juan-manuel-fangios-1954-mercedes-benz-w196-formula-1-car-sold-at-auction_100433142_lThe Goodwood Festival of Speed set a new record – and it has nothing to do with how fast a car went. The festival kicked off in grand fashion when a W196R Formula 1 1954 Mercedes-Benz sold for a record $29.6 million. The car – called the Silver Bullet – was driven by F1 racing legend Juan Manuel Fangio and won a number of grands prix events.

The sale, conducted by Bonhams, is the most ever for an auto. It tops the $16.4 million, which was paid for a 1957 Ferrari 250 Testa Rossa in 2011.

The identify of the buyer of the W196 R was not revealed.