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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 2014 Corvette Stingray gets 29 mpg highway

Chevrolet has been dropping stats about its new Corvette every so often, and the latest to come down the pike are its fuel economy ratings. The Corvette Stingray's EPA estimated rating of 17 mpg in the city and 29 mpg on the highway makes it 11 percent more fuel efficient than the previous Corvette. These ratings are for the Corvette equipped with the all new seven-speed manual transmission.

Best petrol price falls since 2008

MOTORISTS are enjoying the biggest fall in petrol prices since the credit crunch days of 2008. But the AA has warned that a further dip in prices is unlikely. Average petrol prices in the UK fell 5.49p a litre between mid September and mid-October - the biggest monthly fall since the 11.5p petrol price collapse in November 2008, the AA said.