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The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.

Freddie Mercury's silver Rolls-Royce auction will benefit Ukrainian war victims

Freddie Mercury, Queen’s exuberant front man, had a penchant for very expensive, very lux cars; a Lincoln, a Daimler, and his favorite, a 1974 Rolls-Royce Silver Shadow. The limousine, which chauffeured Mercury until his death in 1991 (he had no driverÂ’s license), is now on its way to a higher calling: ItÂ’s to be sold off next month at RM Sotheby's London auction, with proceeds going to the Superhumans Center, a charity supported by Richard Branson and others to provide aid for war victims in Ukraine and to fund construction of a hospital in Lviv. According to the Hagerty automotive site, MercuryÂ’s sister Kashmira drove the car for a time after her brotherÂ’s death. With 62,000 miles on the clock, it was eventually put up for auction in Britain and sold in 2013 and fetched GBP74,600, the equivalent of GBP131,098 (about $146,000) today. The car is painted a color called Silver Chalice and has a blue interior. It is powered by a V8 motor. The sedanÂ’s memory was kept alive in the Queen biopic, “Bohemian Rhapsody.” At the beginning of the film, the rocker is being delivered to the Live Aid concert in a silver Rolls (not MercuryÂ’s original, presumably). In other Queen-related news of note, band members Brian May and Roger Taylor authorized the release Thursday of a newly-discover song, “Face It Alone,” originally recorded in the 1980s. It was targeted for inclusion on “The Miracle,” QueenÂ’s 13th studio album, but didnÂ’t make the final release. The song was discovered by a team assembling an upcoming eight-disc Queen box set. “WeÂ’d kind of forgotten about this track,” Taylor said in a statement. “But there it was, this little gem. ItÂ’s wonderful, a real discovery. ItÂ’s a very passionate piece.” Related Video This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery Freddie Mercury's Rolls-Royce View 11 Photos Celebrities Rolls-Royce Auctions Luxury Sedan

The cars of notorious dictators

It's good to be the king, at least until your people have had enough of you. Last week, we brought you famous presidential cars. This week, we're going to the opposite end of the political spectrum, looking at what history's mad men drove throughout their repressive and violent regimes. These dictators were absolutely powerful, and absolutely corrupt. More nightmares for their people than rulers, their iron-fisted control gave them the ability to satisfy any wild desire with nearly limitless funds. While they all splurged on luxury goods, cars were a particular passion of many dictators. Cars make a powerful statement to the public about wealth, status and control. It's how you are presented at ground level to your adoring masses or mortal enemies. A custom luxury car with plenty of armor plating reinforced the specialness and "otherness" of the ruler to friend and foe alike. Muammar Gaddafi, Libya, 1969 - 2011 Lybia's President for Life Muammar Gaddafi fancied himself not just a car enthusiast, but a car designer for the masses as well. He supposedly designed a car called the "Saroukh el-Jamahiriya" or Libyan Rocket. It had a 230-horsepower V6 and the nose and tail of a rocket. He was trying to produce a safer car. What makes it safe car? Tough to say. Not a lot was ever released it. Apparently the el-Jamahiriya did come with airbags and collapsible fenders in case of a collision. A spokesperson said "The invention of the safest car in the world is proof that the Libyan revolution is built on the happiness of man." We'll just have to take his word for it. When he wasn't designing his own cars, Gaddafi was ordering up custom rides, large and small. Besides a heavily armored BMW 7 Series and a Mercedes S-Class stretch limo, Gaddafi had this custom Fiat built at a cost of $260,000. The gold in the trim is real gold (of course) and comes with some touches that are pure Gaddafi. For instance, the Fiat badge was replaced with an outline of the continent of Africa, with Libya cut out in green. Rebels seized the Fiat and Gaddafi's other trappings of power after putting an end to Gaddafi's 42 years in control. Jean-Claude "Baby Doc" Duvalier, Haiti, 1971 - 1986 Jean-Claude "Baby Doc" Duvalier was the second-generation dictator of Hati from 1971 to 1986. He made life hell for his people for 15 long years, starting when his father died when he was just 19 years old. Imagine if Justin Beiber was given a tiny island nation to run.