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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.

How Indy 500's JR Hildebrand made an emergency pitstop in Goodland, Kansas

INDIANAPOLIS, In. – Race driver JR Hildebrand is an Indianapolis 500 celebrity, but last week on his way to Indy he was just another repair job at AlexÂ’s Radiator and Auto Repair in Goodland, Kansas. Well, not just any repair job. Hildebrand, a true car guy whoÂ’s just as comfortable driving his bagged 1960 Cadillac Coupe de Ville as he is a 230-mile-per-hour Dallara IndyCar, decided to pull the grand old ride out of storage in Boulder, Colorado, and cruise 1,100 miles to Indianapolis Motor Speedway. At 33, Hildebrand loves the classics, especially cruising in a ride nearly twice his age. It helps him separate from the pull of Twitter, Instagram and text messages before two weeks of foot-to-the-floor stress. Interstate 70 would be his perfect world. Except Â…           View this post on Instagram                       A post shared by JR Hildebrand (@jrhildebrand) “It was highly eventful for the first 300 miles,” said Hildebrand, who is practicing this week for his 11th start in the 500 on May 30.  The Caddy, a 390-powered pink beauty he calls Rosie, “had been sitting for a year, but it fired right up” and cruised just fine early in the trip. But as it approached the Colorado-Kansas state line, the suspension's airbag controller started flickering, the windows were slow to roll up, the gas gauge didnÂ’t work and the engine started to stumble. “IÂ’m thinking maybe IÂ’m only getting seven miles per gallon and IÂ’m out of gas,” Hildebrand said. “So I peeled off, ran a light and got to a gas station. It only took 12 1/2 gallons and was dead. ItÂ’s pretty unlikely that the collector in the fuel tank was leaving six gallons in this thing. I took a jump, and once I got it fired up, I got it back on the road and it ran fine for another 40 or 50 miles, and then the same thing started to happen. I pulled in and got another jump." (His wife Kristin was following behind in their Subaru, along with their dog). He stopped in Goodland and bought a new battery, “figuring the battery was toast at that point, whether that was the problem or not,” he said. “They did their diagnostics thing at the parts store, and it wasnÂ’t totally clear what was wrong.” Assuming the problem was somewhere in the charging system, he headed toward a nearby NAPA only to find it was closed. Along the way, though, he noticed AlexÂ’s Radiator and Auto Repair.

Cadillac HQ has a New York address

The new home of Cadillac will be in the 330 Hudson building in New York City's Hudson Square, putting the luxury marque smack dab in the middle of three of the city's hippest areas, SoHo, Greenwich Village and Tribeca.
The announcement is yet another milestone in the company's controversial decision to relocate administrative and marketing operations away from Detroit and into the Big Apple.
"The addition of a headquarters office in New York is a key step in Cadillac's ongoing global expansion," Cadillac boss Johan de Nysschen said, according to The Detroit Free Press. "There is no better atmosphere in which to better immerse ourselves into luxury consumer and brand expertise."