Saturn Deal Didn’t Meet Renault’s Return Requirement

Sharon Terlep from the Dow Jones Newswires: Auto magnate Roger Penske believed he was taking over General Motors' Saturn brand until the very last moments, when France's Renault shocked both Penske and GM by backing out of an agreement to provide vehicles. Penske addressed the failed deal Friday as he announced Penske Automotive Group's quarterly financial results. The company also disclosed it took a $1.9 million third-quarter charge on the Saturn deal. "We believed we were making substantial progress toward an agreement," Penske said during a conference call with investors. At the last minute, he said, Renault decided the Saturn venture "did not meet their return requirement." Under their novel agreement, Penske would have taken over GM's network of Saturn dealers. The auto maker would have continued producing Saturn vehicles for about two years after which time Renault would take over production.

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General Motors Employee Pricing Sale Extended to September 30th; 2009 Aura, Outlook, and Sky Added to the Program

Saturn Employee Pricing Logo

General Motors announced today that the company will extend it's popular 100th anniversary employee pricing sale until the end of September. The sale "helped drive additional showroom traffic and our dealers are giving us some very enthusiastic feedback," said Mark LaNeve, vice president of GM North America Vehicle Sales, Service and Marketing. "We had our best sales month so far in 2008." As a result, he said GM "added 19 additional 2009 models to the eligible list of vehicles because our 2008 stock on dealer lots is rapidly disappearing." Among the 2009 models added today were the Saturn Aura sedan, Outlook crossover, and Sky roadster.