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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.

With gaps in product portfolio, Lincoln embraces experiences

In one sense, Lincoln is on a roll. It rides out the year having unveiled three substantially refreshed SUVs — the new full-size Navigator, the MKC crossover and the Nautilus, the new name for its top-selling MKX that Lincoln revealed in Los Angeles. The company is on pace to sell 50,000 vehicles this year in China, a four-fold jump after just three years in that market, and its sales growth in the U.S. outpaces its competition in the luxury segment. And analysts applauded the brand for moving away from its confusing alphanumeric naming system as a way to differentiate itself. But Lincoln remains far behind its competitors, with a market share that lags the likes of Lexus, Audi, BMW, Mercedes-Benz and even Cadillac. Its product portfolio is more limited too, heavy on hot-selling SUVs, but with only two cars — far fewer than the German luxury brands — and no marquee sports cars. Instead, Lincoln made it clear in Los Angeles that it's leaning heavily on creating distinctive experiences for its customers — its strategy focuses on being "warm, human and effortless" — as a way to stand out from the field. One way it's trying to do that is through its Black Label program, which offers premium interior trim options like unique leather stitching patterns, Alcantara headliners and laser-etched aluminum accents, and combines all that with a suite of services. Black Label members get an enhanced premium maintenance plan that includes wear and tear, anytime car washes and annual detailing, a dedicated concierge and the ability to be custom-fitted for a vehicle at their home. It also comes with a Culinary Collection, a curated list of more than 50 participating restaurants across the country that offer exclusive reservation assistance, visits from the noted chefs and other perks. Lincoln is introducing a new "Gala" Black Label theme on its new Nautilus, which it says is inspired by a night at a fashion gala. It's an interior decked out in what it calls Carmine Red, reflecting a popular color in fashion, with perforated seat stitching that form interlocking Ls. It joins the Thoroughbred and Chalet Black Label themes for the new Nautilus, which goes on sale next spring. Other Black Label themes including the Navigator's Yacht Club theme, with a Chroma Blue exterior paint color, upgraded leather seats and whitewashed teak wood in the center console, and Center Stage, with jet black Venetian leather with red accents, available on the MKC.

Ford recalls 1.3 million Fusions, MKZs: Steering wheels could come off

When driving a car, the steering wheel is only expected to move in a rotational fashion, either clockwise or counter-clockwise. When it moves in some other direction, something is wrong, and when it moves the wrong way enough that it is no longer attached to the steering column, that's a really, really bad thing. And apparently, according to a recall issued by Ford, there are over 1.3 million Ford Fusions and Lincoln MKZs that are at risk of this happening. And at least two accidents and one injury have been attributed to the issue. Ford says the problem is that the steering wheel bolt that keeps the wheel attached to the column might not provide enough torque, resulting in the bolt slowly loosening and working its way off the column. The good news is that the fix is really simple. Ford will install a larger bolt with more threads along with a larger nylon patch to keep it all locked down. The fix is completely free to owners. Cars affected by the recall include 2014 to 2017 Fusions built built at the Flat Rock plant in Michigan between August 6, 2013, and February 29, 2016. Model year 2014-2018 Fusions and MKZs built at the Hermosillo factory in Mexico are also affected. So if you have one of those sedans, please get in touch with your local dealer to have the issue addressed. Related Video: