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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 classic covey gathers at The Quail for Monterey weekend

For seven years now every August, the fairway in front of the Quail Lodge has been transformed into a racing paddock. Great sports, race and super cars of all eras sprawl out on the grass like a tremendous, wheeled museum of speed. This year, in addition to the usual categories of "pre-war sports and racing," "post-war sports," etc., there were classes for BMW M1s, a celebration of 50 years of racing at Daytona and even a class of eight Devins.

Audi planning a version of the VW Up!

Audi planning their own version of the VW Up! (pictured) The German premium car makers – Audi, BMW and Mercedes – are in a battle to see who can sell the most ‘Premium’ cars. And Audi has big plans to stay in the race.