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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

2022 Lincoln Navigator buyers can get $5,000 to convert to the 2023 model

Ford Motor Company is doling out more money to try to keep its chickens in the coop. Last August, when the automaker couldn't fulfill every order for the 2022 F-150 Lightning electric pickup then levied price substantial price increases on the 2023 F-150 Lightning, the automaker created a "Transition Private Offer." The program gave 2022 reservation holders without trucks a rebate to buy a 2023 Lightning that effectively nullified the price increase. Earlier this month, Ford did it again with the 2023 Bronco. The "2023-Model Bronco Cancel Order & Purchase Replacement Offer" dangled $2,500 to 2023 Bronco buyers without SUVs to either change their Bronco order to a configuration that could be built sooner, or cancel their order and buy another Ford. Now it's Lincoln's turn. CarsDirect says another dealer bulletin outlines a "2023-Model Navigator Connect Model Year Transition Private Offer" for those who didn't get their 2022 Navigator built. "Select customers" who close a deal before April 2, 2023, can get $5,000 off the price of a 2023 Navigator or have the money applied to a 2023 Navigator lease. Akin to the Lightning offer, the Navigator incentive nearly eats up all of the price increases on the new Navigator. The latest version of Ford's most luxurious SUV had MSRPs bumped from about $5,000 for the middle trims to $6,475 for the Black Labels. At the entry-level end, a customer might have some money left over for more options like the brand new Diamond Red Tricoat paint on a 2023 model, depending on how Ford conducts the offer. The base Navigator trims went up by $3,215 for the Standard and $4,730 for the Reserve. If a 2022 Black Label buyer were to take Ford up on the offer, that buyer would be paying $1,475 for the same vehicle; the changes applied to the 2023 Navigator other than price didn't make it to the Black Label.  The folks out in the cold are the few 2022 Navigator L buyers. Lincoln discontinued that trim for 2023, so those folks will need to make another choice or find another roost. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Best Convertibles for 2022

The past decade has not been kind to the drop-top enthusiast. No matter which dealer you walk into, convertible models have been biting the dust left and right. Nissan Z? Audi TT? Buick Cascada? Volkswagen Eos? All gone. Remember the humble Chrysler Sebring/200? Well, you do now. Fortunately, though, the news isn't all bad. There are still plenty of options out there for those who absolutely must have a convertible. Whether you need something to haul behind your retirement cruiser, a performance car that can go toe-to-toe with the best in the world or just something that allows you to sling the roof back after a long day of on-location business meetings before catching the flight back to your everyday hustle and bustle, there's at least one cabriolet out there to suit your needs. Here are our picks and starting prices for the top convertibles in several categories for 2022.  For the frugal open-top lover: 2022 Mini Convertible ($34,650) Let's face it; gas ain't cheap. But open-top motoring doesn't need to be a wallet killer. The Mini is cheap (at least by 2022 standards) and an absolute joy to drive, so there's really no downside here ... except for the roof. Get it?    For the hardtop lover: 2022 Mazda MX-5 RF ($37,260) / 2022 Chevrolet Corvette Convertible ($69,695) The number of hardtop convertibles has seriously dwindled due to weight concerns and the fact that fabric roofs have gotten so quiet, but there are still some options for those who prefer a more coupe-like look with the roof up. Our picks here are the delightfully Targa-like MX-5 Miata RF and literally any Corvette Stingray — even the hardtop has a removable roof!    For long road trips: 2022 Ford Mustang Convertible ($34,100) The first image that comes to mind for many who are told to visualize an American convertible is the classic Ford Mustang. It's not the only drop-top pony car out there, but thanks to the Camaro's tiny trunk, it's much harder to see the USA in a Chevrolet when a drop-top enters the equation. The Mustang has much more cargo space and a much larger opening, which is likely the difference between keeping your bags under lock and key or leaving them exposed in the back seat.    For towing behind an RV: 2022 Jeep Wrangler ($31,590) While many small runabouts make sense for towing behind a motor home (or nestled up inside a fancier one), the Wrangler has a serious advantage when it comes to RVing: it can easily be flat-towed.