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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.

Goodbye Gemballa UK – Hello Merdad & the Porsche Cayenne 2dr Coupe

The 2 door Porsche Cayenne by UK company Merdad What’s a Merdad, you may well ask? Well, a Merdad is not a what, it’s a he. He ran the Gemballa franchise in the UK – rather successfully – but as Uwe Gemballa has gone on an extended African holiday and his eponymous company is in liquidation Merdad had to get a shake on to create his company’s future.

Elemental RP1 sports car (2014): first pictures of Britain’s newest track car

By Jonny Edge First Official Pictures 23 June 2014 15:58 The frighteningly lightweight Elemental RP1 emerged fully for the first time today, ahead of its public debut at this week’s Goodwood Festival of Speed 2014. At its heart, the 450kg RP1 has a unique carbon-composite tub based on the designs of contemporary race cars. The driver will sit 'feet up', allowing for greater underfloor downforce, which goes some way to explaining how the car achieves a quoted 200kg of downforce at 100mph.