Pros: The other people recognize that you did something wrong and you recognized it. The good thing is that you learn from it and do not do it again.
Cons: Can be distracted, if you do not pay attention on the road this possibly leading to an accident.
C. Move the index finger of your right hand back and forth across your neck - as if you were cutting your throat.
Pros: A way to let you know that you're mistaken, a sign of apology
Cons: It is not the right way to let him know that you are sorry because the other person may misunderstand you, and think that him is incorrect.