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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.

Video: Across the USA in a 2014 Corvette Stingray, in two minutes

A few weeks ago, we drove a 2014 Corvette from Monterey to Detroit. Along the way, we stopped every now and again and stuck a GoPro on the thing. It was pretty annoying at times, but we did it so we could show you the highlights.

Volkswagen to take over Porsche

VW now seem set to take control of Porsche Porsche need a way out of the hole they are in and VW is the best way out. The two warring side of the Piech family – owners of VW and Porsche – now appear ready to swallow hard and see the inevitable happen. But will it be so bad?