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Weekly Recap: Toyota, Mazda team up to 'make cars better'

Toyota and Mazda are teaming for a noble purpose: to "make cars better." That's how the two Japanese automakers termed their partnership, which was announced this week. So what does this actually mean? The companies said they will set up a joint committee to look for areas of cooperation and named safety and the environment as issues they plan to tackle. From a product perspective, it's believed that Toyota is interested in Mazda's Skyactive engine portfolio. In turn, Mazda has its eye on Toyota's fuel-cell and plug-in hybrid technology. While more specifics were not confirmed, the companies said the "agreement will go beyond the traditional framework of cooperation," and it has the potential to be a long-range partnership. "The main purpose of this initiative is to enhance the appeal of our cars," Toyota president Akio Toyoda said at the announcement. Previously, Mazda has licensed Toyota's hybrid tech and assembled compact cars for Toyota in Mexico. Akio Toyoda said these projects "triggered" the automakers to explore further collaboration. Dave Sullivan, product analysis manager for AutoPacific, said the tie-up echoes Daimler's wide-ranging work with the Renault-Nissan alliance. "This could be a well-groomed match due to each having very unique skill sets," he said. OTHER NEWS & NOTES Volvo selects South Carolina for US factory Volvo confirmed this week that it will build its first US factory in South Carolina, with construction set to begin this fall. The company first revealed plans in March, though it didn't announce a site. The plant will have initial annual production of 100,000 units, though the vehicle or vehicles to be assembled were not specified. The factory, located near Charleston, will open in 2018 and ultimately employ 4,000 people. The facility will help Volvo continue its growth strategy, which includes strengthening its presence in the US market, where it wants to sell more than 100,000 cars per year. "Building a plant in the US is a reflection of Volvo Cars' commitment to the US and the key role the US plays in our growth objectives," Lex Kerssemakers, senior vice president, Americas, said in a statement. Ford GT spied on the road The 2017 Ford GT was spotted testing around the Blue Oval's headquarters in Dearborn, MI, this week. The raw body panels were exposed, and they lacked paint or camouflage. It's the first time the GT has been captured on the street after a spring of auto show reveals.

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.

Jeremy Clarkson chooses his top 10 cars for 2015 and 2016

Jeremy Clarkson is well-known for his role as co-host on the old Top Gear. But the frontman of the upcoming Amazon Prime Show, The Grand Tour, also has a standing column for The Sunday Times in the UK where he reviews the latest cars. With fall nearing, Clarkson put out a list of his top-10 cars from this year and 2015. Some on the list will surprise you, while others represent everything we've come to love about Clarkson. In order to make his list of star cars, the vehicles must offer what co-host James May calls "the fizz." The vehicles, Clarkson claims, have something that is out of the ordinary. Whether it's the car's looks, the way it gets up to speed, or its high-tech gadgets, Clarkson's top-10 list is made up of items that are more than just tools for getting from point A to B. So which ones made the list? Head over to the column in The Sunday Times. Mazda MX-5 Miata 2.0 Sport Recaro Alfa Romeo 4C Coupe Mercedes-AMG GT S Ford Focus RS Ford Mustang Fastback 5.0 V8 GT Volvo XC90 D5 AWD Vauxhall Zafira Tourer 1.6 CDTi Tech Line BMW M2 Ferrari 488 GTB Lamborghini Aventador Related Video: Featured Gallery Jeremy Clarkson's Star Cars For 2015 and 2016 View 11 Photos News Source: The Sunday TimesImage Credit: STEFAN HEUNIS / AFP / Getty Images Celebrities BMW Ferrari Ford Lamborghini Mazda Performance bmw m2 ferrari 488 gtb