Penske Calls Off Saturn Deal with GM

From the Detroit News: Detroit tycoon Roger Penske has terminated a deal with General Motors for the Saturn brand after Penske's prospective provider of new vehicles pulled out. The deal broke down after the Renault-Nissan Alliance decided Wednesday not to proceed with a deal to supply Penske with future vehicles for Saturn dealers, according to a source familiar with the discussions. The deal's unraveling dooms about 340 dealers and the Saturn brand, which appeared to have been rescued this summer when Penske announced he had reached a memorandum of understanding with GM. The deal was expected to be finalized as early as Wednesday, and dealers already had signed and returned new two-year sales and service agreements to Penske. Instead, GM will gradually shutter the dealerships, "in accordance with the wind-down agreements that Saturn dealers recently signed with GM," the automaker said Wednesday. Details are expected to be announced soon. Penske had hoped to finalize an agreement with Renault, whose South Korean subsidiary Samsung was expected to produce the vehicles. He had met with Renault SA CEO Carlos Ghosn as well as Ghosn's No. 2 at Renault, Patrick Pelata, according to the source familiar with the negotiations.

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Enter to Win: 25th Anniversary Bon Jovi Saturn Outlook Sweepstakes

Bon Jovi Sweepstakes

Saturn and Bon Jovi are promoting a sweepstakes celebrating the 25th Anniversary of Bon Jovi. One winner will be chosen at random to receive a 2008 Saturn "Bon Jovi Special Edition" Outlook worth $54,945, along with Bon Jovi merchandise, including autographed Floyd Rose Guitar, past Concert Posters and Gold Plated LP's, and a selection of Bon Jovi Memorabilia and other Saturn goodies. The approximate retail value of merchandise is $2,959, bringing the grand total of the prize to be more than $57,000! So what are you waiting for? Head on over to ImSaturn to complete and submit the official entry form. All entries must be received by 11:59pm ET on September 15, 2008.