Online auctions make sense when you're looking for a digital camera or a replacement part for your car, but for buying an entire car? It's been working for years on eBay Motors, and now Canadian auction house RM Auctions is joining the fold.

Even those who don't closely follow classic car transactions may recognize RM as the auction house that set new records with the $10.8m ex-James Coburn 1961 Ferrari 250 GT California Spyder and then set 'em again with the $12.2m 1957 Ferrari 250 Testa Rossa at the annual Ferrari auction in Maranello. Ferrari has since launched an online benefit auction for research scholarships, and on August 9, RM will follow suit with its own premier online auction.

Registration starts July 10 and several enticing – albeit hardly record-worthy – vintage rides will be on offer, including a 1953 Cadillac convertible (pictured above) and a 1963 Corvette split-window coupe. Details in the press release after the jump.

[Source: RM Auctions]

Between special one-offs like the disaster-relief F430 and record-breaking classics like the 1957 250 Testa Rossa, if you've had your eye on acquiring an especially special Ferrari at auctio, there has been no shortage of opportunities. And here's another to add to the docket: Ferrari president Luca di Montezemolo's own 599 GTB Fiorano.

The chairman's ride is being auctioned off online to raise scholarship funds for young aspiring researchers. The example in question features a deep red Rosso Monza metallic paintjob over an interior swathed in charcoal leather and trimmed with extra carbon fiber bits. It's also been outfitted with sat-nav and an iPod as well as carbon-ceramic brakes behind 20-inch wheels. This marks the first occasion that Ferrari has auctioned off one of its vehicles online, and will come accompanied by a certificate of authenticity signed by the current owner, who carries a bit of clout around the factory. Follow the link for more information, including a video of Montezemolo presenting the auction, or to place your bid. Thanks for the tip, Patrick!



[Source: Ferrari]

Legendary sportscar marques deserve their own dedicated auctions, and lately they've been getting what they deserve. RM Auction has been running a Ferrari-only event at the Maranello factory for a few years now, while Bonhams has been doing the same with Aston Martin at Newport Pagnell for even longer. But while the Corvette may technically be a model and not a brand, it has its own rabid following and its own history. Which could help explain why Mecum is holding a dedicated Corvette auction later this month in St. Charles, Illinois. The Mecum Bloomington Gold Corvette Auction will feature an array of Vettes from Chevy history, and this is undoubtedly the highlight: Harley Earl's personal Stingray convertible.

As the grand-daddy of American car design, Earl earned his place in history. And to help commemorate his achievements, General Motors presented him with this unique 'Vette in 1963, shortly after the car made its debut at the Chicago Auto Show. The car featured a unique metallic blue paintjob with white highlights and a blue leather interior, 300-horsepower fuel-injected 327, unique side exhaust and an array of special instruments in the glovebox.

Earl drove the car for two years – he even drove it at Daytona as the 500's Grand Marshall in 1965 – and then sold it to a war vet who drove it to California and back with local newspaper coverage. The car was then lost for decades before a group of amateur racers bought it at auction with the intent to drag race it before identifying it as something special. It then changed hands among Corvette collectors before receiving a full restoration. The car's status and storied history, more of which you can read about in the press release after the jump, are sure to fetch a pretty penny when this Vette crosses the auction block on June 26.



[Source: Mecum]

With the global economy in shambles, classic car collectors have been looking to something more affordable: namely, motorcycles. That's why, for example, Pebble Beach is opening up its concours to two-wheelers for the first time this year. Unfortunately for racing enthusiasts, championship-winning steeds seldom pop up for grabs. The factories and riders themselves tend to hang onto them. But here's one notable exception: the Suzuki 500 XR40 with which legendary rider Franco Uncini won the 1982 MotoGP World Championship.

Uncini's racing career was characterized by a checkered past filled with checkered flags. The Italian rider competed for Ducati, Harley-Davidson and Yamaha before finally filling the saddle at Suzuki,with which he won his first and only world title in 1982, the last Italian to win the MotoGP championship until Valentino Rossi began his reign in 2001. A devastating crash the following year put Uncini into a coma and ended his career in 1985. Today he acts as a safety representative for the series, riding around in that hot new BMW X6 M pace car we reported on earlier. He'll be on hand personally to supervise the auction of his championship-winning ride on May 18 when it goes under the hammer at the COYS auction in Monte Carlo together with 15 other historically-significant motorbikes. Uncini's bike is expected to fetch as much as €350,000, or nearly half a million dollars. Click on the thumbnails below to view the machine in high resolution.




[Source: COYS]

Many entrepreneurs have tried to break into the auto industry over the past century. Since the very early days, almost none have succeeded – or even lasted very long. Most such names have been forgotten and consigned to the dustbins of history. On the other hand, one of the most memorable failures of all time was Preston Tucker and his radically unconventional Torpedo. Only 51 of the forward-thinking sedans were built in 1948 before the company finally went belly up permanently.

One of those rare completed cars (no, not this one) will be put up for auction next month in Oakland, along with a a second engine and assorted other parts. Given the current economy, it will be interesting to see how high the bidding gets on this special piece of automotive history. The auction will be held on June 7 at Clars Auction House, but no, a DVD copy of Coppola's Tucker: The Man and his Dream will not be included in the purchase..

[Source: TuckerForSale.com, Photo by norjam8 | CC2.0]

There were a little more than 600 Fiat 2800s made between 1938 and 1943, only about 400 of them for civilian use. The one you see above is one-of-a-kind: a 1939 Fiat 2800 Torpedo whose cushions have supported the rear ends of King Vittorio Emanuele II, Queen Margherita, the Princess of Pistoia, Pope Pius XII, Benito Mussolini, Generalissimo Francisco Franco, and Adolf Hitler. A couple of prime ministers have graced those seats as well, but with that diverse, high-profile roster who's worried about bit players?

The car will be auctioned by COYS International Auction House and is expected to fetch something north of £250,000. If you're interested in a slice of history, you'll want to be in Espace Fontvieille, Monaco on Monday, May 18.

[Source: COYS]

Word 'round the auctionhouse campfire is that the National Highway Transportation and Safety Administration is attempting to put the kybosh on a planned sale of many General Motors Heritage Collection vehicles this weekend. NHTSA is apparently calling for the halt because it fears that many of the vehicles slated for sale at Barrett-Jackson's Palm Beach auction are not road legal, yet new owners may attempt to drive them on public roads anyway.

Oddly, in both the past and at present, both GM and BJ have been very forthcoming that many of these collectible vehicles are not road-legal, selling them with disclaimers that they have salvage or display titles and that they cannot be registered. That apparently isn't sufficient for NHTSA, which likely fears that some successful bidders will attempt to plate vehicles which may or may not have all of the required safety equipment to be roadworthy.

According to Sports Car Market (via Inside Line), both parties are actively pursuing a resolution, but according to Il's report, it may not happen fast enough – about 100 GM Heritage Collection cars (click here for a list) are scheduled to go under the hammer beginning today and running through this weekend.

UPDATE: We've just received this statement from Barrett-Jackson's PR agency – "The Acting Administrator of NHTSA, Ron Medford, has communicated to Barrett-Jackson that previous issues concerning the sales of the GM Collection have been resolved and all sales can go forward."

[Source: Inside Line]

Steve Green's AMC collection is enviable, and it's headed for auction. Spanning from the '60s to the '80s, there are several significant vehicles in the bunch, like the very last Matador ever produced -- a white Barcelona edition that belonged to AMC design chief Dick Teague - and a few lowest-miles examples of some models. Original paint graces most of the cars, and if you're a fan of AMC vehicles of the era, you'll be salivating over Pacers, Gremlins, Spirits, and AMXs. Steve Green's collection is widely respected, and health concerns are forcing the sale. There is no reserve, and Tom Mack Classics is handling the sale, which will happen during the Friday, April 3rd auction at the Lowe's Motor Speedway Spring Fling event. AMCs are personality-filled cars with anvil-like durability, and are relatively inexpensive to keep going. Sounds like a perfect entry point to collector cars.



[Source: Hemmings, Photos: Tom Mack Classics]

With its stunning pontoon-fendered bodywork sculpted by Scaglietti, the Ferrari 250 TR is not only one of the most beautiful cars ever built, it was one of the most competitive as well. Ferrari captured ten victories in nineteen races from 1958 to 1961, including a class win at Le Mans with Phil Hill and Olivier Gendebien.

It's rare to see one offered for sale, and it is a guarantee that a massive sum of money will exchange hands when one comes on the market. Those high-end car collectors who remain unaffected by economic woes will have the chance to part with such funds this coming May when a 1957 Ferrari 250 TR, chassis #0714TR, crosses the block at RM Auctions' Ferrari Leggenda E Passione sale in Maranello. This particular example was campaigned extensively from 1958 to 1963 and is painted in its period-correct black paint with a red nose. RM expects the 250 TR to set a new world record for a car sold at auction, potentially exceeding the rumored $21.7 million it took to buy a 250 GTO $10.89 million dollar sale of a 1961 Ferrari California Spyder last year. More details on the sale in the press release from RM after the break.

[Source: RM Auctions]

Just because your car has been repossessed doesn't mean you don't still owe the bank money on it. If that vehicle gets sold at auction for less than the bank is owed on it, the difference is called the "deficiency." And as MSNBC informs, banks are increasingly suing to get that deficiency amount back, plus applicable attorney's fees.

With the increasing cost of vehicles, smaller down payments, and longer loan terms, it is easier than ever to get upside-down on your car loan. Furthermore, banks don't send a repossessed car to auction and work to get the highest price for it. They farm it out to third parties who need to move cars, not hold out for the absolute best deal. Take depressed auction prices into account as well, and it's not hard to end up with a deficiency in the tens of thousands of dollars.

Banks who win deficiency judgments can sometimes garnish wages and force the sale of property, but again, that's only in certain cases. The best ways to ward off a deficiency lawsuit are to get the shortest car loan term you can afford, which will help avoid getting upside-down in the first place. If you still can't manage, try and sell the car yourself, since you'll likely get a much better price than the bank will at auction (and you'll avoid a repo on your credit history). Failing that, bankruptcy should clear the debt as an unsecured loan.

[Source: MSNBC]