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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.

Vauxhall – Ellesmere Port jobs safe

Vauxhall's Ellesmere Port Plant will have no job losses It looks like the bulk of the savings that GM need to make in Vauxhall/Opel are going to fall outside the UK, with the news that there will be no job cuts at the Astra-making Ellesmere Port plant and around 340 job losses at Luton. Which is about as good as the news was ever likely to be for Vauxhall workers in the UK. Whatever the outcome of the GM/Magna deal it always seemed likely that Ellesmere Port would be relatively unscathed.

New Volkswagen Golf: World Car of the Year 2013

The VW Golf MK 7 has been declared World Car of the Year at the New York Auto Show, beating Porsche, Mercedes and Toyota to the title. That bunch included cars like the Porsche Boxster, Mercedes A Class and Toyota GT86, so competition was strong, but just as the new Golf had triumphed as European Car of the Year 2013 the Golf was also victorious on the bigger, global stage. It’s the fourth time in five years VW’s cars have nabbed the WCOTY award, with the Golf Mk 6 taking the gong in 2009, the VW Polo in 2010 and the VW Up!