Penske Ends Talks to Buy Saturn From G.M.

Penske Ends Talks to Buy Saturn From G.M. http://www.nytimes.com/2009/10/01/business/01auto.html?_r=1&hp
DETROIT General Motors said Wednesday that it now planned to close its
Saturn brand after Penske Automotive abruptly called off an agreement to acquire the division.
Penske said Wednesday in a statement that it could not proceed with the purchase because another manufacturer, which it did not identify, rejected plans to build vehicles that would be distributed under the Saturn brand name.
The deal between Penske and G.M. had called for G.M. to continue building Saturn vehicles only until 2011. Penske had initially hoped to close on a deal to buy Saturn as soon as this week.
Todays disappointing news comes at a time when wed hoped for a successful launch of the Saturn brand into a new chapter, G.M.s chief executive, Fritz Henderson, said in a statement. We will be working closely with our dealers to ensure Saturn customers are cared for as we transition them to other G.M. dealers in the months ahead. Id also like to thank every G.M. employee and Saturn retailer who worked so hard to try to make this new beginning happen for Saturn.
Saturn is one of four brands that G.M. plans to eliminate in the United States. It is shutting down Pontiac by the end of this year, recently sold Saab to a company in Sweden and has a deal to sell Hummer to a Chinese manufacturer.
In a statement, Penske said that it had negotiated an agreement with another manufacturer to make vehicles; however, that agreement was rejected by that manufacturers board.
Without that agreement, Penske said in the statement, the company has determined that the risks and uncertainties related to the availability of future products prohibit the company from moving forward with this transaction.When announced in June, the deal was heralded as a way to rescue Saturn and its dealers from the uncertain future they have faced since February, when G.M. announced plans to shut Saturn by 2012 if no buyer could be found. G.M. subsequently said it would discontinue Saturn by the end of this year.
G.M. said then that the move would preserve 13,000 jobs at Saturn and its dealerships. The company has 350 showrooms, virtually all built to sell only Saturn vehicles.
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I hope that the Swedes put SAAB back into production as an unique and very satisfying automobile.
Hummer probably belongs in China.
Saturn...no comment at all.
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Good-bye.
One less loser on the public dime. Most may not realize it but GM is about now needing to get more taxpayers moneys. With their cash blead, and the economy still going south ... GM is heading right back into the rocks.
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On Wed, 30 Sep 2009 17:00:57 -0400, Jim Higgins fired up the etcha-a-sketch and scratched out:

I saw that yesterday as well.
Too bad. As it was, I liked the idea of Saturn. Nice, small cars that were cheap and drove well.
My wife's Vue has been going now for almost five years with zero issues (other than it being too small) and I still remember getting the phone call from the line forewoman after we bought it.
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news:2x4xm.464586

They made some pretty interesting little cars, but with an unusual marketing concept. Penske might have made it more interesting still, but apparently the numbers didnt work.
Better than a Hummer, IMO.
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On Thu, 01 Oct 2009 13:08:34 -0500, hls fired up the etcha-a-sketch and scratched out:

Well, the Hummer was a bit expensive. IIRC, the truck cost $110,000.
I'd love to get one - especially if I could swap out the 6.5L and drop in a LLY 6.6L.
Still....
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