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Nürburgring sold for £83m to German auto tech group (2014)

By Ollie Kew Motor Industry 12 March 2014 11:00 The Nürburgring racetrack in Germany has been sold to German automotive and aerospace technology conglomerate, Capricorn Group, for a figure in excess of €100m (£83m), it has been announced. The Capricorn bid narrowly beat a rival offer from HIG Europe by virtue of its ‘higher purchase price and good prospects for the region’. For now, it’s business as usual.

GM to cut 14% of global salaried workforce this year

General Motors, facing a Feb. 17 deadline to show the government it's a viable company, said on Tuesday it will cut 14 percent of its salaried jobs globally by the end of the year and slash the salaries of many who remain. Salaried employment will drop to 63,000, from 73,000, the company said in a statement.

Bid to cut car insurance premiums

THE COMPETITION WATCHDOG is proposing to impose a cap on replacement vehicle costs following motor accidents as part of a clampdown to help cut premiums for all drivers in the £11 billion private motor insurance market. The Competition and Markets Authority (CMA) said the cap on charges passed to the insurer of the driver who is at-fault in an accident for the cost of providing a replacement vehicle to the non-fault driver, would "more closely reflect the costs incurred and remove significant inefficiencies". The watchdog has previously found that the "complex chain" of claim costs following an accident collectively inflates premiums by as much as £200 million a year.