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News watch August 2010: today's industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hourTuesday 31 August 2010• HSBC has sold its US car loan business to Spanish bank Santander, for an estimated £2.6bn in cash and assumed debt. The move sees the bank further distance itself from the collapsed US sub-prime market (Financial Times, subsription required) • Toll roads do not improve congestion, according to the Campaign For Better Transport. Its claims M6 toll road operator Midland Expressway Ltd is losing ‘tens of millions of pounds’ each year, while conditions on the original M6 have failed to improve (Campaign for Better Transport) Friday 27 August 2010• Spyker, which bought Saab earlier this year, has posted a €139m loss after tax in the first half of 2010 it announced today (Financial Times)• Fiat CEO Sergio Marchionne says the business is performing strongly in the third quarter – and has ruled out selling Alfa Romeo.

New Jaguar XE OFFICIALLY launched – price from £27,000

The new Jaguar XE arrives After months of teasing, years of planning and huge sums of money spent, it’s here – the new Jaguar XE. Looking like a slightly smaller version of the XF, with an upright nose, longish bonnet, coupe-like profile and stubby tail, the XE is clearly a Jaguar – and a fairly conservative one at that – which is probably sensible when  entering such a competitive sector as the ‘Premium’ compact saloon market. But the new XE isn’t just a punt for a few sales in a new sector for Jaguar, but a car that could take Jaguar from an interesting maker of relatively low volume cars to a global ‘Premium’ car maker; nose to nose in a very competitive sector with, principally, Audi and the A4, BMW and the 3 Series and Mercedes and the C-Class.

Autoweek, Hagerty preview Barrett-Jackson

Barrett-Jackson isn’t just about American muscle cars. In the video above, our own associate editor and newly minted K-car owner, Graham “Kozy” Kozak joins with Hagerty’s classic-car experts, Dave Kinney and Rob Sass, to check out a selection of cars that will soon be under the bright lights of the Barrett-Jackson auction block. Watch as Kozak tries to keep his cool while ogling a Crosley and then totally disses a fakey-doo flaubach.