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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.

BMW Concept Active Tourer (2012) first offical pictures

This is BMW's answer to a downsized, eco-friendly motoring future: the Concept Active Tourer. It's a city-car sized MPV with a plug-in hybrid powertrain that'll return up to 113mpg, according to BMW's figures. Moreover, this car previews the future of smaller BMWs going front wheel-drive, sharing architecture with Mini and liberating more interior space.

New Lexus IS price from £26,495

The 2013 Lexus IS will cost from £26,495 for the IS 250 SE rising to £38,495 for the IS 300h Premier in the UK. First customer cars due July 2013. Starting point for the new IS is £26,495 for the entry-level IS 250 SE, with the hybrid IS 300h SE starting at 29,495.