1967 Convertible Mustang on 2040-cars

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Ford family keeps special voting rights

Ford Motor Company has a dual-class stock structure of Class A and Class B shares. The roughly three billion Class A shares are for the general public like you and me, while the roughly 71 million Class B shares are all owned by the Ford family. Each Class A share gets the shareholder one vote, each Class B share is worth 16 votes, the result being that Common Stock holders control about 60 percent of the company while the Ford family controls 40 percent even though it holds far fewer shares. The only way that could ever change would be if the Fords sell their Class B shares, but even so, Class B shares revert to Class A when sold outside the family, so they'd have to sell a whole bunch of them.
A contingent of Class A shareholders think the dual-class system is unfair, and for the past few years a vote's been held during the annual shareholders meeting to end it. It has failed every time, as it just did again during the meeting held this week. A smidge over 33 percent voted to end the dual system, outvoted by the 67 percent who are happy with the way Ford is going - unsurprising in view of a corporate turnaround that will be part of business-class curricula for years to come.
On the sidelines, Ford elected Ellen R. Marram to the post of independent director, the first woman to hold the job. The former Tropicana CEO and 20-year Ford board member replaces retiring board member Irvine Hockaday who helped bring Alan Mulally to the CEO position.

Woman trades 1914 Model T in for 2013 Corvette

We're sure that dealers must see all sorts of interesting trade ins, but this one may take the cake. Red River Chevrolet in Bossier City, Louisiana, recently had a customer come in with an odd request. Tina Boyter wanted to trade in three vehicles on a brand-new 2013 Chevy Corvette. Among the hardware was 1980 Corvette, a 1978 Cadillac Eldorado and a 1914 Ford Model T. While the '80 Corvette had been her personal car for years, the '78 Eldorado had belonged to Boyter's mother before she traded up to a Lincoln. The big Caddy had just 10,290 miles on the clock when it was traded in.
And the Model T? Boyter says the car was built as a racer by Ford, and that it had been a show winner for years when it belonged to her father. But, after spending the last 16 years in a museum with its fluids drained, Boyter decided it was time to shed some of the past. She walked into the dealer, laid eyes on a white 2LT Corvette with a red interior and offered to trade all three of the vehicles in on the sports car.
Why not wait for the C7? "I fell in love with that one when I walked in the door," She said. We can't fault her there.

Ford to pay $17.35 million over Escape recall

Ford had a bit of a recall spree around this time last year, with a pair of issues on the then-new 2013 Escape, followed by a recall of 423,000 2001 to 2004 Escapes because they might accelerate of their own accord. Accordingly, Uncle Sam pasted Ford with a $17.35 million fine because it took too long to inform customers, according to a report from Automotive News.
Ford agreed to settle with the National Highway Traffic Safety Administration, accepting the fine but not admitting fault. The recall, which afflicted Escapes with the 3.0-liter V-6 along with 217,000 Mazda Tributes from 2001 to 2006 and 2008, was due to faulty gas pedals that could stay down after a driver removed their foot.
Ford issued a statement regarding the fine, saying, "We take the safety of our customers seriously and continuously evaluate our processes for improvements. While we are confident in our current processes for quickly identifying and addressing potential vehicle issues, Ford agreed to this settlement to avoid a lengthy dispute with the government."