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|End of the Road: GM-Saturn, Penske Deal Collapses|
|Written by Rich Truesdell|
|Wednesday, 30 September 2009 12:07|
In what can only be seen as horrible news for Saturn, the deal between GM and the Penske Automotive Group to take over the Saturn dealer and distribution network has been terminated and it is expected that Saturn will join Pontiac in a wind-down process.
Given the degree of success that he enjoyed as a race car drive, team owner, and as a businessman, I'm certainly not going to second guess the decision of Roger Penske and the Penske Automotive Group (PAG) to walk away from taking over the beleaguered Saturn distribution and dealer network. A reason given by multiple sources was that PAG could not reach a definitive agreement with another manufacturer to supply PAG vehicles on an on-going basis after its short-term contract manufacturing agreement with GM was set to expire. Reports say that the Board of Directors of an "un-named manufacturer," reportedly Renault-Nissan, turned down the deal
Late on Wednesday it was announced that in light of the in-place agreement with Penske now terminated, that GM will now wind down the entire Saturn Division. This will impact more than 350 remaining dealers with the loss of 13,000 jobs, some of those within GM. What started with such promise in 1982 has now ended on such a sad note for the men and women of Saturn who worked so hard to build and sustain a new kind of American Car Company.
This is a breaking story; visit Automotive Traveler on Thursday for complete analysis as to why the deal broke down.