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Fisker, Energy Department face tough Congressional hearing on federal loans

Struggling Fisker Automotive took a bludgeoning Wednesday on Capitol Hill from top congressional Republicans who compared Fisker to failed automotive startups of the past and lambasted the Department of Energy for allowing the electric-car producer to draw down nearly $200 million in taxpayer-funded loans. House Oversight Chairman Darrell Issa, R-Calif., told Fisker founder Henrik Fisker that he will be remembered fondly for his design work for BMW and Aston Martin. But he compared Fisker to Malcolm Bricklin, John DeLorean and Preston Tucker -- three entrepreneurs known for their failed startup car companies.

Smart's $99 loan deal has big balloon payment at end

Hoping to benefit from the federal cash-for-guzzlers program, Smart USA has set up a $99 monthly payment for buyers who use their $4,500 rebate. But there's a catch--and a hefty balloon payment disclosed only as a note to an asterisk in Smart's press information announcing the offer. The Smart financing is for $99 a month for 36 months, with a balloon payment of $6,667 due at the end.

Goodwood Revival 2009: the first details

By Freddie Fulton Motor Shows 10 August 2009 14:22 Mini turned 50 recently, and the celebration of its engineering achievements continues at the Goodwood Revival in September 2009.  Huge numbers of pre-1966 Minis are expected on track, bringing their owners and large numbers of enthusiasts with them.  Champions and role models such as five-time winner of Le Mans Derek Bell will be racing, as well as Jackie Oliver, Bobby Rahal, Anthony Reid and Brian Redman.  You can also hope to see ‘The Rally Professor,’ Rauno Aaltonen, who won the Gallaher 500 touring car races in a Mini Cooper S.  Other Mini legends will include Sir John Whitmore, Alec Poole, Warwick Banks, John Fitzpatrick, Richard Longman and Barrie ‘Whizzo’ Williams.  We at CAR are most looking forward to when a full 30-car grid, largely composed of 1275cc Mini Coopers, will compete in a race that is promised to be ‘the most closely fought race in the Revival’s history.’ That’ll be the St Mary’s Trophy saloon car race packed with cars that raced before 1966. Each day, a tribute parade of Minis will lap the circuit and show off some of their retro glory.  Expect some Mini curios: an ice cream van is expected, as well as a Wildgoose camping Mini and other modified models. Some of these ‘Mini cousins’ will include the ‘Riley Elf’ and ‘Wolseley Hornet’ variants, which are noted for their reshaped boots and narrower front grilles.