Saturn - egmCarTech (2)

350 Saturn dealers to get an offer letter from Penske, agree or enter ‘termination mode’

Posted: Jun 08, 2009

Filed under: GM, Industry News, Saturn

About 350 Saturn dealers will be receiving a letter this week offering them a chance to continue under the brand’s new owner, Penske Automotive Group. Owner Roger Penske signed an agreement to purchase Saturn from GM by the end of the third-quarter of 2009.
“This doesn’t require them to sign an agreement,” spokesman Steve Janisse said. [...]

Continue Reading

GM confirms Saturn sale to Penske, transactions saves 13,000 jobs

Posted: Jun 05, 2009

Filed under: GM, Industry News, Saturn

It was reported earlier this morning that GM has agreed to sell Saturn to Penske Automotive Group. GM has now confirmed the details of the proposed transaction in which Penske would acquire the Saturn brand, saving more than 350 dealerships and 13,000 jobs.
GM said that under the terms in the MOU, “Penske would obtain the [...]

Continue Reading

Report: GM agrees to sell Saturn to Penske Automotive Group

Posted: Jun 05, 2009

Filed under: GM, Industry News, Saturn

A source familiar with the negotiations has told Bloomberg that General Motors will sell its Saturn brand to Penske Automotive Group. A final deal may be announced later today.
The source said that Penske will pay $100 million to $200 million for Saturn, winning over another bid by a group led by Oklahoma City-based private equity [...]

Continue Reading

GM says it has 16 buyers for Saturn

Posted: Jun 02, 2009

Filed under: GM, Industry News, Saturn

Earlier today GM confirmed that it has a buyer for Hummer. During a conference call with reports, GM CFO Ray Young told reporters that the automaker has 16 buyers interested in purchasing the Saturn brand.
16 is a lot more than the two we’ve been hearing of including the Penske Group and Telesto Ventures, an investment group [...]

Continue Reading

Penske plans to sell Renault Samsung vehicles through Saturn network

Posted: May 26, 2009

Filed under: GM, Industry News, Saturn

Earlier this month, Roger Penske of Penske Group hired former Chrysler co-president Tom LaSorda to consult him on a bid to buy Saturn and its dealer network from General Motors. According to Automotive News, Penske now plans on using the Saturn network to sell vehicles made by Renault Samsung Motors, which is owned 80.1 percent [...]

Continue Reading

Mitsubishi talking to Saturn to supply vehicles to dealership network

Posted: May 22, 2009

Filed under: GM, Industry News, Mitsubishi, Saturn

According to sources familiar with the negotiations, Mitsubishi is talking to Saturn dealers to supply them with vehicles if the brand and its dealership network are sold this year. GM, which plans to phase out Saturn by the end of this year, said the brand could be supplied with vehicles on a contract basis after [...]

Continue Reading

GM continues working on HCCI diesel-like technology

Posted: May 21, 2009

Filed under: GM, Hybrids, Green News, Saturn

Even with its June 1 deadline around the corner, General Motors continues to work on a new gasoline engine that runs like a more-efficient diesel unit. Known as the HCCI, the technology improves fuel-economy by 15 percent and releases fewer emissions – something that could help the future GM comply with the new proposed fuel-economy regulations announced [...]

Continue Reading

Ex-Chrysler executive Tom LaSorda to consult Penske on Saturn bid

Posted: May 20, 2009

Filed under: Chrysler, GM, Industry News, Saturn

Chysler’s ex-president has joined the Penske Automotive Group and will advise the company on a possible bid for General Motor’s Saturn brand, reports Automotive News. Penske Automotive spokesman Anthony Pordon confirmed that Tom LaSorda has been hired as a consultant on providing insight on the Saturn matter.
Tom LaSorda, 52, announced his retirement after Chrysler filed [...]

Continue Reading

GM may sell its Pontiac Solstice, Saturn Sky business

Posted: May 11, 2009

Filed under: GM, Industry News, Opel, Pontiac, Saturn

GM CEO Fritz Henderson said today that the automaker would be open to sell its Wilmington, Del., plant, which is responsible for manufacturing the Saturn Sky and the Pontiac Solstice. In a move that is similar to what Chrysler is doing with its Dodge Viper business, Henderson said that if a buyer wanted to sell [...]

Continue Reading

Miscellaneous Thoughts: Renault looking to buy Saturn, Geely puts out a bid for Saab, Ferrari opens store in UK

Posted: May 06, 2009

Filed under: Ferrari, GM, Miscellaneous Thoughts, Saab, Saturn

The Chrysler bankruptcy is like a test drive for General Motors. The struggling U.S. automaker is surviving on $15.4 billion in government loans and is under pressure from the government to restructure its debt and make concessions with the union by June 1 or face bankruptcy.
GM talking to Renault for potential sale, Geely bids for Saturn: According [...]