This news is just in: Penske Automotive Group and General Motors have both issued statements announcing that negotiations between the two for the Saturn brand has been terminated.
Saturn has been one of the GM casualties of the financial crisis, with GM announcing a few months ago that the brand would be shuttered. Upon hearing this, Saturn’s leadership and fans attempted to mount a campaign to secure an independent future by being bought by another company, Penske Automotive Group.
Tat effort has reached a dead-end. This is very disappointing news to all the Saturn employees and loyal customers that have tried so hard to keep Saturn alive. The problem lies with Penske Automotive Group’s ability to secure products for Saturn bey0nd the supply period it negotiated with GM.
Apparently, PAG negotiated an agreement with another manufacturer (unnamed) to supply new products, but the agreement was rejected by that manufacturer’s board of directors. Penske didn’t want to risk purchasing the brand and having to deal with all the problems of winding it down itself if new product could not be secured.
As such, GM is going ahead with Saturn’s closing and says “the wind down process will be determined and communicated shortly.” Sad ending to the story of Saturn. It can’t be said that the brand didn’t go out without a fight though!
February 3rd, 2010 at 9:33 pm
I was told Toyota is considering recalling most vehicles due to braking malfunctions . My mother drives a Prius, can the vehicle be used before the recall?