Penske Auto selected to buy General Motors' Saturn unit
Friday, June 5, 2009
The purchase includes rights to the Saturn brand, its five current models and its dealership network. Two models would be discontinued, theand . GM would continue building the sedan, the SUV's, and for at least two more years.
Saturn has 350 dealers across the United States. The dealers employ more than 13,000 jobs and sell only the Saturn autos. Canadian Saturn dealers are not included in the deal.
According to Penske future Saturn vehicles will be fuel economy focused. An expert indicated that this would move Saturn back to its roots of a entry level car company. PAG is in talks with several international automakers to replace GM after 2011. Automotive News reports thatof Korea is the most likely candidate.
Penske wants Jill Lajdziak, Saturn's general manager, and, former Chrysler President to head up the company when it is independent of GM.
Serra Automotive in, , is in talks to take a partial ownership in a new Saturn lead by Penske.
- "Several groups seek to purchase Saturn auto brand" — Wikinews, May 7, 2009
- "CEO of GM outlines plan for "New GM" after auto company declared bankruptcy" — Wikinews, June 4, 2009
- "U.S. manufacturer General Motors seeks bankruptcy protection" — Wikinews, June 1, 2009
- David Goldman and Peter Valdes-Dapena. "GM to sell Saturn to Penske" — , June 5, 2009
- David Bailey. "GM reaches deal to sell Saturn to Penske" — , June 5, 2009
- Ron Fonger. "Joseph Serra expects to be part of new Saturn ownership group" — , June 05, 2009