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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.

Who's Where: Kevin Rice becomes Mazda Europe’s design director as Peter Birtwhistle retires

Mazda Europe has a new design director. Effective 1 September, Kevin Rice will succeed Peter Birtwhistle, who retires from the post of chief designer, bringing to an end a 26-year career with Mazda. Following graduation from Coventry University's transport design course, Rice, 50, began his professional career at Opel in 1986.

Land Rover Expedition America presses on through the Rocky Mountains

Land Rover Expedition America is more than halfway across the country, three weeks after having departed Asheville, N.C., on their 5,000-mile route through 10 states. The team is traveling all the way across the country in three Land Rover LR4s -- from sea to shining sea if you will -- almost entirely off-road. The Oregon coast is their destination, and the team is following a route based on an off-road motorcycle trailed created by Sam Corero, a famous off-road motorcyclist who charted this trail back in the 1990s.