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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.

General Motors to offer car sharing via mobile app and OnStar

General Motors has partnered with a San Francisco-based start-up company named RelayRides to enter the car-sharing business. In early 2012, GM vehicle owners in California will be able to use the OnStar system to rent out their cars when they aren't using them. The service will available nationwide for OnStar subscribers by the end of the year.

MINI First introduced

MINI has a new budget model - The MINI First With all things Eco the flavour of the month, and with budgets stretched in households everywhere, a cheap, entry-level budget MINI is a tempting prospect. You still get the iconic shape, and you still get a very good chassis – which translates in to good handling and a decent ride – but you’re not paying a fortune for the fripperies. After all, there are MINIs that will set you back £25k (the MINI JCW Cabriolet), but the new MINI First is a very tempting £10,950.