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U.S. new car sales surge at fastest pace in nearly 7 years

U.S. sales of cars and light trucks surged 9 percent in November 1.24 million units and rolled off dealership lots at the fastest pace in almost seven years. The industry's annualized sales rate, adjusted for seasonal factors, rose to 16.4 million last month, up from 15.3 million a year earlier and easily topping analysts' forecasts in the 15.8 million range.

Senate releases $350 billion more in bailout money

The Senate voted Thursday to release a second round of $350 billion in federal aid to rescue financial institutions. The money could be the source of additional loans to automakers, auto finance companies and perhaps suppliers. An earlier allocation of $350 billion funded the first installments of emergency loans to General Motors and Chrysler LLC.

Local Motors XC2V Competition

Local Motors, producer of the Rally Fighter, has teamed up with the Defense Advanced Research Projects Agency (DARPA) to host a design contest. The partnership, which was made possible within the Adaptive Vehicle Makes initiative, aims to create an Experimental Crowd-derived Combat-support Vehicle (XC2V), exploring the potential of a crowd-sourced design for military use. The initiative to develop a crowd-derived vehicle body design for the US military was created in an effort to decrease the time and developmental costs associated with creating niche military vehicles.