Volkswagen hits back, weighs making a bid for Porsche

Volkswagen is considering an audacious reverse-takeover bid for its majority shareholder, Porsche, in a twist in the drawn-out struggle for control between the two German carmakers. The Volkswagen Group's supervisory board is said to be weighing the possibility of purchasing Porsche AG, in a move that would relieve its holding company, Porsche SE, of massive debt that industry analysts suggest the company may not be able to fund should the world's financial crisis drag on well into 2010--a scenario put forward this week by the International Monetary Fund. The secret plan emerged as shareholders were set to convene at Volkswagen's annual meeting on Thursday, and it comes after Porsche revealed that it is carrying some 9 billion euros ($11.73 billion) in debt, most of it owing to interest on loans taken out to purchase its 50.8 percent stake in VW.

SCCA, IMSA champion joins Survive the Drive

Bob Sharp, SCCA and IMSA GTU champion, has joined the board of directors of Survive the Drive, an organization aimed at educating teen drivers about auto safety and crash prevention. Sharp joins Sam Posey and John Fitch as representatives from the motorsports world. Survive the Drive began in 1997 in northwestern Connecticut with Skip Barber Driving School instructor Bob Green.

Penske honored with Keith Crain award at Washington auto show

Racing and dealer magnate Roger Penske was given the Keith Crain/Automotive News Lifetime Achievement Award on Thursday evening at the Washington auto show. The award is given to an individual for significant contributions to the auto industry. Carroll Shelby won in 2011, and Ralph Nader and U.S.