1988 Ford Mustang Gt Convertible 2-door 5.0l on 2040-cars

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1964 Ford GT40 prototype sells for $7M

Seven-figure Ferraris are not horribly rare. Heck, an eight-figure Ferrari isn't a rare occurrence. Between modern masterpieces like the Enzo and more classic offerings, cracking the million-dollar mark isn't a particularly tall order for the cars from Maranello. For a Ford, though, it's a big deal.
Now, this is not just some rare Mustang. This is a GT40, the car that Henry Ford II commissioned to whip Enzo Ferrari around a track in France. As far as the Le Mans-winning racers go, they don't get much rarer than this one. Sold at the Mecum Auctions in Houston, this is one of the prototypes, meaning it's one of the very first GT40s ever built. That makes its $7 million winning a bid, a record for on-air coverage of the auction, a pretty darn impressive figure.
You can watch the auction below, but first, take a look back at our original story on this rare Blue Oval.

Ford to rebrand SVT as 999?

Ford operates a number of performance divisions around the world. There's SVT in the US, Team RS in Europe and Ford Performance Vehicles (FPV) in Australia. But the Blue Oval has been steadily integrating its performance operations into one unit, and here we might have our first indication of what it will be called.
A reader at Jalopnik sent in a survey in which respondents were asked to gauge the name for a new performance brand from a "major automotive manufacturer," and while the identity of that automaker was not disclosed, according to the survey, the automaker is considering the name 999 for its new go-fast unit.
As our compatriots point out, the 999 was Ford's first racecar, a rudimentary chassis with a 19-liter inline-four campaigned by Henry Ford around the turn of the 20th century. (Ford also used the number to designate a Fusion fuel-cell racer a few years back.) That could prove the tie-in Dearborn is looking for in rebranding its performance operations worldwide, replacing the letters SVT, RS and FPV globally under one name.

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