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Auto investor Kirk Kerkorian dead at 98

Kirk Kerkorian, among the most talked-about investors in the American auto industry in recent memory, died at the age of 98 in Los Angeles on Monday, June 15. The billionaire ran the investment company Tracinda Corp. and was the largest shareholder in MGM Resorts International. Kerkorian attempted to use his power as a well-financed investor to push the auto industry in some fascinating ways. In 2006, he used his nearly 10-percent stake in General Motors to push a merger with the Renault-Nissan Alliance. The deal made it as far as discussions, but eventually fell through. Kerkorian also attempted to purchase Chrysler - twice. According to Automotive News, the first effort came in 1995 with a $22.8-billion offer for the automaker, and soon after it failed the company merged with Daimler. Then in 2007, Kerkorian was back with a bid for $4.5 billion, but things eventually fell to Cerberus. The billionaire finished the trifecta by buying up $1 billion in Ford stock in 2008 to make Kerkorian the single largest investor in the company. However, the situation didn't last long, and by the end of that year, he had unloaded the shares. According to Automotive News, Kerkorian was ranked by Forbes as the world's 41st richest man in 2008 with a net worth of $16 billion. News Source: Automotive News - sub. req.Image Credit: Joe Cavaretta / AP Photo Celebrities Earnings/Financials Chrysler Ford GM obituary

Ford Q3 pretax profits drop to $1.18B

Following positive third quarter financial results recently from General Motors, rival Ford took a tumble in Q3. The automaker posted pre-tax profits of $1.18 billion, compared to about $2.59 billion in Q3 2013, a drop of around 54 percent. Net income also suffered with $835 million made in the quarter, versus $1.272 billion last year, a decline of about 34 percent. The Blue Oval blamed the gloomy figures on three reasons in its release: "lower volume, higher warranty costs and adverse balance sheet exchange effects."
There were problems of one kind or another in practically every region. North America experienced higher warranty costs than expected, partially due to recalls. The sales volume for the quarter was 665,000 units, versus 725,000 in Q3 2013, and pre-tax results amounted to $1.41 billion versus $2.296 billion last year.
South America and Europe both posted worse pre-tax results than last year. On the bright side, European volume was up slightly to 321,000 vehicles, from 303,000 in Q3 2013. The Middle East and Africa also lost $15 million, but that was an improvement compared to the $25 million loss previously experienced in this region.

Ford patents a multi-touch version of its classic keypad

For decades, Ford has offered a keypad on the doors of their cars that would allow owners access with the right code. Amazingly, the keypad has survived almost unchanged except for a recent touch button version. A new patent from the Blue Oval shows the keypad may get a big upgrade soon. The first big change is that it looks like the keypad may move to the key fob. Although it might be possible to have it on the car itself as well, the patent only seems to focus on the key fob. In addition, the fob will now be a multi-touch pad similar to that of modern smartphones. This will allow for more diverse code entries, according to the patent's description. Instead of just a simple number code, owners could enter a code that involves swipes and keystrokes, and even simultaneous keystrokes. For instance, you could enter a code that requires swiping from 1 to 3, followed by holding 2 and 4 to unlock the car. The patent also seems to indicate that this keypad would then display unlock functions and other functions on the fob after the correct code is entered, thus making it more than just a way to unlock the car. As for the practical implications of this keypad system update, it could provide an added layer of security. If someone steals your keys, they would have to also know your access code to get into the car. Whether this would also help make the key and car harder to hack would remain to be seen, though. Another possible benefit could be the prevention of accidental lock and alarm button presses, although that likely isn't a common issue. There could be potential downsides as well. If used as an extra layer of security, the legitimate owner would have to punch in their code on the fob to get in, which would render proximity key benefits relatively useless. Moving the keypad to the fob would also mean owners couldn't get into their cars without having the key with them. We don't have any clues as to when this could become a feature, but it doesn't seem like it would be difficult to implement, so it could show up in the next few years. Related Video: News Source: United States Patent and Trademark OfficeImage Credit: Ford, United States Patent and Trademark Office / Ford Auto News Ford Lincoln Technology keyless entry