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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.

Baby Rolls revealed as boss leaves

By Tim Pollard Motor Industry 14 March 2008 07:33 CAR today reveals the look of the new 'baby' Rolls-Royce - just as it is announced that boss Ian Robertson will head back to BMW as Munich's new sales and marketing boss. The new model due in 2010 will nudge the most famous of luxury brands downmarket nearer upper-echelon Merc S-classes, but the 49-year-old chief exec won't be around to see the launch of the landmark model.The baby Rolls-RoyceThe Phantom family has now grown to three models, after the Coupe was unveiled at this month's Geneva Motor Show to join the Drophead Coupe. And in 2010 Rolls-Royce will launch RR4 - the new £170,000 baby Rolls to stretch the brand 'downmarket' and plug the gap between cheaper Bentley Continentals and the super-luxury models from Rolls and Maybach costing nearer a quarter of a million pounds.It will be longer than the next-generation LWB BMW 7-series, upon whose mechanicals RR4 is based.

Ford to add or retain 12,000 jobs, invest $16 billion under UAW pact

Ford Motor Co. said today it will add or retain 12,000 U.S. jobs as part of $16 billion in planned investments under its new labor agreement with the UAW.