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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.

Who's Where: BMW Group reorganizes Design operations

BMW Group has announced changes to its design organization, in keeping with the company's stronger focus on its brands BMW, MINI and Rolls-Royce. Under the overall direction of Chris Bangle, Director of BMW Group Design, brand specific design studios have been set up for BMW, MINI and Rolls-Royce, as well as for the areas BMW Motorrad and BMW M. These new brand studios will accompany the entire development process for new models from the first sketches to the start of production.

Automakers rack up solid gains to finish 2010

Fueled by holiday and year-end discounts, as well as the introduction of new models, automakers finished 2010 on a high note by posting the year's best monthly sales in December. U.S. light vehicle demand climbed 11 percent last month to 1.1 million units--the best month of the year on a unit basis.