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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Detroit Family Gets First House Built by Saturn "Hands on Homes" Program

Saturn Hands On Homes Logo

Detroit resident Sherrell English and her two daughters have a new home for the holidays. Their house – and the four adjacent homes – were built through the Saturn Hands on Homes program, a cooperative effort by General Motors' Saturn division, Detroit area-Saturn retailers, Habitat for Humanity Detroit and Jon Bon Jovi's Philadelphia Soul Foundation.