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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2009 Saturn Sky Brochure

2009 Saturn Sky Brochure

Saturn asks potential customers to among other things, "Rethink Adrenaline," on the pages of the '09 Sky brochure. "It's high performance and high style without the high price," writes Saturn. "With an available 260-hp engine, a near 50/50 weight distribution, and a suspension that successfully balances handling and comfort, this head-turner is ready for anyone who wants to have fun and let the sun to shine in."