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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.

Aston Martin Virage dropped – to be replaced by new DB9

Less than eighteen months since it debuted – and after just over 1,000 cars – Aston Martin is dropping the Virage. The Aston Martin Virage always seemed a bit of a stretch too far for Aston Martin, and so it has proved. After a lifespan of no more than eighteen months – and with just over 1000 cars built – Aston Martin has decided that there are just too few buyers who feel the Virage is enough of a step up from the DB9 to warrant the extra cost.

Motorists Worried About Safety On Smart Motorways

THE IAM is calling for more information and advice on ‘smart’ motorways for drivers. The call comes after a poll conducted by the Institute of Advanced Motorists (IAM) discovered that seventy-one per cent of drivers said they would feel less safe on a motorway with no hard shoulder than a motorway with one. One of the main concerns of respondents is the plan to increase the distance between safety refuges with forty-eight per cent believing that safety refuges should be no more than 500 yards apart.