: Roger Penske to buy Saturn brand



The Tony Show
06-05-09, 09:56 AM
Anonymous sources close to the transaction claim that GM has reached a deal with NASCAR and Indy car team owner Roger Penske.




Penske (PAG (http://money.cnn.com/quote/quote.html?symb=PAG&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2009/snapshots/10526.html?source=story_f500_link)) is owned by former race car driver Roger Penske, who owns NASCAR and IndyCar racing teams. The deal would give Penske the rights to the 19-year old brand, but GM would continue production of the Saturn Aura, Vue and Outlook.

The deal would save more than 13,000 jobs at Saturn and its nearly 400 dealers nationwide, the source said. The deal is expected to be completed by October.

The sale is part of GM's strategy to shed its four "non-core" U.S. brands -- Saturn, Hummer, Pontiac and Saab -- as it restructures the company.

Via CNN Money (http://money.cnn.com/2009/06/05/news/companies/saturn_penske/)

EcSTSatic
06-05-09, 11:25 AM
I wonder how Penske will be profitable if GM retains the best selling models?

"The deal would give Penske the rights to the 19-year old brand, but GM would continue production of Saturn's three highest-selling models, including the Aura sedan, and the Vue and Outlook cross-over SUVs."

Jesda
06-05-09, 11:48 AM
Let's hope they keep bringing Opels to the US.

I~LUV~Caddys8792
06-05-09, 11:59 AM
With his ownership, penske can do whatever he likes with the brand. (move upmarket!)

The Tony Show
06-05-09, 12:18 PM
I wonder how Penske will be profitable if GM retains the best selling models?

"The deal would give Penske the rights to the 19-year old brand, but GM would continue production of Saturn's three highest-selling models, including the Aura sedan, and the Vue and Outlook cross-over SUVs."

Seems to me that GM keeps the jobs building them, and Penske keeps the profit selling them to Dealers.

Sinister Angel
06-05-09, 08:33 PM
Well, when government motors starts making all their models expensive as hell because they want 10 million miles to the gallon, Penske will take over.

77CDV
06-05-09, 11:39 PM
I wish him luck. Saturn was really starting to get a good rythm going, and the Sky and Aura are two of the sharpest looking cars out there IMO. Hope it works out.