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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.

Relaxed Elegance: Dana Point Concours d'Elegance is pure fun

Twenty-nine years ago, the event was called the Newport Beach Concours d'Elegance, and that title was on the tickets until 2010, when it was changed to the Dana Point Concours d'Elegance. That's fitting, as it's been held at the upscale St. Regis Monarch Beach Resort in tony Dana Point, Calif., for four years.

Sandy's toll: 15,000 cars and counting

The damage tally from Superstorm Sandy continues to roll in. The latest estimate is that Toyota, Chrysler, Nissan and Honda plan to scrap 15,000 new cars damaged. The National Automotive Dealers Association says that number could grow to 200,000 cars.