Despite all of the strength that Ford (NYSE: F) has shown recently, the market insists on trading its shares at a deep discount to their fair value. The company's lineup of vehicles has improved, its One Ford strategy will position it as a more efficient global manufacturer, and a massive pent-up demand for cars still exists. With the average age of the automobile older than it's ever been, investors can expect that at even the slightest sign of economic recovery, Ford should be able to slingshot higher.

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Austin Smith owns shares of General Motors and Ford. The Motley Fool owns shares of Ford. Motley Fool newsletter services recommend Ford and General Motors. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.