At $280,500, this 1961 Jaguar E-Type was among the top 10 sellers in the RM Sotheby’s online-only auction. Get all the latest auto industry news in the Executive Briefing.

Today’s headlines:

+   As expected, new car sales took a major hit in the first quarter as volume plummeted 27 percent and individual automakers suffered 35 top 50 percent declines in March. More at Car and Driver. 

+   General Motors and Honda announced an agreement to jointly develop two new electric vehicles for Honda based on GM’s global electric-vehicle platform. More at The Detroit News.  

+   Automotive manufacturing consultant Sandy Munro, who was pointedly critical of the Tesla 3 when it first appeared, says the Model Y crossover is a winner. More at Bloomberg.com. 

+   The COVID-19 outbreak has apparently jumbled the pickup market in the USA as General Motors has taken the top spot in the first quarter, followed by Ford and Ram. More at Autoblog. 

+   NASCAR will postpone the introduction of its next-generation Cup car from 2021 to 2022 due to delays caused by the coronavirus outbreak. More at the Daytona Beach News-Journal. 

+   Daimler has secured an additional 12-month, $13 billion line of credit from multiple sources to give the automaker more flexibility through the coronavirus crisis. More at Automotive News Europe. 

+   To stimulate sales during the virus outbreak, Fiat Chrysler Automobiles will offer zero-percent, 84-month loans, and 90-day deferred payments on 2019 and 2020 vehicles. More at The Drive. 

+   RM Sotheby’s first online-only sale, which replaced the annual South Florida auction in response to the COVID-19 pandemic, generated $13.7 million in sales. More at Classic Cars.com Journal. 

+   According to the AAA, the national average price of gasoline has plummeted to below $2 per gallon, and analysts say prices will continue to fall due to low demand. More at USA Today. 

+   Drivers Carlos Sainz and Lando Norris have accepted pay cuts and a number of McLaren team members have been furloughed in response to the COVID-19 pandemic. More at Racer. 

Review the previous Executive Briefing from March 30 here.

Photo copyright and courtesy of RM Sotheby’s. 

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