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Auto investor Kirk Kerkorian dead at 98

Kirk Kerkorian, among the most talked-about investors in the American auto industry in recent memory, died at the age of 98 in Los Angeles on Monday, June 15. The billionaire ran the investment company Tracinda Corp. and was the largest shareholder in MGM Resorts International. Kerkorian attempted to use his power as a well-financed investor to push the auto industry in some fascinating ways. In 2006, he used his nearly 10-percent stake in General Motors to push a merger with the Renault-Nissan Alliance. The deal made it as far as discussions, but eventually fell through. Kerkorian also attempted to purchase Chrysler - twice. According to Automotive News, the first effort came in 1995 with a $22.8-billion offer for the automaker, and soon after it failed the company merged with Daimler. Then in 2007, Kerkorian was back with a bid for $4.5 billion, but things eventually fell to Cerberus. The billionaire finished the trifecta by buying up $1 billion in Ford stock in 2008 to make Kerkorian the single largest investor in the company. However, the situation didn't last long, and by the end of that year, he had unloaded the shares. According to Automotive News, Kerkorian was ranked by Forbes as the world's 41st richest man in 2008 with a net worth of $16 billion. News Source: Automotive News - sub. req.Image Credit: Joe Cavaretta / AP Photo Celebrities Earnings/Financials Chrysler Ford GM obituary

2020 Ford Explorer, Lincoln Aviator reportedly facing numerous QC issues

A lengthy report in the Detroit Free Press delves into a range of quality control issues confronting the 2020 Ford Explorer and its luxury platform sibling, the 2020 Lincoln Aviator. Freep says it's been following the issue for two months, tapping various unnamed sources for information on the automaker's unorthodox route to resolution. Seems the problem is Explorers and Aviators leaving the production line at the Chicago Assembly Plant with flaws in areas like the chassis, transmission and suspension, said vehicles trucked to Ford's Flat Rock Assembly Plant (FRAP) outside of Detroit for repair. The estimates range from 10,000 to 18,000 vehicles affected, numbers so high that Ford has sought help from Roush Engineering in nearby Allen Park, and brought workers and managers from other plants in the Midwest to FRAP to get vehicles repaired and shipped to dealers. Ford hasn't shared the nature of the problems with anyone outside the company, including dealers and customers. Freep's sources are said to include workers who have provided photos of certain vehicles and of tents used to house parts at the FRAP repair site. The Explorer chassis allegedly has an unidentified problem that engineers are using X-rays to diagnose, and the transmission is having problems sensing when it's in park or going into park. Both the Explorer and Aviator have come off the line with HVAC units that only blow hot air. And the Aviator's height-adjustable suspension enters failure mode for unknown reasons. These come on top of quotidian mishaps common to every new vehicle, but that are meant to be sorted in pre-production, like missing emblems and trim pieces. They also come on top of a recall in early August issued for the Explorer and Aviator concerning the instrument cluster and parking brake, and another at the end of August over rear seatbacks that could collapse in a crash. An automaker spokesperson told Freep, "Making updates to preproduction models based on all-new platforms as they roll off the assembly line – is standard industry practice." Except these aren't pre-production, these are early production vehicles that paying customers and dealers are waiting for, and some of the affected vehicles have been pulled off dealer lots. Dealers say they are fine waiting for the trucks to get sorted out, and they'd rather have Ford fix the problems before the SUVs go to customers.

Mulally wanted to kill Lincoln as late as last year, Fields vows to turn it around

Lincoln fans might want to give incoming Ford CEO Mark Fields a pat on the back for having a hand in saving the brand from the chopping block last year. He's among the people spearheading the rejuvenation of the division away from its stodgy image to appeal to younger customers.
According to two unnamed sources speaking to Bloomberg, CEO Alan Mulally was ready to kill Lincoln last year. Following the slow production ramp-up of the MKZ combined a with a costly ad campaign, Mulally was frustrated and openly suggested dropping the brand. However, Fields and Jim Farley, Ford's marketing boss, convinced the CEO that the brand was worth saving. They also created a plan to prevent similar problems for new models in the future.
It seems that one part of the strategy may involve waiting until new models are at dealers before starting a big ad campaign for them. Lincoln global director, Matt VanDyke, recently told Autoblog that the division is holding off on a full marketing push behind the new MKC crossover to prevent the supply problems that plagued the MKZ last year. Its big offensive begins in the fall when the CUVs are at all of the dealers and consumers are at home watching more TV. VanDyke also told Bloomberg that Fields, Farley and Joe Hinrichs, Ford president of the Americas, have more direct oversight over new product launches now.