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Volkswagen profit jumps as it warns of a cooling auto market

FRANKFURT, Germany — Volkswagen says its profits jumped 44% in the third quarter thanks to a more profitable mix of vehicles in its lineup but warned that global car markets are slowing more than expected and lowered its forecast for annual sales. After-tax profit rose to $4.42 billion (3.98 billion euros) as revenues rose 11% to $68.27 billion (61.42 billion euros). The sales margin of 7.8% exceeded the goal of 6.5-7.5% as vehicles bringing higher profits took a larger share of sales. The Wolfsburg-based automaker pointed to the headwinds facing the industry by saying that it expects "vehicle markets will contract faster than previously anticipated in many regions of the world." It said sales would be "on a level" with last year's record of 10.8 million vehicles. Previously it had expected a slight increase. The company said its profits would be in the lower end of its forecast range. Global automakers are facing a slowdown in sales amid disputes over trade and from pressure in the European Union and China to develop and sell low-emission vehicles that require heavy investment in new technology. Ford and Renault have issued profit warnings in recent days, while Daimler, maker of Mercedes-Benz luxury cars, lost money in the second quarter and is expected to outline a cost-cutting strategy for investors on Nov. 14. Volkswagen is leading the push into electric vehicles in Europe by launching its ID.3 battery-powered compact car at prices it says will make zero local emission vehicles a mass phenomenon. The company was able to increase earnings in the quarter despite an 18% rise in spending on research and development.

Bentley names new CEO for the Americas

Bentley has announced a shift in its upper ranks that will see Michael Winkler take the reins as head of its operations in the Americas. A longtime sales executive and regional manager, Winkler has worked for Porsche in locations around the world, and comes to Bentley from his previous position as director of Australian operations for Jaguar Land Rover. In his new capacity as president and CEO of Bentley Motors Inc. – the office responsible for handling the brand's operations across the Americas – Winkler will report to Kevin Rose, the Bentley board member for sales and marketing. Winkler succeeds Christophe Georges, who moves back to the head office as director of product and marketing. The British automaker has 53 dealerships across the Americas, accounting for 29 percent of its global sales last year. Its American operations are based at 2200 Ferdinand Porsche Drive in Herndon, VA. MICHAEL WINKLER NEW PRESIDENT AND CEO OF BENTLEY MOTORS INC. (Crewe/Herndon 26th January 2015) Bentley Motors today announced that Michael Winkler will become President and Chief Executive Officer of Bentley Motors Inc., the regional office for Bentley Motors in the Americas, with effect from 1st April 2015. He succeeds Christophe Georges, who was recently appointed Director of Product and Marketing for Bentley's global organisation. Winkler will report directly to Kevin Rose, Bentley's Member of the Board for Sales, Marketing and Aftersales. Rose commented: "The Americas region plays a key part in Bentley's global success, our biggest market with more Bentley customers than anywhere else in the world. I am delighted to welcome Michael to Bentley, and look forward to working with him to drive our brand and network presence further." Winkler has more than 30 years of experience in the automotive industry, holding a number of international positions, working with Porsche in Germany, North America and Australia, and joins Bentley from Jaguar Land Rover, where he held the position of Managing Director of the company's Australian division. The Americas remained Bentley's number one market throughout 2014, closing the year delivering 3,186 cars, up from the 2013 number of 3,140. This accounted for 29% of total global deliveries. There are 53 Bentley dealerships throughout the Americas, with the corporate headquarters based in Herndon, Virginia.

What it's like to drive Bentley's Continental GT3 racecar

I'm gliding across the back roads of Napa in a Bentley Flying Spur V8 S, and all is right with the world. Two and a half tons of metal, leather, and hubris provide insulation, while the audio system's eleven speakers smother me with the syrupy sounds of Katy Perry as the landscape floats past. My guilty pleasure is mine alone, because this bank vault on wheels is practically soundproof. But I'll soon be harnessed into a fearsome hellion that would terrify all but the edgiest of Bentley owners. I'm headed to Sonoma Raceway to drive the 2,800-pound, 600-plus-horsepower Bentley Continental GT3 racecar. Goodbye swankiness, hello madness. Bentley probably isn't the first brand you associate with racing, but the Flying B's competition highlights include Le Mans wins in 1924, 1927, 1928, 1929, 1930, and, most recently, a top finish at the fabled endurance event with the brand's 2003 return. The 1-2 victory in '03 came in the wildly engineered LMGTP prototype class; it wasn't until a more relatable, Continental GT-based car was campaigned eight years later that Bentley unlocked the full potential of its rich history. "Motorsports is essentially a business tool," Bentley race boss Brian Gush told Autoblog at the GT3's race debut three years ago, reinforcing the industry's familiar "race on Sunday, sell on Monday" mantra. But let's also tip a hat to the intangible: There's something undeniably cool about watching a beefed-up version of your daily driver battling it out on a world-class track, especially when that car is a fat-cat luxury coupe that seems better suited to the boulevard than the race circuit. After swapping blue jeans for a Nomex jumpsuit, I watch as the GT3 emerges from the transporter, and the sight is downright intimidating. It's wide and low, with an impossibly big wing. There's another source of intimidation: While a small group of journalists has sampled Bentley's media car, I'm about to get behind the wheel of a privateer-owned car. No pressure. "Ever met the owner?" a Bentley rep asks, referring to Team Absolute's Adderly Fong. "He's a big guy, mean, with a really short temper," he quips, which is essentially shorthand for "don't wreck his car." I crack a tentative smile, acknowledging the not-so-veiled message. Bentley test driver Butch Leitzinger gives me the lowdown on this particular GT3, which happens to be coming fresh off a top-ten finish at the weekend's Pirelli World Cup Challenge.