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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.

A sideways look at the Goodwood Festival of Speed 2012

Car design enthusiasts without even a passing fondness for a carefully calibrated engine note may struggle at the Goodwood Festival of Speed. A quiet place for the contemplation of automotive art it is not. However, the sheer scale and variety of vehicles on offer – crucially moving as well as static – is what makes the event, set within Lord March's huge country estate on England's south coast near Chichester, like no other in the world.

Mercedes C Class Coupe (2011) Spy Shots

The Mercedes C-Class Coupe Spied Mercedes recently let the old C-Class Coupe wither and die because – without putting too fine a point on it – it was a failure. It didn’t sell particularly well and it didn’t sell at all across the Pond. Which is not a huge surprise.