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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.

Ford S-Max Vignale concept unveiled

Remember the Ford Mondeo Vignale concept from Frankfurt? It's basically a posh Mondeo, but Ford would like us to think it's a bit more than that. Vignale is Ford's attempt at going upmarket – taking on German premium brands with 'Vignale lounges' in special dealerships and specially trained 'relationship managers'.

"Say Yer Prayers, Rabbit!" -- Volkswagen revives Golf name

After only four model years, Volkswagen Group of America Inc. is ditching the Rabbit name and returning to the Golf moniker for its smallest model in the United States. The new generation of the car, which goes on sale in October, will be called the Golf and makes it U.S.