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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.

College Exhibition Photo Galleries

Car Design News reports on upcoming new talent from the leading design schools in more depth than any other source. We are continuing our coverage this week with a photo gallery featuring over 100 photos from the 2007 Art Center College of Design Spring Degree Show. Read the full reports below, or click on the 'Photo Gallery' tags to go directly to the galleries.

Concept Car of the Week: Bizzarrini Manta (1968)

In the latter half of 1965, Giotto Bizzarrini began working on a racing car designed to compete with the Ford GT40, Ferrari 250P and the Porsche 906. The result was the P538, his most sophisticated car to date. The first two examples built were fitted with Lamborghini V12 engines and sold to American buyers to compete in SCCA races, while the third used a highly modified 5.4-liter V8 from the Chevrolet Corvette.