Retailers Say Penske Close to Buying Saturn

Roger Penske

Robert Snell from the Detroit News: Saturn dealers nationwide have received new sales and service agreements from Roger Penske, a sign the auto icon is close to finalizing a deal for the castoff General Motors brand. The two-year agreements, which are subject to completion of a deal for Saturn, were sent to about 340 U.S. dealers, who had until September 11th to sign and return them. The agreements have one-year automatic renewals if dealers meet certain conditions. There are no major changes from dealer agreements under GM and details such as sales objectives are not mentioned. But the agreements last for two years, a key difference from the GM agreements, which were open-ended, dealers said. Penske's deal with GM includes the Saturn brand, the parts operation based in Spring Hill, Tennessee, and a network of about 340 dealerships, and is expected to preserve 13,000 jobs.

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GM Seeking Out Companies to Purchase Saturn?

Tata Motors Logo

The Economic Times is reporting that bankers representing General Motors have approached more than a dozen firms about purchasing Saturn. Two of the firms that were reportedly on their list were Indian based automobile companies, Mahindra & Mahindra and Tata Motors. No other information was given.