This stellar 1966 Ford GT, the first example in road trim delivered in America, sold for $4.4 million at the Mecum Monterey 2016 Auction. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ With contracts set to expire on September 19, members of Unifor, the Canadian auto workers’ union, have authorized strikes if necessary at Ford, General Motors, and Fiat Chrysler Automobiles. More at The Detroit News.
+ Chinese automaker BYD, which is backed by Warren Buffet’s Berkshire Hathaway holding company, reported a 91 percent profit increase for the first nine months of 2016. More at Reuters.
+ According to a Kelly Blue Book analyst, American muscle cars—Mustang, Camaro, Challenger—hold their resale value better than conventional models. More at USA Today.
+ Former Volkswagen Chairman Ferdinand Piech tried to query ex-CEO Martin Winterkorn about the emissions scandal a month before the two had a public falling out, Bild am Sonntag reported. More at Bloomberg.com.
+ Following a horrific crash at Spa on Sunday, Renault Formula 1 driver Kevin Magnussen says he will be fit to race in next weekend’s Italian Grand Prix. More at Racer.
+ Fiat Chrysler CEO Sergio Marchionne says the the automaker’s sales reporting process has been overhauled in response to a U.S. government probe. More at the Detroit Free Press.
+ Google has hired Airbnb executive Shaun Stewart to head its self-driving vehicle program, replacing departed chief technical officer Chris Urmson. More at CNBC.
+ The Mecum Monterey 2016 auction generated more than $50 million in total sales with six vehicles topping the million-dollar mark. More at Sports Car Digest.
+ Honda of South Carolina is investing $45 million to expand its Timmonsville plant where the Pioneer ATV is manufactured, adding 250 jobs. More at Automotive Business Review.
+ At the New York State Fair, Watkins Glen International Raceway and the Verizon IndyCar Series announced a multi-year contract extension. More at National Speed Sport News.
Review the previous Executive Briefing from August 26 here.
Photo by Mecum Auctions.
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Headline number five should read “Kevin” Magnussen (son of Jan).
It’s no surprise that musclecars hold their value better, they are about the only distinctive designs out there anymore. Everything else seems to be bellybutton jellybeans that all look almost alike unless you look closely. The musclecars can be identified from a distance as something different. That’s the way cars used to be, you could tell a Ford from a Chevy from a Dodge at first glance. Now they all look like little blobs in rows like worker ants foraging food for the winter. Economics aside, we all want to stand out in a crowd to a certain degree.