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.

Random Article from the SaturnFans.com Archives

General Motors to Auction Near-Classics from Corporate Museum

Flashback Friday: 1,000,000th Saturn

Jalopnik.com reports General Motors will auction off a number of vehicles from its vaunted Heritage Center museum collection in an effort to raise cash to help offset the huge losses the company is faced with due to the global financial crisis. There are about 1000 vehicles of historical significance in storage that GM uses for the displays at the museum, but only about 150 to 200 of those vehicles can be featured at one time. On the list of vehicles to be auctioned are several notable Saturns from the past. The website says they will be sold at the upcoming Barrett-Jackson auction held January 13-19 in Scottsdale, Arizona.