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Crunch watch Dec 08: the auto industry in crisis

By Tim Pollard and Simon Stiel Motor Industry 31 December 2008 14:05 Wednesday 31 December 2008• GMAC, GM's finance arm, said it would immediately revise its criteria for providing loans, after the US government bail-out of the General's credit arm. It will now supply credit for anyone with a score of 621 or more on the Fico scale, the scale used to assess Amercian customers' creditworthiness (Financial Times)• The news means that 80% of US consumers would now qualify for a loan from GMAC – which should improve sales in the depressed US market (Detroit News)• Chrysler is being lambasted for taking out full-page adverts in the American national press thanking the nation for supporting its auto industry. But critics point out this is a fresh waste of bail-out resources, as pages in the Wall Street Journal – one of the titles in which the ad ran – reportedly cost up to $264,000.

Audi S3 Saloon goes on sale in the UK – price from £33,240

The Audi S3 Saloon (pictured) is now on sale in the UK If you want a relatively compact pocket rocket, Audi has you covered with the S3. So far, we’ve had the regular S3 and S3 Sportback (and the S3 Cabriolet is on the way), but if you prefer your S3 in a standard four-door saloon guise, you’re in luck – the Audi S3 Saloon has arrived in the UK. With the same 296bhp 2.0 litre TFSI engine as its S3 siblings, the S3 saloon offers strong performance – 0-62mph in 4.9 seconds – and an official combined economy of 40.9mpg (which means emissions of 159g/km (if you opt for the S Tronic gearbox).

Ford Focus ST priced at $24,495

The Ford Focus ST will cost $24,495 when it arrives late this year including $795 in destination fees, if the spec sheet over at FordSTNation.com is to be believed. And we do, because that price is confirmed on Ford's consumer site. The Focus ST will come with Ford's EcoBoost 2.0-liter engine that will deliver 252 hp and 270 lb-ft of torque to the front wheels.