2017 sales are expected to be slightly lower than 2016.

Chevy Bolt EV, Chrysler Pacifica, Honda Ridgeline take 2017 NACTOY prizes

Every year the 2017 North American International Auto Show kicks off with the North American Car of the Year Awards. We say "awards" after all those mentions of our home continent because it's not just cars. This year, in fact, the awards spread out to three separate honors: Car, Truck, and Utility. And without further ado, here are the winners. The 2017 Chevrolet Bolt EV is the Car of the Year, the Honda Ridgeline is the Truck of the Year, and the Chrysler Pacifica is the Utility of the Year. Honda's win is perhaps the biggest surprise, upsetting favorite the Ford F Super Duty for the win. The second-generation Ridgeline rides on a unibody platform and is offered in front- or all-wheel-drive, which is unconventional for a pickup. But the layout also offers a cargo bed with an in-floor trunk and solid fuel economy figures of 19 city, 26 highway in its most-efficient form. The Chevy Bolt EV, however, was probably the easiest winner to predict. Its 238-mile range and sub-$30,000 starting price after tax credits make it a breakthrough in the landscape of electric vehicles. With the Chrysler Pacifica available in a plug-in hybrid form, this year's award illustrates the industry's shift towards efficiency and electrification. And with Ford's recent announcement on future EVs, it might not be long will it be until we see a hybrid truck on the award stage as well.Related Video: