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News watch October 2011: today's auto 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-hourMonday 31 October 2011• The two companies planning to buy Saab - China's Youngman and Pang Da - have agreed to pay a €50 million bridging loan, court documents show. And they are pledging €610m in long-term funding from 2012, according to ANE (Automotive News Europe)  • Martin Winterkorn, the CEO of the Volkswagen group, says he is pleased with the performance of Seat and Skoda.

One Lap of the Web: Ferrari goulash and Abarth gnocchi

-- South Korea's automotive legacy may not be as rich as, say, Czechoslovakia's, but don't tell collector Baek Joong-gil that. Not to his face, anyway. He might be behind the wheel of one of his five hundred cars, which includes such rarities as the Kia T-600 (Kia's first car, built under license from Mazda in 1963); the Cadillac Fleetwood of former president Park Chung-hee; and Korea's oldest fire truck.

New World Record is not child’s play

THE NATIONAL MOTOR MUSEUM is celebrating its success in setting a new World Record for the longest line of toy cars. To achieve the record, the museum gathered 24,189 model cars and laid them bumper to bumper to create an unbroken line that stretched for 1910-metres. Snaking its way around the museum’s grounds, the line of toy cars more than trumped the previous record of 14,310 toy cars.