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The taxman cometh
A rare 1993 Ferrari F-40 fetched $409,000 at a federal auction in Orlando, Florida, in mid-February, selling to a buyer representing an unidentified group of investors. The car, the last of 19 special Le Mans-edition race cars built with a 760-horsepower engine, was appraised at $650,000. The Internal Revenue Service seized the car from a Florida businessman who owes $917,000 in back taxes.
What lawsuit?
Avanti Motors Corp., pressing ahead with plans to build its Studebaker Extreme Utility Vehicle (XUV) despite General Motors' allegation that the XUV is a Hummer H2 knockoff (AW, Feb. 24), is also close to completing development of its next sports car. Michael E. Kelly, CEO of the Georgia-based company, says the new model will be on a purpose-built chassis developed by Avanti to replace the outgoing model, a car based on the Pontiac Firebird/Chevrolet Camaro F-body platform that ceased production in 2001.
Kelly says the next Avanti, due on the market this fall, will carry much of the same styling as the existing models, but will be powered by the new three-valve 4.6-liter V8 Ford is building for the 2004 Mustang.
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