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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.

Heifer fuel

Unlike most people, when Michael Doyle drives past a herd of cattle grazing in a field, he doesn't see future tenderloins or T-bones. He sees fuel. The company Doyle co-owns, North Star Biofuels, is about to start production of biodiesel at a new $15 million, 20,000-square-foot plant in Watsonville, Calif., about 60 miles south of San Francisco.

Jeep teams up with rocker Lenny Kravitz

Lenny Kravitz is going beyond radio play to bring his latest track “Rock Star City Life” to the masses. He's joining the crew of musicians and celebrities showing up in the new Chrysler commercials. The Grammy winner and longtime Jeep driver is hawking the Jeep Wrangler in a campaign in which the single is heard, and it shows Kravitz navigating an off-road course.