First shown as a concept (above) at the New York Auto Show earlier this year, Scion will reportedly bring the iQ to market by the Fall of 2010.

After receiving an excellent reception at the show, Scion’s VP, Jack Hollis has said he is fighting to get the car to market. One large Toyota dealer has however, spilled the beans, telling the folks at AutoWeek that an agreement has been reached to bring the diminutive car to the U.S.

At a length of just 117.5-inches, the iQ is only slightly larger than a SMART fortwo. Unlike the SMART, however, the iQ can fit three adults and a child… at least that’s what Scion says. Taking a look at the car, however, it appears as though seating for two is about all there’s room for.

While several engine options are available in Europe the iQ will most likely get the largest (1.3-liter four-cylinder) when it debuts in the U.S. That engine makes 99hp and gets 66 mpg.

Scion is a company desperate to reinvent itself, as its popularity is based as much on fresh product as it is on customizing that product. “Scion is a good business mode that will be valuable and viable in the future, but for the business model to be successful, product freshness is key,” said Toyota North America president and COO Yoshi Inaba. And fresh-product isn’t something Scion has much of. Currently the company is working on a replacement to the tC coupe while the iconic Scion, the xB, is already starting to lose out to new models like the Kia Soul.