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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.

The hidden cost of fuel-efficient cars

Yesterday’s drive of the new Fiesta ECOnetic got me thinking. It’s astonishing what car makers can get out of a car these days. The new ECOnetic manages a combined figure of 76mpg.

MG3 Trophy Championship Concept previews MG Hot Hatch

MG3 Trophy Championship Concept (pictured) previews a future MG Hot Hatch The revival of MG so far has been about delivering rather prosaic Chinese cars given a gloss of credibility with and MG badge. But if MG are to succeed they really need to use some of the heritage of MG to grab buyers attention. That probably means a credible hot hatch rather than a traditional MG Roadster, so the arrival of the MG3 Trophy Championship Concept at MG’s 90th birthday celebrations at the weekend is perhaps a good pointer of the sort of direction we could see from MG in the coming years.