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Mixed sales results, but automaker stocks rise on need for cars in Houston

DETROIT — The Big Three Detroit automakers on Friday reported better-than-expected August sales and issued optimistic outlooks for demand as residents of the Houston area replace flood-damaged cars and trucks after Hurricane Harvey, sending their stocks higher. General Motors, Ford and Fiat Chrysler posted mixed August U.S. sales, with GM up 7.5 percent and Ford and Fiat Chrysler down. Japanese automaker Toyota improved sales by nearly 7 percent, while Honda fell 2.4 percent. Still, analysts focused on the potential for Detroit automakers to cut inventories and stabilize used vehicle prices as residents of Houston, the fourth largest city in the United States, are forced to replace tens of thousands, perhaps hundreds of thousands, of vehicles after the devastation from Hurricane Harvey. Mark LaNeve, Ford's U.S. sales chief, told analysts on Friday that following Hurricane Katrina in 2005 "we saw a very dramatic snapback" in demand. That said, Ford sales fell 2.1 percent in August. It sold 209,897 vehicles in the United States, compared with 214,482 a year earlier. Sales were down 1.9 percent in the Ford division and off 5.8 percent at Lincoln. Demand was down for cars, crossovers and SUVs. It was not clear how many vehicles in the Houston area will be scrapped, LaNeve said, saying he had seen estimates ranging from 200,000 to 400,000 to 1 million. Ford's Houston dealers may have lost fewer than 5,000 vehicles in inventory, he said. Ford is the No. 1 automaker in the Houston market, with 18 percent share, according to IHS Markit. The company plans to ship used vehicles to Houston dealers and has "every indication we would have to add some production" of new vehicles to meet demand, LaNeve said. Investor concerns about inventories of unsold vehicles and falling used car prices have weighed on Detroit automakers' shares most of this year. Now, automakers can anticipate a jolt of demand from a big market that is a stronghold for Detroit brand trucks and SUVs. "It's got to be a positive for the industry," LaNeve said. Investors appeared to agree. GM shares rose as much as 3.3 percent to their highest since early March. Ford increased 2.8 percent at $11.34, and Fiat Chrysler's U.S.-traded shares were up 5.2 percent $15.91, hitting their highest in more than five years. GM reported a 7.5 percent increase in U.S. auto sales in August, helped by robust sales of crossovers across its four brands.

2023 Chicago Auto Show Mega Photo Gallery: See all the new cars from the show

The 2023 Chicago Auto Show played host to a number of reveals this year, and we were there to capture all of them. In traditional auto show fashion, that means you’re getting a mega gallery of galleries to flip through and see all the vehicles on the show floor. Our EditorsÂ’ Picks from the show are already out — spoiler alert, the 2024 Toyota Grand Highlander took home the prize. That said, there were other important reveals like the 2024 Volkswagen Atlas and Atlas Cross Sport and the 2024 Subaru Crosstrek. We also learned some interesting tidbits, such as the fact that VW is considering a pickup, and Jeep owners really are plugging in. To see the photos, scroll on down and start flipping through those galleries.   2024 Toyota Grand Highlander 2024 Toyota Grand Highlander View 7 Photos 2024 Volkswagen Atlas 2024 Volkswagen Atlas View 14 Photos 2024 Volkswagen Atlas Cross Sport 2024 Volkswagen Atlas Cross Sport View 7 Photos 2024 Ford Mustang Dark Horse with its carbon fiber wheels 2024 Ford Mustang Dark Horse with carbon fiber wheels View 7 Photos 2024 Chevrolet Corvette E-Ray 2024 Chevrolet Corvette E-Ray View 10 Photos Jeep Wrangler Anniversary Editions Jeep Wrangler Anniversary Editions View 3 Photos 2023 BMW XM 2023 BMW XM View 6 Photos Ram Revolution Concept Ram Revolution Concept View 6 Photos NASCAR Chicago Street Race Pace Car — Toyota Camry NASCAR Chicago Street Race Pace Car ? Toyota Camry View 4 Photos Everything else at the 2023 Chicago Auto Show Lamborghini Countach LPI 800-4 View 12 Photos Related video: Chicago Auto Show BMW Buick Chevrolet Ford GM GMC Hummer Jeep Lamborghini RAM Toyota Volkswagen Truck Coupe Crossover SUV Concept Cars Electric Hybrid Luxury Off-Road Vehicles Performance Supercars Sedan

Junkyard Gem: 1973 Buick LeSabre Custom Hardtop Sedan

The steps on Alfred Sloan's "Ladder of Success," in which you'd start your career by buying a Chevrolet and then move up through the GM marques as your wealth increased, stayed rigidly fixed from the 1930s into the late 1960s. By the early 1970s, though, "prestige creep" among The General's divisions had set in, with lower-zoot marques leapfrogging their betters with ballooning price tags and snob appeal; a fully-loaded Chevy Caprice could cost more than an Olds 98, a Pontiac Bonneville could out-snoot a Buick LeSabre, and the LeSabre itself came to threaten mighty Cadillac at the top of the GM pyramid. Here's a fully depreciated '73 LeSabre Custom Hardtop Sedan, once the picture of Malaise Era opulence but now brought down to earth in a San Jose self-service car graveyard. The high-rollingest of all LeSabres in 1973 was the Custom (though shoppers for full-sized 1973 Buicks really wishing to rub the noses of their lessers in their success could opt for the even pricier Centurion or Electra 225), and that's what I found among the Achievas and Cateras of this yard's GM section. Wasps now nest in the rust holes caused by rainwater seeping beneath the padded vinyl roof, but this car once told the world, "I've made it!" It went without saying that your big, comfy Detroit luxury sedan had a big, comfy front bench seat; let those frivolous rakehells in their Rivieras have their bucket seats. Believe it or not, a three-on-the-tree column-shift manual transmission was still standard equipment on the lower-level Buick Century in 1973, but all LeSabre buyers enjoyed two-pedal luxury that year. Some junkyard shopper grabbed the massive 455-cubic-inch (7.5-liter) V8 — rated at 225 horsepower, due to Nixon's stricter emissions standards and the switch from gross to net horsepower ratings — before I got here. I'm guessing this car got driven into the ground by the early 2000s (there's a 2001 calendar inside) and then spent the next couple of decades bleaching in the harsh South Bay sun before arriving here. So good, shoppers bought them sight unseen!