GM Says it Will Close Saturn After Sale Falls Through

Ken Bensinger from the LA Times: General Motors' deal to sell Saturn to the Penske Automotive Group has fallen through, forcing the automaker to shutter the brand altogether. The sale had been expected to be completed as soon as this week. The news is a blow to GM, which had made selling three of its brands, along with shutting Pontiac, a key component to its post-bankruptcy restructuring efforts. Instead of selling Saturn, GM will now close the brand altogether. It said today that its Saturn dealers had already signed a "wind-down agreement." Under terms of a similar agreement signed by some other GM dealers, all new-car sales operations must cease by late 2010. Penske, which operates a chain of dealerships around the country, emerged as a buyer for Saturn in early June, beating out several other interested parties, including an Oklahoma-based private wealth fund.

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Flashback Friday: Sketch of the Upcoming Saturn SC on a 1989 Cover of AutoWeek

Flashback Friday: Sketch of the Upcoming Saturn SC on a 1989 Cover of AutoWeek

An illustration of the 1991 Saturn SC coupe appeared on the cover of AutoWeek's January 9th, 1989 issue. Inside, Kevin Wilson authored an article entitled "Saturn Rising" that discussed what was known about the mysterious Saturn project at the time of publication.