Hammering down for $1.54 million, this 1929 Duesenberg J Murphy Disappearing Top Roadster was the top seller at the RM Sotheby’s Motor City auction. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ Citing a strong yen and declining product demand, Toyota reported its smallest annual profit in four years and cut its full-year operating profit forecast to $15.78 billion. More at Reuters.
+ Chevrolet’s mid-engine C8 Corvette, code-named Emperor, will arrive in 2019 while the current C7 will remain in production until 2021, reports say. More at Motor Trend.
+ American Axle & Manufacturing has converted one of its vacant former manufacturing plants in Detroit into a $30 million Advanced Technology Development Center. More at The Detroit News.
+ China is encouraging automakers to install its state-developed Beidou Navigation Satellite System in place of the traditional Global Positioning System (GPS) in navigation systems. More at Bloomberg.com.
+ New Zealand-born driver Chris Amon, 1966 Le Mans winner and highly regarded peer of racing legends Clark, Hill, and McLaren, has died at 73. More at the UK Guardian.
+ New-car sales in western Europe fell 2 percent in July, the first monthly decline since August 2013, driven by reduced demand in France and Germany. More at Automotive News Europe.
+ Stock in Fiat Chrysler Automobiles rose on news that Samsung of South Korea may purchase the Magneti Marelli electronics division for $3 billion. More at TheStreet.com.
+ National Highway Traffic Safety Administration (NHTSA) Administrator Mark Rosekind says the agency will release guidelines for self-driving cars by the end of summer. More at the Detroit Free Press.
+ Top sellers at the RM Sotheby’s Motor City auction included a 2006 Saleen S7 at $632,500 and a 1929 Duesenberg Murphy roadster at $1.54 million. More at Hemmings Daily.
+ Two hackers in Houston, Texas were arrested for stealing more than 30 Jeep vehicles, reportedly using a laptop to connect and start vehicles. More at Autoblog.
+ The 2017 and 2018 IndyCar schedule could include a return to the 1.25-mile oval at Gateway Motorsports Park east of St. Louis. More at Racer.
Review the previous Executive Briefing from August 1 here.
Photo by Darin Schnabel courtesy of RM Sotheby’s.
Have you joined Mac’s Motor City Garage on Facebook? It’s lots of fun with rare photos, car lore, trivia, and great discussions. Click here to go the page and join MCG. Be sure to check out our companion Facebook page MOTOROLOGY, too.