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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.

Toyota revamps Yaris line-up for 2014

Toyota has revamped its Yaris line-up and announced that the 1.4-litre diesel now has lower emissions – meaning it gets free road tax. The Yaris will now also come in a choice of four new trim levels: Active, Icon, Icon Plus and Trend. The Active and Icon replace the T2 and Tr, while Trend becomes the new top-of-the-range model.

Groups form coalition in effort to replenish the Bonneville Salt Flats

An effort to save the historic Bonneville Salt Flats in Utah is under way with a salt replenishment program to permanently preserve the land. The national landmark is an essential piece of American motorsports heritage, as scores of world land-speed records have been set on the unique formation. The densely packed expanse of land is the dried remnants of a huge prehistoric lake.