The question is, how can their model be improved to fit todays age?
1) A subscription could grant you access to ALL previous issues, decades worth, in electronic form on their website. With high-res graphics suitable for printing your own mini-posters. The most valuable asset they have is the tremendous archives of photos, writing, and road test reviews. Don't tell autoweek (or R&T, or hot rod, or any other such publication), but I'd pay a fortune for electronic access to back issues. Hell, I'd even read the ads and old race stories. I think the as-it-happened reports of key auto events would be more interesting than the gray-bearded reminisces they tend to publish.
2) They could also treat subscribers more as members of a club, and less as sources of income. Get the readers more involved, maybe look into negotiating discounts for carfax accounts, SCCA membership, classified listings, classic auto insurance, etc.
3) Leverage more user generated content. Get some slick, custom blog-like software to let people set up build logs of restorations and project cars, with easy updates and photo uploading. Solicit first hand reporting from the readership for races and auto shows, and abstract the best submissions on the front page.
Reality checks:
#1 Isn't going to happen. I've sent this suggestion to them multiple times over the years in various forms, and never got more than a "we're constantly exploring new options" -type non-response.
#2 The subscriber as $$$ mentality is too pervasive in magazine culture. The bulk subscription re-sellers continually offer me, a long-term subscriber, better rates than Autoweek themselves does. This is insulting.
#3 They can try, but they're a day late and a dollar short. I think Streetfire and Cardomain have already filled these needs.
So there you go. Lucky for them, I like having something physical to take with me into the "reading room", so they'll get my dollars for the time being.