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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.

2020 Lincoln Corsair spied inside and out, ready to replace the MKC

Last year we were told the Lincoln MKC crossover would be renamed the Lincoln Corsair for the 2020 model year. A full exterior and interior redesign is on its way to go with the name change, one we get to see up close and personal here. We were led to believe that the Corsair would take its design cues from the handsome three-row Aviator SUV. That sentiment rings true for the exterior and interior as we take a look at these first spy shots of the smallest Lincoln crossover. The silhouette of the Corsair is near spot-on that of the Aviator's — it's smaller in every way, but styling elements like the grille, taillights, tapered rear window and overhanging spoiler all scream Aviator. Even the wheels look ripped straight from a lower-spec Aviator. We think that's great, because the Aviator is one hell of a looker now that all the camouflage has been stripped off it. Lincoln is bringing its new interior styling to the small crossover too, it appears. The shots we get to see here show that this won't even come close to resembling its redesigned Escape sibling on the inside. Instead, we're feeling Navigator and Aviator vibes all over. The big screen perched on top, chrome everywhere and classy appearance is reassuring; any concern over seeing a Lincoln version of a Ford on the inside should be wiped away with these photos. This interior looks like it's ready for the showroom floor, too. We're thinking you'll likely be able to buy one before the year is done. A report earlier this week shed some light on possible powertrain options we could see on this crossover related to the Ford Escape. A 2.0-liter Ecoboost engine is likely to be the base option, while the 2.3-liter Ecoboost will remain as an upgrade. The possibility of a plug-in hybrid version looms, though. With the Lincoln Aviator going that route, an electrified option for the smaller crossover could prove appealing for some buyers not wanting to pony up for the big Aviator. A reveal for this crossover should be coming soon at this rate, possibly even at the N.Y. Auto Show in April this year. Related video: