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U.S. auto sales fall in July, as Detroit dials back on inventory, rental sales

DETROIT — U.S. carmakers said on Tuesday they continued to slash low-margin sales to daily rental fleets in July as General Motors, Ford and Fiat Chrysler Automobiles struggled to curb a slide in retail sales. July is on track to be the fifth straight month in which the annual pace of car and light truck sales declined from the same month a year ago, in part because of fewer fleet sales, analysts and industry executives said. July 2016 sales hit a strong 17.9-million-vehicle pace. GM said the seasonally adjusted annual sales rate fell to an estimated 16.9 million vehicles in July. At midmorning on Tuesday, GM shares were down 3.4 percent at $34.77, Ford was down 2.8 percent at $10.91, and Fiat Chrysler shares were down 0.3 percent at $12.05 in New York. GM sales dropped 15 percent from a year ago to 226,107 vehicles, as the company cut rental fleet sales more than 80 percent. The automaker said inventories of unsold vehicles at month's end were 104 days, down from 105 days at the end of June. GM has promised investors to reduce inventories to 70 days by year-end. Ford said its July sales dipped 7.5 percent to 200,212 vehicles, as it cut fleet sales more than 26 percent. Inventories fell to 77 days from 79 the previous month. Fiat Chrysler said sales dropped 10 percent to 161,477, as it also cut back sales to daily rental fleets. Among the top Japanese companies, only Toyota reported a year-to-year gain, with sales up 4 percent to 222,057 — just 4,000 units behind GM. Honda sales were down 1 percent to 150,980 — its first-quarter sales continuing to decline in North America but seeing a big increase in China. And Nissan sales fell 3 percent to 128,295. GM, Ford and Fiat Chrysler have cautioned that second-half financial results likely will be lower than first-half results, in part reflecting production cuts in North America and pricing pressures. The automakers this year have been deliberately dialing back sales to rental-car companies, which often generate little to no profit, while struggling to keep retail sales from sagging further, according to industry analysts. Industry consultant LMC cut its full-year forecast for new vehicle sales to 17 million vehicles. Automakers sold a record 17.55 million vehicles in the United States in 2016.

Merged Fiat-Chrysler HQ will be in London

You won't be seeing Sergio Marchionne in his famous sweaters running day-to-day operations of Fiat Chrysler Automobiles from Michigan. Although, he won't be doing it from Italy, either. The FCA CEO recently announced that the company's corporate headquarters would be located in London.
"Headquarters will be in London. It's clear that group executive functions, the board, my office, some of my functions, need to operate out of London, but that doesn't mean that I'm giving up my operational responsibilities of the US," said Marchionne to Automotive News at a press conference.
When the creation of FCA was announced, the company said its tax domicile would be in the United Kingdom. But it gave no specific location at that time. The business is still keeping most of the details under wraps.

That thing got a Hemi? Mopar engine kits make it easier to say yes

Thanks to a new kit from Mopar, classic car owners will have an easier time dropping Hemis into their muscle cars. The kit works with Mopar's 345 and 392 Hemi engines (5.7 and 6.4 liters respectively) and with cars built before 1975. The kit will run $1,795 and has everything needed to get one of the above engines running. The parts include a power distribution system, engine computer, engine and chassis wiring harnesses, O2 and intake air temperature sensors, ground wiring and a gas pedal. The kit is also designed to work with a manual transmission, but Mopar says a transmission such as the Torqueflite 727 and 904 can be made to work with the system. As for examples of the kit in action, take a look at the Jeep CJ66 and Dodge Challenger Shakedown that Mopar revealed this week at the SEMA show. Mopar also offers a few other parts to help complete the project, including various oil pans to clear subframes, a set of headers, and accessory drives for power steering and air conditioning. All of these parts are extra cost though. You'll also need an engine, and the 345 starts at $6,070, and the 392 runs $9,335. However, if you happen to already have one from 2014 or newer, that will work, too. Muscle car fans are getting more choices for their engine conversions. Chevrolet Performance already sells crate engines with "Connect and Cruise" kits to get its engines working in classic cars. The General also offers it with more engines. However, for people who want to keep a Mopar engine in their classic Chrysler, Dodge, Plymouth, or Jeep, this is a cool new option. Related Video: Featured Gallery Mopar Hemi V8 Engine Swap Kit Image Credit: FCA Aftermarket SEMA Show Chrysler Dodge Performance Classics FCA engine swap SEMA 2016