Model T Ford Steering Wheel-1920-1925 16" O.d. on 2040-parts.com

U.S. equity firm to invest $70 million in Saab

Race-car fan and private-equity executive Alex Mascioli is pumping $70 million into Saab as the Swedish automaker works to stay afloat. Mascioli's firm, North Street Capitol, is buying $10 million in shares of Swedish Automobile, which owns Saab, and is also giving the company a $60 million loan to pay for the carmaker's reorganization. U.S.-based North Street Capital struck a deal in September to buy the Spyker sports-car business from Swedish Automobile for $44 million.

Supermarkets Announce Fuel Price Cuts

AHEAD of the forthcoming Budget, two major supermarket chains have announced a welcome fuel price cut. The first company to show its hand was Tesco, which has announced a reduction in its petrol and diesel by 1p a litre. Asda then followed, with the supermarket giant taking up to 1p a litre off its petrol and up to 2p a litre off its diesel, pledging motorists would pay no more than 132.7p a litre for diesel and 126.7p a litre for petrol.

BMW and Local Motors announce contest winners

BMW and Local Motors have announced the winning ideas in the Urban Driving Experience Challenge after phase one of the contest closed on 16 October. Anthony Franze of Australia won first prize and a cash award of $7,500 with his design for a premium car sharing service called ‘BMW Reward Me.' He also earned himself a trip to Munich, Germany, to meet with the head of BMW's Group Research and Technology, Dr. Christoph Grote.