Once owned by legendary collector Bill Harrah, this fabulous Dietrich-bodied 1934 Packard Twelve could bring up to $3 million at the Gooding and Company Pebble Beach auction. Get all the latest auto industry news in the Executive Briefing. 

Today’s headlines:

+   Sales at General Motors in China fell 4 percent year-on-year in July but the automaker says it remains on track to achieve solid margins there in 2015. More at Reuters. 

+   Toyota’s Lexus brand is planning to launch a second top-of-the-line flagship model to accompany the LS sedan, hinting it could be an SUV. More at Business Insider.

+   TrueCar Inc. co-founder Scott Painter will step down as chief executive officer later this year, but will stay on as chairman of the board. more at Bloomberg.com. 

+   McLaren Formula 1 driver Jenson Button and his wife were the victims of a shocking burglary in France in which they were reportedly gassed with anesthetic.More at Motorsport.com.

+   General Motors will spend $877 million to build a new 883,000 sq.-ft. body shop and install new assembly equipment at its Flint Truck Assembly plant. More at the Detroit Free Press. 

+   Johanna Quandt, the widow of Herbert Quandt, the largest shareholder in luxury automaker BMW, and Germany’s second-richest woman, has died at 89. More at Fortune. 

+   Despite record sales of 11, 572 vehicles, an increase of 30 percent, Tesla Motors posted a net loss of $184 million for the second quarter of 2015. More at Motor Trend. 

+   Lear Corp. is shopping for acquisitions of up to $1 billion for its electrical division as the trend for global vehicle platforms drives consolidation among suppliers. More at The Detroit News. 

+   A 1962 Ferrari 250 GT SWB Berlinetta by Bertone and a 1934 Packard Twelve Dietrich Sport Sedan will star at the Gooding and Company Pebble Beach auction on Aug. 15-16. More at Sports Car Digest.

+   Multi-time racing champion Dorsey Schroeder has been appointed race director of the Pirelli World Challenge by WC Vision, the series organizer. More at Racer.

Read the previous Executive Briefing from August 3 here. 

Brian Henniker photo courtesy of Gooding and Company. 

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