Posted on 06/05/2009 9:15:20 AM PDT by Ernest_at_the_Beach
NEW YORK (CNNMoney.com) -- Bankrupt automaker General Motors Corp. announced Friday that it will sell its Saturn unit to car dealership operator Penske Automotive Group.
Penske (PAG, Fortune 500) is owned by former race car driver Roger Penske, who owns NASCAR and IndyCar racing teams. The deal would give Penske the rights to the 19-year old brand, but GM would continue production of Saturn's three highest-selling models, including the Aura sedan, and the Vue and Outlook cross-over SUVs.
The deal, which GM expects to be completed in October, would save more than 13,000 jobs at Saturn and its roughly 350 dealers nationwide. All of Saturn's dealerships sell only Saturn vehicles, so they are reliant on the brand's continuation for their survival.
(Excerpt) Read more at money.cnn.com ...
On Tuesday, GM (GMGMQ) announced a deal to sell its Hummer line to China's Sichuan Tengzhong Heavy Industrial Machinery Company Ltd.
fyi
Isn’t Saturn fairly dependent on Opel? I like Roger Penske except he employs that tax cheat Helio Castro Neves.
“The deal would give Penske the rights to the 19-year old brand, but GM would continue production of Saturn’s three highest-selling models, including the Aura sedan, and the Vue and Outlook cross-over SUVs.”
Wonder what Roger and his crew could do with the Sky?
“Isn’t Saturn fairly dependent on Opel?”
Let’s hope. I only became interested in Saturn when they started rebadging some of the nicer Opel models.
If he builds them in non-UAW factories it might be good. I will never buy anything made by the UAW again.
Roger owns the #1 BMW dealership in the U.S. Austin, TX. It’s a first class operation, by design.
Sounds like a good deal for Saturn.
Interesting...
Sure beats the apparent alternative!
all charges against Helio were dismissed
http://www.marketwatch.com/story/gm-reportedly-lines-up-deals-for-saturn-delphi
snip
The deal would allow Penske, who runs a chain of dealerships under his Bloomfield Hills, Mich.-based Penske Automotive Group /quotes/comstock/13*!pag/quotes/nls/pag (PAG 15.50, +0.90, +6.16%) and also have extensive operations in leasing trucks, to take over the brands, trademarks, service and parts operations and distribution operations related to the brand, the report said.
In addition, Penske will strike deals with various automakers, including GM and Renault SA /quotes/comstock/23r!prno (FR:RNO 30.68, +1.21, +4.11%) , allowing him to buy vehicles from those companies’ factories to fill out the Saturn vehicle portfolio, it said.
end snip
There might be a 5th Saturn after all ping.
Uh, did you hear he was acquitted? You see, the case by the government was based on them saying he was intending to cheat on taxes but then decided not to. They couldn’t even prove that he was intending to cheat.
Would be nice huh? IMO, the Sky looks much nicer than its Solstice sister.
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