Repeating what I was saying earlier, while there's nothing wrong with the Sigma BC-800 (which I thought was NLA) or -1200, the -1600 has an eeprom (memory chip) that retains all the settings if and when the battery goes dead. It's nice not having to worry about loosing the odometer setting or having to reprogram the wheel size variable. However, it comes at a price. The Bike Nashbar site above sells the BC-1600L for $32.
Rick, Jim has done this on a Spridget, I've done it on a Mini. Succinctly, you mount the magnet on a component that rotates at wheel speed. A magnetic reed switch is mounted on a fixed component that the magnet can pass close by. You cut and extend the pickup wires and run them into the car. You attach the mounting bracket for the display somewhere that's in plain sight.
I think Jim bonded his magnet onto a brake drum. On the Mini each wheel has a driveshaft so I was able to mount the magnet on a half-shaft U-Joint. If you Google for threads on the Sigma with additional keywords like "car" you'll find a few that discuss how various people mounted the magnets.