Saturn-to-Penske Deal Confirmed to be in the Work
May 9, 2009
Both General Motors and Penske Automotive have officially confirmed that a deal is in the works to sell GM’s Saturn brand to Penske.
Once the deals falls through, something that should happen within the third quarter of 2009, Penske is expected to acquire the rights to the Saturn brand as well as Saturn’s assets. Right now, the parties involved are under a 60-day due diligence period as there is still some work to do to make sure that the deal’s terms meet requirements in GM’s current bankruptcy protection.
Details about Penske’s plans for Saturn haven’t been revealed yet. However, the second-largerst automotive dealer group in the US is said to be in talks with manufacturers on how to broaden the Saturn product range. Penske is also expected to retain Jill Lajdziak, the current Saturn general manager, as well as give a post to Tom LaSorda, the Chrysler co-president that is set to retire.
The deal is essential for GM’s viability plans and towards preserving the Saturn brand. More importantly, the deal will allow 350 dealerships to continue their operations and 13,000 people to retain their jobs on top of saving the Saturn brand.watch rated x in divx baker the dvd download two for the road dvdripundead dvd download
Saturn Hybrid Technology Retained for Other GM Brands
May 6, 2009
While General Motors is still in the process of looking for the best offer for the flagging marque, GM execs have confirmed that the automaker will apply Saturn’s new plug-in hybrid technology for other brands.
While Saturn sales have continued dismally, the brand is technically GM’s most fuel-efficient. Additionally, Saturn has the second-highest hybrid sales among GM marques, trailing only Chevrolet. The Vue crossover and the Aura mild hybrid are part of Saturn’s cancelled vehicle line. With the closure of Saturn in April, planned Green Line and 2-mode hybrid Vue models were also scrapped.
Tom Stephens, vice chairman for global product development at GM, confirms that the plug-in system that was intended for the Vue will still arrive to fleets by 2011 even with the eventual sale of Saturn. “The technology does not go away. We are going to plug it in,” he added. “We’ll go to fleets first and see where it goes after that.”
The benefactor of this new plug-in hybrid drivetrain is expected to be one or a few of the key models from GM’s core brands, such as the Chevy Equinox or the GMC Terrain, which share the Vue’s platform.
Source: Motor Authority
GM Looking Over Potential Saturn Buyers
May 6, 2009
Now that General Motors has confirmed once and for all that it would much rather sell the Saturn brand than phase it out, the struggling automotive giant is now looking at a list of potential buyers as part of a new viability plan it has to submit by June 1—or else be forced to file for Chapter 11 bankruptcy protection just like Chrysler did.
GM is currently considering a number of offers for Saturn. To speed up the process, the company enlisted the aid of advisory firm S.J. Girsky & Co. Many have expected GM to do away with Saturn long before, although it wasn’t easy to see any takers.
Still, whoever gets the brand will also be able to get their hands on Saturn’s extensive dealer network spanning 400 dealerships, on top of the rights to the Saturn brand name.
One of the reported frontrunners for the brand is Penske Automotive Group, the world’s second-largest dealership group based in Bloomfield Hills, Michigan. The Group incidentally also sells the second most new cars in the US, and also introduced the Smart vehicles to the North American market.
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Saturn Could Spin Off from GM
January 22, 2009
With General Motors considering dropping its Saturn brand given its flagging sales and the company’s reorganization plans, Saturn has sent a letter to its customers announcing the brand’s intent to operate as a separate company, spinning off from parent GM.
The thing is, letting go of Saturn has as much (if not more) to do with the failed expectations as it does with the current economic crisis. It’s not just a matter of profitability anymore. Saturn seems like a redundant endeavor that isn’t really netting GM any positives.
It would be interesting to see how this whole GM-Saturn spin off dynamic plays out. Currently, Saturn’s sales are even lower than that of Pontiac and Buick. At less than 1% of the market share, it’s a Herculean task to even attempt to turn the franchise around.
In another aspect, GM would have to buy out the Saturn dealers across the United States should GM shut the brand down. That would cost GM perhaps another billion, money that the company just doesn’t have to spare.
Source: Motor Authority
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Penske Admits Interest in Saturn
January 7, 2009
Roger Penske, big boss of the Penske Automotive Group, has confirmed that he is indeed interested in acquiring GM’s chopping-block brand Saturn. He did say, however, that his company has not yet made a bid for the flagging brand.
Penske affirmed that a large reason for his interest is the dealership network of Saturn. “We buy and sell dealerships as part of our normal operations; we have the experience in the distribution business and are constantly looking for opportunities to grow our business and further diversify the operation of Penske Automotive Group.” The Group currently has 156 US dealerships and 148 dealerships overseas.
Aside from the Penske Automotive Group, investment firm Telesto Ventures has also confirmed its intent to purchase Saturn, for the same reasons as Penske.
One firm who is confirmed to have made a bid for Saturn is Oklahoma City equity company Black Oak Partners. The firm reportedly proposed a plan last month to make Saturn a fuel-efficient brand and also sell GM cars through the Saturn dealership network. GM, of course, has yet to commit to an agreement and is still feeling out prospective buyers.red violin the free
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