Just yesterday we reported that General Motors Company was to announce the sale of Saturn to Penske later this week. Well, things have shockingly changed. Penske Automotive Group just announced that it has terminated its discussions with GM to buy Saturn, citing concerns directly related to the future supply of vehicles beyond the supply period it [...]
According to news coming out of Detroit, General Motors Company will announce Wednesday or Thursday that it has completed the sale of Saturn to Penske Automotive Group. GM has not confirmed the report. Roger Penske has previously said that Saturn dealers will sell GM made models for at least three years through their current lifecycle [...]
Penske Automotive Group’s founder and chairman Roger Penske, said that his company plans to buy Saturn from General Motors Company by the end of September. He said that he was considering using the Saturn brand to sell vehicle sold outside North America, but is focused first on the U.S. and Canada, reports Automotive News. “I [...]
As we look forward to our 2009 Pontiac Solstice Coupe GXP press car next week, today marks the last day of operations for GM’s Boxwood plant in Delaware – the plant responsible for building GM’s Kappa-platform roadster, the Pontiac Solstice and the Saturn Sky (and the recently introduced Solstice Coupe). Both models, which sold well for [...]
An estimated 70 Saturn dealerships closed this year before the brand’s savior Roger Penske announced plans to acquire it from General Motors and keep all the dealers in business. Penske Automotive Group will now be looking to fill Saturn stores with vehicles from other brands – and Kia isn’t one of them. Nonetheless, Kia saw [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
