The auto industry is cautiously booming right now, and today a Detroit success story had a big announcement.
In 2006, the new head of Ford took a virtual riverboat gamble and borrowed on virtually everything Ford owns, including its logo.
The cars that were created with that capital have earned the company record profits.
It has been a good year overall for the industry, and especially for the big 3 domestic automakers.
But Ford has some especially good news today. In 2010, the company earned a net profit of almost 6.6 billion dollars.
Though they lost market share in Europe, everything else was gravy as the company won not only sales but applause for the quality improvements in it’s products.
In fact, as the company market analyst George Pipas told us, Ford is now at the top of the heap.
"Ford today, according to 3rd party surveys, has the best quality of any full-line manufacturer,” Pipas told us. “And that is what we needed to do to get customer consideration. Just to be competitive is not good enough. We had to have the best quality, the best fuel economy, and of course, that results in great value to the consumer."
This year saw just over 11-million cars sold in North America, versus 17-million just a few years ago.
Despite that, Ford made a larger profit in a smaller market than it has in 10 years.
And 2011 should be even better, for everyone.