Saturn’s Sad Story Nears an End

David Welch from Business Week: The long, sad saga of Saturn is finally over. The once-hot General Motors division that began with a bang 19 years ago is now headed into oblivion after a deal to sell it to retailer Penske Automotive Group fell apart on September 30. The chain of auto dealerships released a statement saying it couldn't find a source to manufacture new car models after 2011, when GM was scheduled to cease production of the existing Saturn models. In an interview in early August, GM CEO Frederick A. "Fritz" Henderson said the decision to sell Saturn was aimed at taking care of longtime dealers. It wasn't about a business strategy for GM. When asked if he was handing a rival carmaker a strong retail chain that could take market share from GM, Henderson replied, "We're not going to make it easy for them."

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General Motors Statement Regarding Black Oak Partners Press Release About Saturn

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As noted in GM's viability plan presented on February 17, 2009, GM announced it would review the potential spin-off or sale of Saturn and if those options did not prove viable Saturn's operations would be wound down over time. Over approximately the past 60 days, a sub-committee of Saturn retailers has been studying the feasibility of the sale or spin-off options, and has identified some parties that are potentially interested in a purchase or spin-off of Saturn. We are advised that one of the interested parties is Black Oak Partners. We are not at liberty to discuss any other interested party. With respect to what the eventual outcome concerning Saturn might be with Black Oak or any other interested party, it is simply premature at this time to speculate on what any eventual outcome may be.