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Penske honored with Keith Crain award at Washington auto show

Racing and dealer magnate Roger Penske was given the Keith Crain/Automotive News Lifetime Achievement Award on Thursday evening at the Washington auto show. The award is given to an individual for significant contributions to the auto industry. Carroll Shelby won in 2011, and Ralph Nader and U.S.

Theory test fee to fall

LEARNER drivers will have to fork out less for their theory tests - saving would-be motorists around £100 million over the next decade. The cost of a theory test is being slashed by 25% in October, taking the cost down from £31 to £25, and with a further drop of £2 lined up for October next year. Theory test fees for motorbikes and other vehicles are also set to be cut, a spokesman said.

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.