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Car sales plunge, Bank of England cuts rates

New car sales plunge in October: Renault sales were down by more than half By Nigel Wonnacott Motor Industry 06 November 2008 12:30 Following the sixth monthly decline in new car sales this year (down 23% this month), economists have revised market forecasts downwards, while the Bank of England has cut interest rates by 1.5%. October’s 23% drop was the worst so far and trade body SMMT now fears sales could end the year at just 2.15 million cars. That’s 8% lower than the 2.34 million predicted to leave showrooms back in January and would be the worst market performance in more than a decade.

Get ready for the New GM

Unless there is some sort of major, unforeseen hiccup, the sale of General Motors' assets--creating a new company--is expected to close Friday. The new GM will be 60.8 percent owned by the U.S. Treasury.

Ferrari to show Enzo replacement to a select few by the end of the year

Ferrari will show the replacement for the Enzo supercar to a select group of current and potential customers at the end of 2012, Ferrari Chairman Luca Cordero di Montezemolo said. “We want to surprise people not just in terms of price but also with the car itself,” Montezemolo told Automotive News Europe on the sidelines of the Geneva motor show last week. Ferrari has not decided when the new limited-edition model will make its public debut.