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Ford rakes in record $2.5b profit during Q1 of 2016

Fears that the auto industry is due for a downturn may be fading. Ford posted record profits in the first quarter of 2016, the company announced Thursday. Chief financial officer Bob Shanks said Ford enjoyed its best quarterly performance in history, generating operating profits of $3.8 billion and a record profit margin of 9.8 percent. Overall, the company's $2.5 billion profit in the quarter more than doubled from the 2015 quarterly results. "The first quarter was an absolutely terrific start to the year, an all-time record for the company, with very strong performance across the business," said chief executive officer Mark Fields. "We're excited about our future and confident in our ability to deliver long-term growth and profitability as we expand our business model to be both an auto and a mobility company." During the quarter, Ford announced the creation of Ford Smart Mobility, a new subsidiary that would vet future mobility projects in the realm of car-sharing, fractional ownership and autonomous deployment. The company also kicked off a billion-dollar makeover of its Dearborn, Michigan campus and headquarters. The company's after-tax earnings of $0.68 per share trumped Wall Street's expectations, and were significantly up from $0.39 per share a year ago. The results were buoyed by the company's fourth consecutive quarter of growth in Europe, which comes after a long period of stagnant sales. Ford's earnings results come amid reports that April car sales are on pace to jump 4 percent year over year, which would make it the best-selling April in history. Kelley Blue Book projects that car sales will reach 1.51 million this month, placing the industry on track for 17.5 million vehicles sold in 2016. Even as SUV and crossover sales drive the market, analysts say Nissan and Honda are positioned to benefit from renewed interest in mid-size cars. "Following a disappointing March, we expect sales to get back on track in April with SAAR in the mid-17 million range," said Tim Fleming, analyst for Kelley Blue Book. "Increased fleet sales and rising incentive spending among automakers remain the factors to watch, but the retail demand appears to be holding steady, signaling the industry's strong run isn't over quite yet." Related Video: Image Credit: Getty Earnings/Financials Ford Lincoln 5g Connectivity mobility auto industry financial

High-tech, remote-controlled Golden Sahara II custom car going for auction

Imagine a vehicle with automatic braking, remote operation, self-opening doors and a big screen on the dash. You're probably imaging a Tesla Model X, but we're actually talking about a car called the Golden Sahara II, a custom car originally built in the 1950s, and it's going for auction at Mecum's event in Indianapolis. According to Mecum, this custom car started out as a 1953 Lincoln Capri owned by George Barris, the man who created the original Batmobile. He didn't have it long before it ended up in a crash that led him to use it for a major custom project. He teamed up James Skonzakes, known as Jim Street, to create and pay for the build. In 1954, the car was finished with wild body work, actual 24-karat gold-plated exterior trim and a pearlescent gold paint created from fish scales. It carried the name of Golden Sahara, and it cost $25,000 to build. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. In 1956, Street decided to invest a whole lot more into the car. He sent it to a shop in Dayton, Ohio where it was fitted with a myriad of high-tech features. These included a central control stick that could operate the throttle, steering and braking, push-button steering controls on the dashboard for both the driver and the passenger, a remote control for moving it slowly and for opening the doors. It had sonar antennae at the front for automatic braking, a TV in the center stack, a radio, a phone, and even a cocktail cabinet in the back and mink carpeting. All of these features were on display when Street appeared with the car on the TV show I've Got a Secret, seen above, as well as in a period news story in which Street's wife demonstrated the features including the light-up wheels and tires for turn signals. That clip is visible below. The total cost of the car, now called Golden Sahara II, was $75,000. Adjusted for inflation, that's nearly $700,000. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Eventually, Street stopped showing the Golden Sahara II, but he never got rid of it. It was recently found in his garage, and the car will finally go for auction in May at Mecum's Indianapolis auction. The car will be sold in unrestored condition, which looks to be fairly rough, but savable. It appears the remotes are still there, too. The car will be auctioned with no reserve, so it will have a new owner.

Did Neil Young just spill the beans on a 2016 Lincoln Continental? [w/video]

Neil Young may be better known as a singer-songwriter and rock n' roll icon than he is for his involvement with cars, but the Canadian-born musician is not without his automotive credentials. His latest book, after all, is titled "Special Deluxe: A Memoir of Life & Cars," and one of his most famous songs, "Long May You Run," was written about his old station wagon. But does that mean he's got an inside line on new cars coming out? In an appearance on CNBC's Mad Money with Matt Cramer this week, the Y in CSNY was plugging Pono, a portable music player and service he developed. During the segment, which you can watch in the video clip below, Young mentioned that his company was working on a new in-car audio integration with Harman, which as we know just signed a deal with Lincoln. Here's where it gets interesting: The Godfather of Grunge mentioned that Pono and Harman were preparing to put the system in the 2016 Lincoln Continental. The thing is, Lincoln hasn't made a Continental for a dozen years now. Does Neil know something we don't, or did he simply misspeak? He is, after all, working on an electric-converted '59 Continental he calls the LincVolt, so it wouldn't be hard to imagine he got mixed up. But maybe, just maybe, it was the first bit of leaked info that Ford's luxury division is planning on shifting away from its MK-based naming scheme and reviving at least one iconic nameplate. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.