
Wanna Buy a Car? The Boss at RM Sotheby's Auctions Has Some Advice
He's off to a blistering start. On Feb. 1, at the Mercedes-Benz Museum in Stuttgart, Germany, RM Sotheby's sold a 1954 Mercedes-Benz W 196 R Streamliner for $53 million.Four days later, at the Retromobile auto show in Paris, it sold a 1965 Ferrari 250 LM for $36 million. On Feb. 27 it sold a 1966 Ford GT40 Mk II for $13.2 million, one of 86 cars that totaled $74.4 million during two days of sales at the company's ModaMiami automotive festival in Coral Gables, Florida. In April it will sell two Fiats and one Lancia once owned by the Italian industrialist and style icon Gianni Agnelli.
Myers, a Canadian entrepreneur with a reputation for being as shrewd as he is mercurial, has earned his current position in the industry with his relentless drive at the company he founded as RM Auto Restoration in 1976. Sotheby's took a minority stake in 2015 and a majority in 2022; offices now span almost a dozen cities including Dubai, London and Los Angeles.
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Newsweek
18 hours ago
- Newsweek
Mercedes Chief Toto Wolff Fears Christian Horner Return With the FIA
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Mercedes team principal Toto Wolff fears a return of former Red Bull Racing team principal Christian Horner with Formula One's governing body, the FIA. Wolff joked that he would "be in the s**t" if Horner returned with the FIA. Red Bull parted ways with Horner after the British Grand Prix with immediate effect, replacing him with former Racing Bulls team principal Laurent Mekies. This weekend's Belgian Grand Prix will mark Red Bull's first race in F1 without Horner leading the team. Wolff and Horner are not known for their friendship. Their rivalry peaked during the 2021 season when Lewis Hamilton and Max Verstappen battled closely for the championship. Wolff hinted that Horner won't be away from F1 for a long time, joking that he would be in trouble if Horner joined the FIA. When asked if he was going to miss Horner, Wolff said: Red Bull Racing Team Principal Christian Horner and Mercedes GP Executive Director Toto Wolff talk in the Team Principals Press Conference during practice ahead of the F1 Grand Prix of Miami at Miami International Autodrome... Red Bull Racing Team Principal Christian Horner and Mercedes GP Executive Director Toto Wolff talk in the Team Principals Press Conference during practice ahead of the F1 Grand Prix of Miami at Miami International Autodrome on May 05, 2023 in Miami, Florida. More Jared C. Tilton/Getty Images "In a way, yes. He was one of the main [characters] and I don't think he has gone forever, I think he's going to pop up in some kind of function. "I need to be careful, he could be rocking up at the FIA, and then I am really in the shit, so you never know. But if you look at it, he was a main protagonist, he was controversial and polarising and not soft-washed, and that is good from the entertainment factor. "From that perspective, he is going to be missed, and his track record speaks for itself." When asked if he had contacted Horner after his exit, he said: "No, not yet, I didn't find it appropriate for the time being, but I certainly will [contact him]." Wolff has been in the news recently, given reports about his talks with Verstappen for a potential future signing with Mercedes. Clearing the air, Wolff revealed at Spa that George Russell and Andrea Kimi Antonelli will likely form Mercedes' driver lineup in 2026. He said: "Discussions have been taking place over the last weeks and months, so they are all up to date. "The direction of travel is that we want to continue with George and Kimi. That is the first priority. "But you can't look past someone like Max and the plans he has for the future. We did that, but I don't think there will be any big surprises." Dismissing reports of meeting Verstappen off the coast of Sardinia during the mini break in July, Wolff said: "What's new is that people are doing photo collages with airplanes. We've never had that before. "But if you spend your holidays close to each other, it doesn't mean that you're going to work together in Formula 1. "We have always gotten along well and by chance we like to spend our holidays at the same places."


Car and Driver
20 hours ago
- Car and Driver
Mercedes-AMG GT Track Sport Teased as Winged GT3 RS Competitor
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Forbes
a day ago
- Forbes
European Auto Stocks Turbulent Ahead Of U.S. Tariff Deadline August 1
US of America and European Union relations. Auto investments have been volatile this week as a European tariff deal with the U.S. seemed imminent. The nervousness shows hopes for an early deal might be wishful thinking. An announcement is expected August 1. The STOXX Europe 600 Automobiles & Parts Index, which tracks European automakers and suppliers, jumped 3.4% in mid-week on news Japan had agreed a 15% tariff on its auto exports to the U.S. That rally was led by Mercedes, Volkswagen and BMW. Japan's deal was 10 percentage points lower than President Trump's recent threat and immediately set off speculation that it might be possible for Europe too. After all, Trump has attacked the European Union for its excessive and dishonest barriers to trade, but Japan has proved itself as adept as the EU in weaponizing so-called non-tariff barriers. The index held on to its gains by the close Friday after much volatility and ended the week at just over 545.20, up nearly 4 points. According to Bloomberg, citing diplomats briefed on the negotiations, the EU and the U.S. are working towards an agreement that would set a 15% tariff for imports including autos. But they also cautioned that the ultimate decision was President Donald Trump's and this was difficult to predict. Plea for caution Caution would make sense, as former U.S. ambassador to the European Union Gordon Sondland has pointed out. He reminds investors that Trump has wanted to mitigate what he considers long-term unfairness by the EU which extends past tariffs to corrupt non-tariff barriers too. Sondland said in an interview with BBC NewsNight program earlier this year, the EU imposes hidden barriers on American products. For cars, that can mean different safety standards. For food, there also are standards the EU doesn't like. Hormone-fed beef is one area of contention. 'If we sell you a vegetable or a car or a product if it's safe to use in the U.S. it should deemed to be safe to use in the EU,' Sondland said. He was asked to sum up Trump's tariff plan for Europe and the world. 'The U.S. is tired of talking about impediments to its foreign trade and wants action now,' he said. 'The message is very clear. We've had a list of demands and requests from all of these friends for years and sometimes decades and the results are similar every time. They take it under advisement. They'll think about it then get back to us and Donald Trump has had enough of that.' Sondland was ambassador to the EU during Trump's first term and made clear he wasn't speaking for the administration. Volkswagen hopes for deal Volkswagen, Europe's biggest auto manufacturer, reported Friday that it had taken a $1.5 billion hit to earnings in the first half of 2025 because of the tariff issue, and CEO Oliver Blume expressed hopes that a favorable tariff deal was possible. Oliver Blume, CEO of German car giant Volkswagen (VW), addresses journalists. (Photo by JOHN ... More MACDOUGALL/AFP via Getty Images) 'We hope that it will come to a well-balanced deal between the U.S. and the EU, which allows fair trade between the regions,' Blume told an investor briefing after the earnings announcement. Blume expected a 15% tariff deal, similar to the Japanese arrangement. He also said Volkswagen and European automakers were looking at possible investment and production arrangements that might bring down tariffs more. Audi might start output in the U.S. too, Blume said. Investments in U.S. production would earn extra points to bring down the tariff rates. Exports from the U.S. of German production there would also earn points. BMW's Spartanburg, South Carolina factory is the biggest German auto exporter from the U.S., shipping nearly 225,000 vehicles with a value exceeding $10 billion in 2024. Mercedes' factory in Tuscaloosa, Alabama, is another significant exporter. Volkswagen also has a presence in the U.S., including a plant in Chattanooga, Tennessee, but their exports are much smaller than BMW's and Mercedes'. Will Europe match Japan's investment commitment? Chicago-based investment researcher MorningStar said a critical point of Japan's deal was its commitment to invest half a trillion dollars in the U.S. 'Will Europe do the same? While the European automakers have significant investment plans in the U.S. in their pipeline, the figures do not come close to Japan's commitment,' said analyst Rella Suskin. 'Companies such as BMW and Mercedes have spoken with extreme confidence in reaching a deal that allows for the netting of imports and exports. For every car that they export from the U.S., they can import one car either duty-free or at a reduced duty. The Japanese-U.S. trade deal indicates that there is negotiating room to be had around import duties on cars coming into the U.S.,' Suskin said.