Roger Penske Is Possible Buyer For Saturn Unit

The Wall Street Journal on line ^ | June 5, 2009 | SHARON TERLEP

[CHEE]

Roger Penske, owner of the second-largest U.S. auto retail chain by revenue, has emerged as a potential buyer for General Motors Corp.'s Saturn brand, people familiar with the situation said.

Mr. Penske is chief executive of Bloomfield Hills, Mich.-based Penske Automotive Group, which operates 300 dealerships in the U.S., U.K. and Germany. It is second in revenue in the U.S. to AutoNation Inc. A Penske spokesman declined to comment.

GM on Monday said it hired Stephen Girsky, a former Morgan Stanley analyst and one-time adviser to departed Chief Executive Rick Wagoner, to review offers from potential buyers.

The auto maker, which has said it will abandon Pontiac, is working to sell Saturn, along with its Hummer and Saab brands, while surviving on federal loans.

It has until June 1 to convince the Obama administration it can survive without seeking bankruptcy protection under a Chapter 11 filing.

A group that includes private-equity firm Black Oak Partners LLC came forward last month as the first potential buyer. It hopes to transform Saturn into a fuel-efficient brand, sell GM vehicles through Saturn's network of 440 U.S. and Canadian dealers and later add vehicles from other auto makers.

[CHEE]

Will we see Penske Saturns racing in NASCAR? I hope so!

[colorado tanker]

I never thought creating Saturn made any sense for GM and the brand never seemed to find a niche.

I wonder if Penske wants to take the product in a different direction?

[WakeUpAndVote]

Saturn has always been a fuel efficient brand. My SL2s have always gotten over 30 mpg and this is with an automatic.

[SERKIT]

The Penske File!

[brownsfan]

I’ve read where Penske just wants the Saturn dealer network to be an outlet for some Korean made cars. Currently Penske also sells smart cars.

I was hoping for better for Saturn. Looks like this could be the end of the line.

[Never on my watch]

Roger Penske’s racing operations are amazing. But besides that, he is no nonsense businessman. I don't know what his intentions for Saturn are, but I would like to find a way to invest in his plan. He will not engage in an enterprise that does not have a high potential to make him a significant profit.

[ken5050]

Interesting point. Saturn is a stand alone dealership. No duals Existing GM dealers, who bid for a dealership when Saturn was formed, were required to build completely separate facilities (GM also required that for Hummer..tough luuck there, eh?) so they would all be uniquely suitable for dual or triple lines.

I have a few friends who have Saturn Vues, and they very much like the SUV

[CHEE]

I have a grease monkey friend that drove a big old International pickup for years and years. He bought his wife a Saturn - guess what HE drives now. Hint: it's not a pickup.

[Sig Sauer P220]

You are aware that Saturn is Penske material?

[jennyjenny]

I thought I read a thread on here that said Penske was somehow tied in to McLarty—the clinton guy whose dealerships were allowed to stay open in the Chrysler deal.

[GonzoGOP]

I wonder if Penske wants to take the product in a different direction?

Unless that direction is away from the UAW nothing he does will make a difference, and it might bring down the rest of his operation. The UAW is business nerve gas, it kills everything it comes in contact with.

[Huskrrrr]

Will Dannica Patrick, in her bikini, pose on the hood of a Saturn?

[colorado tanker]

I'd never buy a GM division, but I'm assuming Penske knows something I don't know or has a trick up his sleeve.

[twistedwrench]

I heard something this morning about Penske hiring a couple
top Chrysler designers, along with this story.

I’m not a real Chrysler fan, but they have some pretty cool looking cars.

[org.whodat]

Roger Penske, owner of the second-largest U.S. auto retail chain by revenue, has emerged as a potential buyer for General Motors Corp.'s Saturn brand, people familiar with the situation said.

Sure, there is no end to buyers if the good old tax payer finances the deal!!! CASH ONLY AND PAYMENT IN FULL AT CLOSING PLEASE!!!