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Woodward Dream Cruise 2013

The Woodward Dream Cruise started as a community fundraiser back in 1994. Here we are, almost 20 years later, and it has grown into the world's biggest classic car event – or the world's biggest headache, depending on your point of view. The real strength of the Dream Cruise is its populist format, especially when directly compared to the manicured lawns of California's Pebble Beach that runs on the same weekend.

News watch October 2012: today's industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hou Wednesday 31 October 2012• It's emerged GM's European 2012 earnings are down nearly half a billion dollars in Europe, where it now expects to lose $1.5bn to $1.8bn before interest and taxes for the full year (DetNews)• Ford has posted a third-quarter net profit of $1.63bn (£101bn) - almost matching its eventual profit total for the entire year 2011. Despite painful losses in Europe (Ford expects to lose $1bn in Europe alone this year) a resurgent North American market has buoyed Fords sales even higher than previous forecasts (Automotive News Europe)• Fiat CEO Sergio Marchionne has weighed in against Republican presedential nominee Mitt Romney, who argued that a move towards Chinese production would harm American jobs.

Ford recalls minivans, SUV

Ford is recalling nearly half a million vehicles to fix defects that can cause fires or loss of power. About 205,800 copies of the Ford Freestar and Mercury Monterey minivan from the 2004 and 2005 model years are being recalled, because torque-converter output shafts in the transaxle might fail and cause power loss. Ford is also recalling 244,530 Escape SUVs from the 2001 and 2002 model years, which might have brake-fluid leaks that can cause corrosion and fire.