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If VW defaults on loans it may sell Bentley or Lamborghini

If something goes catastrophically wrong with Volkswagen Group's recent $21 billion loan, brands like Bentley or Lamborghini could hit the auction block. According to two insiders to Reuters, the beleaguered German automaker agrees with its creditors to sell assets if the company somehow can't pay back the debt in a year. One of these anonymous people claimed the company hasn't yet deliberated over what to sell. However, the sources were willing to speculate that the power engineering portion of Man could be among the first to go. "Volkswagen may also consider divesting luxury car brands Bentley and Lamborghini or motor bike brand Ducati, although these units don't really move the needle," an insider said to Reuters. VW Group negotiated with the banks earlier this week to get the massive loan. The cash is necessary as a buffer in case the automaker doesn't have enough money on hand to repair vehicles or settle upcoming fines. VW would reportedly issue bonds in the spring to begin paying the debt. The company's bills will start racking up quickly in the new year. German authorities mandate a recall there in early 2016, and repair campaigns in the US for the 2.0- and 3.0-liter diesel engines are inevitable. There are also hundreds of class-action lawsuits to settle. The company needs to resolve its CO2 emissions scandal in Europe, too. In response to these financial threats, VW management created a cost-cutting plan to slash the research and development budget by $1.1 billion next year.

Volkswagen Group names Paefgen head of classics program

You may remember the name Franz-Josef Paefgen. Until recently, the German engineer and executive was head of both Bentley and Bugatti. Before that he was chief executive of Audi, after working for several years at Ford. He technically "retired" earlier this year, but like the cars he helped create, an executive like Paefgen could never really retire. So it should come as little surprise that the Volkswagen Group has named Dr. Paefgen head of its Classic program.
In his new capacity, Paefgen will oversee the historic automobile activities of the entire VW Group, including those of Volkswagen, Seat, Skoda, Audi, Lamborghini, and of course Bentley and Bugatti. It strikes us as a suitable semi-retirement for the man responsible in no small part for the Bugatti Veyron and Bentley Mulsanne, to name just two, and who was decorated in 2006 by the ACO as the "Spirit of Le Mans" for his contribution to endurance racing. Read the official announcement after the break.

2020 Bentley Continental GT V8 Second Drive Review | The leathery lap of luxury

BIRMINGHAM, Mich. — I came home from Florida, unpacked, and was treated to a snowstorm the day after my vacation. As I sat in the office, watching the white stuff come down harder and harder, Autoblog Editor-in-Chief Greg Migliore started asking questions. “Is the Bentley in the basement?” he asked, referring to the $280,000 Continental GT V8 that I was supposed to drive home that evening. Later, “What kind of tires are on the Bentley?” I wasnÂ’t too nervous yet. It was on all-seasons, and was equipped with all-wheel drive. After more hours of blowing snow, he said to me, “If you want to punt on driving the Bentley until the weatherÂ’s better, thatÂ’s fine.” Punt I did, taking the 2020 Toyota 4Runner TRD Off-Road Premium home that night instead. The next day, after the plows, salt trucks and sunshine had done their thing to the roads, I finally got to scratch the Bentley itch that had been nagging me since I had landed in Detroit. I grabbed the weighty key fob, Autoblog Associate Producer Alex Malburg grabbed a camera and mic, and we headed down to the basement together to film the video you see above. Opening the door to the 2020 Bentley Continental GT V8 greets you with a big white “B” illuminated on the ground from the puddle light, surrounded by a yellow circle. I don't recall seeing another multi-colored puddle light before, but IÂ’ll remember this one. We got in the Bentley, fired it up, and gingerly crept out of the basement garage. Before exiting, I made sure to give the car a few revs, but there wasnÂ’t much to hear from inside the cabin. Despite the lack of volume, the 4.0-liter V8 is potent. With 542 horsepower, itÂ’s just shy of the 552 horses of the original Conti GTÂ’s W12, and it out-torques it at 568 pound-feet. Helping to motivate it is a pair of twin-scroll turbochargers. As Alex and I took the Bentley for a cruise down Woodward Avenue, I got to test its straight-line acceleration at stoplight after stoplight. Despite the BentleyÂ’s 5,000-pound curb weight, itÂ’s brisk, but also smooth. ThereÂ’s no noticeable turbo lag as it motivates itself toward extralegal speeds. Bentley claims itÂ’ll do 0-60 in 3.9 seconds. There was no way IÂ’d get this thing anywhere near its 198-mph top speed. 2020 Bentley Continental GT V8 First Edition View 24 Photos The big V8Â’s sound doesnÂ’t intrude inside. ThereÂ’s no constant drone, and you only really hear it when you get on the gas.