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By Dan Strumpf and Tom Krisher
Associated Press
POSTED: 11:54 a.m. EDT, Jun 05, 2009
NEW YORK: General Motors Corp. has a tentative deal to sell its Saturn brand to former race car driver and dealership group owner Roger Penske, both companies said today.
Penske has signed a memorandum of understanding that would give his dealership chain, Penske Automotive Group, Saturn's 350 dealerships, the companies said. Penske told reporters that he expects to offer all the dealers new franchise agreements and will retain all 13,000 Saturn employees for the immediate term.
Neither Penske nor GM would say how much Penske is paying for the brand. Penske said he expects the deal to close in the third quarter.
Penske Automotive Group also distributes Daimler AG's Smart subcompacts in the U.S., but Smart has its own dealership network and Saturn dealers will continue to exclusively distribute Saturn vehicles, Penske said.
Initially, GM will continue to make cars for Saturn for two years, Penske said. But he also said he is in talks with manufacturers around the world about building Saturn cars in the future.
''We will be we'll be selling as many GM cars — a many GM-produced cars — under the Saturn brand as possible,'' Penske said.
Penske Automotive owns the second-largest U.S. automobile retail chain by sales. It also owns heavy-duty engine manufacturer Detroit Diesel and has race teams in the IndyCar, NASCAR and Grand-Am series.
Carl F. Galeana, who owns two Saturn dealerships north of Detroit, said today he was thrilled that Penske would be the Saturn buyer.
''Roger Penske is an icon in the business world,'' Galeana said. ''I've worked with him personally. Nobody works harder than Roger Penske.''
Penske received wide acclaim for heading Detroit's successful effort to host the Super Bowl in 2006.
Galeana said the fact that Penske is interested in Saturn means the brand has value.
''It allows Saturn to get back to its original roots, which is to be an independent car company,'' he said.
GM, which filed for bankruptcy court protection on Monday, has said it plans to shed its Saturn, Hummer, Pontiac and Saab brands. Earlier this week, GM said it found a buyer for Hummer in China's Sichuan Tengzhong Heavy Industrial Machinery Co.
However, any such deal would require Chinese Commerce Ministry approval, and reports in state-run newspapers today said Sichuan Tengzhong had not yet obtained such an approval.
Tom Krisher reported from Detroit.
NEW YORK: General Motors Corp. has a tentative deal to sell its Saturn brand to former race car driver and dealership group owner Roger Penske, both companies said today.
Penske has signed a memorandum of understanding that would give his dealership chain, Penske Automotive Group, Saturn's 350 dealerships, the companies said. Penske told reporters that he expects to offer all the dealers new franchise agreements and will retain all 13,000 Saturn employees for the immediate term.
Neither Penske nor GM would say how much Penske is paying for the brand. Penske said he expects the deal to close in the third quarter.
Penske Automotive Group also distributes Daimler AG's Smart subcompacts in the U.S., but Smart has its own dealership network and Saturn dealers will continue to exclusively distribute Saturn vehicles, Penske said.
Initially, GM will continue to make cars for Saturn for two years, Penske said. But he also said he is in talks with manufacturers around the world about building Saturn cars in the future.
''We will be we'll be selling as many GM cars — a many GM-produced cars — under the Saturn brand as possible,'' Penske said.
Penske Automotive owns the second-largest U.S. automobile retail chain by sales. It also owns heavy-duty engine manufacturer Detroit Diesel and has race teams in the IndyCar, NASCAR and Grand-Am series.
Carl F. Galeana, who owns two Saturn dealerships north of Detroit, said today he was thrilled that Penske would be the Saturn buyer.
''Roger Penske is an icon in the business world,'' Galeana said. ''I've worked with him personally. Nobody works harder than Roger Penske.''
Penske received wide acclaim for heading Detroit's successful effort to host the Super Bowl in 2006.
Galeana said the fact that Penske is interested in Saturn means the brand has value.
''It allows Saturn to get back to its original roots, which is to be an independent car company,'' he said.
GM, which filed for bankruptcy court protection on Monday, has said it plans to shed its Saturn, Hummer, Pontiac and Saab brands. Earlier this week, GM said it found a buyer for Hummer in China's Sichuan Tengzhong Heavy Industrial Machinery Co.
However, any such deal would require Chinese Commerce Ministry approval, and reports in state-run newspapers today said Sichuan Tengzhong had not yet obtained such an approval.
Tom Krisher reported from Detroit.
Comments
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Akron, OH
Posted 12:21 PM, 06/05/2009
Perhaps we can get Roger Penske's picture on the cover of the next issue of Newsweek instead of another bi-weekly 'Isn't he dreamy?' one of Obama.
Orrville, Oh
Posted 01:08 PM, 06/05/2009
GM Stockholders (money marketers) selling Saturn brand to Penske Automotive Group demands. Penske Automotive Group collect without compensation all stock dividends (money) GM Stockholders market quarterly in the wholesale and retail price of Saturn automobiles.
Reality demands Fathers disqualified for affirmative action with white skin, Union workers, consumers, taxpayers, and America’s grandchildren’s children; fund all stimulus packages, tax abatements, tax incentives, tax refunds, tax credit, tax exemptions and pay for the more stock dividends (money) GM and Penske Stockholders market quarterly in the wholesale and retail price of Saturn automobiles; with money derived from wages or independent business profit. That gets only a Saturn automobile!
Posted 02:20 PM, 06/05/2009
Hey Woosters Village Idiot, is there any topic that you post a comment that actually makes sense?
For instance what does 'That gets only a Saturn automobile! ' mean?
Akron, Oh
Posted 06:27 PM, 06/05/2009
@Loren Eberly: what in the h**l are you talking about? I can't understand even a partial amount of what you stated. Please clarify!!
