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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.

Kia to reveal ‘Stunning’ Sports concept at Detroit Auto Show

‘Stunning’ Sports car concept teased by Kia It may be almost Christmas, but car makers are looking a bit further ahead than that with the current crop of teases and expectations for the 2014 Detroit Auto Show in January. Today’s offering comes from Kia, with the first teaser photo of a new concept heading for Detroit. Kia describe their car as a “stunning sports car concept” which has been designed by Kia’s California design team in Irvine, and is a 2+2 Sports Car which, say Kia, will make heads turn and provide superb driving enjoyment on road or on track.

Formula Drift's Jim Liaw 10 years in

Who knew there was a future in driving sideways? Jim Liaw, and business partner Ryan Sage, that's who. A little over 10 years ago, fresh from college and running their own marketing and promotions firm, Slipstream Global Marketing, they were looking for business.