Announcement

Collapse
No announcement yet.

BREAKING: GM reportedly agrees to sell Saturn to Penske

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • BREAKING: GM reportedly agrees to sell Saturn to Penske

    BREAKING: GM reportedly agrees to sell Saturn to Penske


    Originally posted by autoblog.com
    According to The New York Times, General Motors has come to terms with a consortium led by industry icon Roger Penske to sell its ailing Saturn brand. The agreement, which is expected to be announced later today, will apparently see Penske add Saturn brand and its stand-alone showroom network to his existing portfolio of 310 global dealers.

    Penske, as you may recall, already has sole distribution rights to the Smart microcar lineup in the States, and he will apparently continue to sell GM-produced Saturn vehicles initially, after which he is expected to begin importing foreign autos from companies like Renault's Samsung Motors subsidiary in Korea.

    [Source: The New York Times | Image: A. Messerschmidt/Getty]
    http://www.autoblog.com/2009/06/05/brea ... to-penske/

    Originally posted by nytimes.com
    General Motors has agreed to sell its Saturn brand to Roger Penske, a major auto dealer, and a deal is expected to be announced on Friday, a person with direct knowledge of the matter said.

    Skip to next paragraph Add to Portfolio
    General Motors Corp

    Penske Automotive Group, Incorporated

    Go to your Portfolio »
    The move is the latest by G.M. to sell off assets as it reorganizes itself in bankruptcy. Saturn, which was part of G.M.’s bankruptcy filing on Monday, had drawn 16 bidders over a months-long sales process, G.M. said earlier this week.

    Under the terms of the deal, Mr. Penske, a former race car driver whose Penske Automotive Group is one of the largest dealerships in the country, will initially buy Saturn vehicles from G.M. But he is expected to eventually buy cars from other carmakers like Renault, through its Samsung Motors Unit in Korea.

    Mr. Penske’s company, which owns 310 franchises around the world, already serves as the sole distributor of Daimler’s Smart line of small cars.

    G.M. is seeking to use bankruptcy to pare itself down to a core group of brands, like Chevrolet and Cadillac, while shutting down or selling off others. Earlier this week, it agreed to sell its Hummer brand to a Chinese heavy machinery company and a stake in its Opel subsidiary to Canada’s Magna International.

    G.M. announced months ago that it was seeking to divest Saturn, a 25-year-old subsidiary that initially focused on fuel-efficient cars to rival those of foreign carmakers. Saturn cost G.M. about $5 billion in the late 1980s, including factory and development costs for its small cars.

    But the unit’s sales peaked at 286,000, and both G.M. and the United Auto Workers union soured on its management style. The U.A.W. proposed a spinoff of Saturn in the late 1990s, but G.M.’s board refused to consider the move.

    To help sell the brand, G.M. turned to Steve Girsky, an auto analyst and adviser to the U.A.W.
    http://www.nytimes.com/2009/06/06/busin ... l?_r=1&hpw

    more info here
    http://www.saturnfans.com/


    Has it finally happened?!?!?!

    ....................................... Foreverpontiac.com offical friend of G6P.com......................................
    .................................................. .. Progression & Pics thread .................................................. ..

  • #2
    Re: BREAKING: GM reportedly agrees to sell Saturn to Penske

    Wow, now someone step up and keep pontiac alive.

    2008 Pontiac G6 GXP Coupe
    1998 Buick LeSabre Custom

    Comment


    • #3
      Re: BREAKING: GM reportedly agrees to sell Saturn to Penske

      I have a feeling GM won't sell Pontiac due to bringing it back in the future.
      MODSGT-R, HIDS 6000K, 8000K FOGS, 35% TINT, K&N INTAKE, CRAB HEAT SHIELD, Cquence Rotors

      Comment


      • #4
        Re: BREAKING: GM reportedly agrees to sell Saturn to Penske

        we can only hope that they bring it back in the future... but i find it highly unlikely.

        At least saturn looks like it has a future!

        Comment


        • #5
          Re: BREAKING: GM reportedly agrees to sell Saturn to Penske

          Maybe with GM closing Pontiac they will bring online their best Pontiac models to the Chevy lineup and brand it as that: G6, G8, and maybe a few others?
          2009 Pontiac G6 V6, Diamond White
          -> 3rd Brake Light Decal
          -> Tint: 50% Front, 35% Rear

          Comment


          • #6
            Re: BREAKING: GM reportedly agrees to sell Saturn to Penske

            The G6 is there. It's called a Chevy Malibu.
            <-- Gray G6? Click!
            2006 G6 SE V6 3.5L Sedan "Sharon", Stealth Gray Metallic, 1SA+CF5+PCM+PDX - Sold but will not be forgotten... will always have a special place in my heart.
            2006 Solstice 2.4L I4 "Kristin", Shadow Gray Metallic, 1SA+JL9+G80+PCQ+ZQ2+ZQ3
            Life moves fast, don't miss a thing.

            Comment


            • #7
              Re: BREAKING: GM reportedly agrees to sell Saturn to Penske

              Originally posted by ToniCipriani
              The G6 is there. It's called a Chevy Malibu.
              True, it's the same frame...but the G6 is SOOO much better (having checked the 09 Malibu when I was shopping around for a new car).

              G6 all the way!
              2009 Pontiac G6 V6, Diamond White
              -> 3rd Brake Light Decal
              -> Tint: 50% Front, 35% Rear

              Comment


              • #8
                Re: BREAKING: GM reportedly agrees to sell Saturn to Penske

                ^ have you seen the interior of the malibu??


                but jedi, you know when they're done using actual saturns, they might be going to samsung motors built in korea right? which also happen to be renault and nissan variants of their cars...


                Mods: 30% tint front, 18% tint rear, custom eyelids, custom painted rocker panels, custom painted side/wing mirrors, GXP front bumper/fascia, eibach pro kit springs, 17" black/machined face liquid metal venoms, interior CF kit, K&N typhoon intake, Flashtech HID's 6000K lows, 10,000K fogs, Xenon 8500k highs.

                Other ride: 07 Q7 for now
                PSN: racin247
                Progression-search Silverg6er's FOTOZ

                Comment


                • #9
                  Re: BREAKING: GM reportedly agrees to sell Saturn

                  the new malibu interior is so nice.

                  but they should have killed saturn and sold pontiac.

                  G6 - 240sx - Lancer - 325is - WRX

                  Comment


                  • #10
                    Re: BREAKING: GM reportedly agrees to sell Saturn to Penske

                    Originally posted by silverg6er
                    ^ have you seen the interior of the malibu??
                    What's that supposed to mean? Of course I've seen it!
                    2009 Pontiac G6 V6, Diamond White
                    -> 3rd Brake Light Decal
                    -> Tint: 50% Front, 35% Rear

                    Comment


                    • #11
                      Re: BREAKING: GM reportedly agrees to sell Saturn

                      Originally posted by mike91y2k
                      the new malibu interior is so nice.
                      I disagree. I personally love my G6 interior 100 times over the new malibu interior.

                      And honestly, I was hoping that the deal would've gone to that group at opel that would've given them an outlet into the states. I'd much rather see opels coming stateside as saturns than whatever korean crap penske gonna bring over.


                      And for whoever thinks GM will ever revive the Pontiac brand after it is shut down in 2010, you are living in a pipe dream. They left Olds owners believing that eventually they might resurrect the olds brand, and, well, I don't need to tell you what the outcome of THAT one was...

                      In this day and age, once a brand dies, it is DEAD.
                      2009 PONTIAC G8
                      MAGNETIC GRAY METALLIC

                      Comment


                      • #12
                        Re: BREAKING: GM reportedly agrees to sell Saturn to Penske

                        Originally posted by silverg6er
                        ^ have you seen the interior of the malibu??


                        but jedi, you know when they're done using actual saturns, they might be going to samsung motors built in korea right? which also happen to be renault and nissan variants of their cars...

                        yes I do and I also know that Penske said after he gets things profitable he will aquire a plant in the US and make the car here!
                        So made in the USA Saturns will be back again! It will take a couple of years or so to get there but Penske said that is one of his goals for Saturn.


                        dont be like the american media and tell 1/2 the story, it incorrectly or not knowing all the facts first before speaking!


                        thanks you and have a nice day.
                        ....................................... Foreverpontiac.com offical friend of G6P.com......................................
                        .................................................. .. Progression & Pics thread .................................................. ..

                        Comment


                        • #13
                          Re: BREAKING: GM reportedly agrees to sell Saturn to Penske

                          obviously i am supposed to, it's your job to tell the full story man!!!! your the inside connection

                          and my day wasn't bad actually, hope yours was great too!


                          Mods: 30% tint front, 18% tint rear, custom eyelids, custom painted rocker panels, custom painted side/wing mirrors, GXP front bumper/fascia, eibach pro kit springs, 17" black/machined face liquid metal venoms, interior CF kit, K&N typhoon intake, Flashtech HID's 6000K lows, 10,000K fogs, Xenon 8500k highs.

                          Other ride: 07 Q7 for now
                          PSN: racin247
                          Progression-search Silverg6er's FOTOZ

                          Comment


                          • #14
                            Re: BREAKING: GM reportedly agrees to sell Saturn

                            Originally posted by ragingfish
                            .


                            And for whoever thinks GM will ever revive the Pontiac brand after it is shut down in 2010, you are living in a pipe dream. They left Olds owners believing that eventually they might resurrect the olds brand, and, well, I don't need to tell you what the outcome of THAT one was...

                            In this day and age, once a brand dies, it is DEAD.

                            It is possible, Oldsmobile wasn't killed off THAT long ago, and the world has changed alot since,
                            GM will be very much at the mercy of the government until they pay off the loans, therefore there will not likely be room for any kind of performance division

                            Once GM is a powerful company once again, with strong market shares again, I believe they will want to invest in making a REAL performance division, and Pontiac may be born again.

                            Oldsmobile was kinda lame, and kinda like Buick, never really had its niche in the market.
                            2008 Pontiac G6 GXP -AIT Kit - Rear Tint - 18s - Coming Soon: Tinted Tails, GT-R,
                            2006 Pontiac Grand Prix
                            1982 Cadillac Fleetwood Brougham

                            Comment


                            • #15
                              Re: BREAKING: GM reportedly agrees to sell Saturn

                              Well if GM will sell Saturn to an auto dealer why the hell wont they sell Pontiac to a auto dealer? I guess because Pontiac has been around so long and it being a GM brand. But still, i would love to see my brand live on.


                              Originally posted by G6V6Lover
                              Originally posted by silverg6er
                              ^ have you seen the interior of the malibu??
                              What's that supposed to mean? Of course I've seen it!
                              Haha. I thought the same thing.

                              750WHP Magnacharged GTO.....WTF!
                              TVS2300 GTO, Innovators West 8" Overdrive Pulley, ECS Tensioner, SD tuned by Andrew at Complete street performance, Ed Curtis custom Lunati camshaft 230/236 .6XX/.6XX 113 LSA, Hardened Pushrods, Lunati .675 lift Valve Springs, Single Walbro 255 fuel pump in stock bucket, Kooks 1 7/8 Jet hot coated Headers , Kooks 3" catless mid pipes with DMH low pro electric cutouts, Spintech 2.5" stainless steel exhaust with X pipe, Carbon fiber Cold air box with AEM air filter, Billet products short shifter, JamesBiz Oil catch can, Pedders 5/16" raise springs with drag bags, Weld RTS Black with Hoosiers
                              Show
                              -20% tint
                              -bohaman AUX-in radio mod
                              -Professionally heated seats

                              Comment

                              Working...
                              X