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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.

Concept Car of the Week: Ford Mustang RSX Concept (1979)

In the late ‘70s, Ford commissioned carrozzeria Ghia to build a concept car based on the Fox platform to help promote its third generation Mustang. Probably inspired by the Escort RS's success at the World Rally Championship, the concept was dubbed RSX – standing for Rally Sport Experimental – and the Fox platform-based Mustang was modified as a rally car. To improve the handling, the wheelbase from the Fox was shortened by 142mm, the track was widened by around 25mm at the rear while the ride height was increased for off-tarmac stages of European rallies.

Toyota Yaris

Toyota has released these images of the latest variant of the ever-popular Yaris/Vitz city car. Whilst growing in every direction over the outgoing model, the new car manages to be around 30 kilos lighter than the model it replaces. The exterior has received a thorough revision, being designed under the moniker of 'agility and sophistication'.