Cars
General Motors is killing off the Saturn brand. Prospective buyer Penske had all but acquired the relatively young brand but has backed out because of an "inability to source new products beyond what it had asked GM to build on contract".
GM is calling this news "disappointing". As a result of agreements in place with Saturn dealers, the "wind-down" process will begin immediately. Penske Automotive Group isn't - to the best of our knowledge - blaming GM or Saturn dealers. One thing's for sure: if you see a new Saturn Vue, Saturn Astra, Saturn Aura, Saturn Outlook, or Saturn Sky on a dealer lot near you, drive a hard bargain and get yourself a good car.
For the full General Motors/Fritz Henderson press release, click through the jump.
General Motors Media Statement Attributed President & CEO Fritz Henderson
"Today we learned that Penske Automotive Group (PAG) has decided to terminate discussions with General Motors to acquire Saturn. This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality. PAG’s announcement explained that their decision was not based on interactions with GM or Saturn retailers; rather it was because of the inability to source new products beyond what it had asked GM to build on contract.
As a result of PAG’s decision, we will be winding down the Saturn brand and dealership network, in accordance with the wind-down agreements that Saturn dealers recently signed with GM. Pursuant to the terms of those agreements, the wind down process will be determined and communicated shortly.
Saturn customers and owners will continue to be able to purchase and have their vehicles serviced at Saturn retailers during this process. Once the wind down is complete, Saturn owners will still be able to have their vehicles serviced at other GM dealerships. We will be communicating with our customers very soon to explain the next steps in this process.
Today’s disappointing news comes at a time when we’d hoped for a successful launch of the Saturn brand into a new chapter. We will be working closely with our dealers to ensure Saturn customers are cared for as we transition them to other GM dealers in the months ahead. I’d also like to thank every GM employee and Saturn retailer who worked so hard to try to make this new beginning happen for Saturn."
- Breaking: Gm Confirms Penske As Saturn Buyer, Says Production Of Aura, Vue And Outlook Will Continue
Confirming an earlier report this morning, General Motors has announced that it has reached a preliminary agreement with Penske Automotive Group for the sale of the Saturn brand. The financial terms of the deal were not disclosed but GM said that it expects...
- General Motors Reviewing Offers For Sale Of Saturn Brand
In an official statement released to the media this morning, GM announced that it is proceeding to the next step in concern of the sale of Saturn by reviewing bids from the potential buyers. The American automaker said that it has hired S.J.Girsky&Co...
- Gm Says Investor Group Is Interested In Buying Saturn
General Motors revealed on Wednesday that an investor group which includes a company called Black Oak Partners along with some of Saturn's dealers is interested in acquiring the firm's Saturn division. "Over approximately the past 60 days, a sub-committee...
- Saturn Is Done In Canada
From Autoblog comes news from the Canadian Broadcasting Corporation's French division, Radio-Canada, that Penske will cause Saturn to cease in Canada. General Motors-owned Saturn, transferring into Roger Penske's hands, only sold through 60 dealerships...
- Some Saturn Numbers
Saturn originated as 'a different kind of car company'. At the top of the heap, however, sat General Motors. General Motors is responsible for a very large number of automotive brands and, certainly in the late 80's and early 90's, had...
Cars
PENSKE NOT BUYING SATURN, GENERAL MOTORS KILLS SATURN
GM is calling this news "disappointing". As a result of agreements in place with Saturn dealers, the "wind-down" process will begin immediately. Penske Automotive Group isn't - to the best of our knowledge - blaming GM or Saturn dealers. One thing's for sure: if you see a new Saturn Vue, Saturn Astra, Saturn Aura, Saturn Outlook, or Saturn Sky on a dealer lot near you, drive a hard bargain and get yourself a good car.
For the full General Motors/Fritz Henderson press release, click through the jump.
General Motors Media Statement Attributed President & CEO Fritz Henderson
"Today we learned that Penske Automotive Group (PAG) has decided to terminate discussions with General Motors to acquire Saturn. This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality. PAG’s announcement explained that their decision was not based on interactions with GM or Saturn retailers; rather it was because of the inability to source new products beyond what it had asked GM to build on contract.
As a result of PAG’s decision, we will be winding down the Saturn brand and dealership network, in accordance with the wind-down agreements that Saturn dealers recently signed with GM. Pursuant to the terms of those agreements, the wind down process will be determined and communicated shortly.
Saturn customers and owners will continue to be able to purchase and have their vehicles serviced at Saturn retailers during this process. Once the wind down is complete, Saturn owners will still be able to have their vehicles serviced at other GM dealerships. We will be communicating with our customers very soon to explain the next steps in this process.
Today’s disappointing news comes at a time when we’d hoped for a successful launch of the Saturn brand into a new chapter. We will be working closely with our dealers to ensure Saturn customers are cared for as we transition them to other GM dealers in the months ahead. I’d also like to thank every GM employee and Saturn retailer who worked so hard to try to make this new beginning happen for Saturn."
- Breaking: Gm Confirms Penske As Saturn Buyer, Says Production Of Aura, Vue And Outlook Will Continue
Confirming an earlier report this morning, General Motors has announced that it has reached a preliminary agreement with Penske Automotive Group for the sale of the Saturn brand. The financial terms of the deal were not disclosed but GM said that it expects...
- General Motors Reviewing Offers For Sale Of Saturn Brand
In an official statement released to the media this morning, GM announced that it is proceeding to the next step in concern of the sale of Saturn by reviewing bids from the potential buyers. The American automaker said that it has hired S.J.Girsky&Co...
- Gm Says Investor Group Is Interested In Buying Saturn
General Motors revealed on Wednesday that an investor group which includes a company called Black Oak Partners along with some of Saturn's dealers is interested in acquiring the firm's Saturn division. "Over approximately the past 60 days, a sub-committee...
- Saturn Is Done In Canada
From Autoblog comes news from the Canadian Broadcasting Corporation's French division, Radio-Canada, that Penske will cause Saturn to cease in Canada. General Motors-owned Saturn, transferring into Roger Penske's hands, only sold through 60 dealerships...
- Some Saturn Numbers
Saturn originated as 'a different kind of car company'. At the top of the heap, however, sat General Motors. General Motors is responsible for a very large number of automotive brands and, certainly in the late 80's and early 90's, had...