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Old 06-04-2009, 04:11 PM   #1
l57
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Default Penske deal could be 24hrs away

Robert Snell / The Detroit News

Detroit -- A group headed by Detroit auto tycoon Roger Penske is the likely buyer of the Saturn brand and dealer network, The Detroit News has learned. An announcement could be made within 24 hours.

Negotiations between General Motors Corp. and the Penske group could continue into the weekend before a memo of understanding is reached, according to a source familiar with negotiations.

GM would not confirm that a sale is imminent, nor that Penske is the likely buyer.

"Negotiations are literally going around the clock and we hope to have something to announce soon, but there is nothing to announce today," Saturn spokesman Steve Janisse said.

The Saturn negotiations involve pairing parties interested in Saturn's dealer network with one or more auto manufacturers interested in supplying vehicles that could be sold under the Saturn name.

Saturn had narrowed the list of potential bidders from about 12 to "two or three," according to a source familiar with the talks. At least one of the finalists is considering using Mitsubishi, and possibly others manufacturers, to provide vehicles, a source familiar with talks said.

GM hopes to conclude a deal by the end of the third quarter.

Penske has confirmed he is interested in acquiring Saturn's dealer network. Penske is the head of Bloomfield Hills-based Penske Automotive Group Inc., which operates more than 300 franchises in the United States and internationally, selling 40 brands. The billionaire Detroit booster also has exclusive U.S. distribution rights for the Smart minicar.

Penske could form a venture with Nissan, the Japanese affiliate of Renault SA, according to a source familiar with talks.

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Old 06-04-2009, 04:28 PM   #2
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Default Re: ***Penske deal could be 24hrs away***

OK.

Well, who gets the money for this deal now?

Is there any money involved?

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Old 06-04-2009, 06:53 PM   #3
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Default Re: ***Penske deal could be 24hrs away***

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Originally Posted by unit731 View Post
OK.

Well, who gets the money for this deal now?

Is there any money involved?
Not sure how that works in a Chapter 11. The liabilities are likely greater than the assets & 70% of the parent company is now owned by the US Govt.

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Old 06-04-2009, 07:31 PM   #4
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Default Re: ***Penske deal could be 24hrs away***

So it looks like Saturns are going to be sold as mitsubishis or korean cars


http://www.youtube.com/watch?v=S-Xrlf3taEo

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Old 06-04-2009, 08:38 PM   #5
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Default Re: ***Penske deal could be 24hrs away***

Ugh, shoot me now. If I wanted a crapanese car, I'd buy uh, um, er, ah, hmph, well, I wouldn't. A kolean car? Hmm, maybe a Kia Soul, only because I like the commercial, the hamsters and the music. (BTW, one of 'ems Fort Knox by Goldfish). A eurotrash car? A classic Veedub Ghia or Jetta.

I can't see a crapanese Saturn. Not from Mitsubull*****, or N!psan. It just wouldn't be a Saturn.

It's bad enough my little SL2 passed her smog today on the 3rd try. (Damn broke ***** state of CA and nitpicking on anything 95 or older). Now our Satty's are going to be sold to the enemy?

Please save us, Mr. Penske. If Rick Hendrick was smart, he'd drop all of the foreign brands he sells and stick with what keeps him in NASCAR- a Genuine GM product in Saturn.

I love my proudly built in Spring Hill Saturn. Tomorrow's her 14th birthday and every year she just keeps chugging along strong. (She just isn't into being raped by those emission probes).

...
1995 SL2 - Sparky- (234K+)
1997 SW2 - Smoke- (64,817) RIP my little boy
2004 Chevy Cavalier - Gordy- (103K+)
2005 Relay 2 - Swoop or Smoke II- (48K+)

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Old 06-04-2009, 09:05 PM   #6
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Default Report: Penske Likely to Buy Saturn

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Report: Penske Likely to Buy Saturn

Quote:
Robert Snell from the Detroit News: A group headed by Detroit auto tycoon Roger Penske is the likely buyer of the Saturn brand and dealer network. "Negotiations are literally going around the clock and we hope to have something to announce soon, but there is nothing to announce today," Saturn spokesman Steve Janisse said. The Saturn negotiations involve pairing parties interested in Saturn's dealer network with one or more auto manufacturers interested in supplying vehicles that could be sold under the Saturn name.

...
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Old 06-04-2009, 09:21 PM   #7
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Default Re: ***Penske deal could be 24hrs away***

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Originally Posted by sparkynsmoke View Post


... Please save us, Mr. Penske. If Rick Hendrick was smart, he'd drop all of the foreign brands he sells and stick with what keeps him in NASCAR- a Genuine GM product in Saturn. ...
Why not take that thought to its logical conclusion and have Roger Penske bring a Saturn-branded entry into the Sprint cup competition?

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Old 06-05-2009, 12:09 AM   #8
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Default Re: Report: Penske Likely to Buy Saturn

Im rather disappointed myself cause simply put, I HATE how Nissans drive.. I've never ever owned a car (proud Saturn Astra owner) that made me feel so secure so in control like my little two door Astra.. One time having rented a Nissan Altima and another time having test drove a Nissan Murano I nearly thought I was gonna lose control of the vehicle.. Any little jerk and I thought I was fishtailin (Im already traumatized cause I lost control of a vehicle once and flipped over four times)... Anyways I swear I get PTSD driving any Nissans... so if its true that our New Saturns are going to be rebadged Korean Samsung cars which they themselves are rebadged Nissans then unfort count me out of the equation... However, to not be selfish, I hope Penske's business model works well, New American jobs are created, and a strong following is established. I'm just going to do my own little mourning and hope somehow Opel/Magna can somehow bring their cars to America.

...
"I don't understand why people would want to get rid of pigeons. They don't bother no one." (Mike Tyson).

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Old 06-05-2009, 08:50 AM   #9
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Default Re: ***Penske deal could be 24hrs away***

Quote:
Originally Posted by sparkynsmoke View Post
Ugh, shoot me now. If I wanted a crapanese car, I'd buy uh, um, er, ah, hmph, well, I wouldn't. A kolean car? Hmm, maybe a Kia Soul, only because I like the commercial, the hamsters and the music. (BTW, one of 'ems Fort Knox by Goldfish). A eurotrash car? A classic Veedub Ghia or Jetta.

I can't see a crapanese Saturn. Not from Mitsubull*****, or N!psan. It just wouldn't be a Saturn.

It's bad enough my little SL2 passed her smog today on the 3rd try. (Damn broke ***** state of CA and nitpicking on anything 95 or older). Now our Satty's are going to be sold to the enemy?

Please save us, Mr. Penske. If Rick Hendrick was smart, he'd drop all of the foreign brands he sells and stick with what keeps him in NASCAR- a Genuine GM product in Saturn.

I love my proudly built in Spring Hill Saturn. Tomorrow's her 14th birthday and every year she just keeps chugging along strong. (She just isn't into being raped by those emission probes).
Funny, I didn't see one mention of China in that article. Penske isn't interested in any Chinese cars, he'll use proven platforms. He does, after all, want a return on his investment. Hey. If the guy can make smart sell, he can make Saturn 2.0 work, too. Let's wait and see what his business plan is BEFORE we say it's stupid. We don't even have a clue what he wants to do....or even if it IS Penske who is buying Saturn. Hyperbole, fear and innuendo are NOT facts. We don't know the facts we should sit quietly and wait until we do. Then we can comment on what we KNOW, not what we're afraid of or what we heard from some dork pundit who doesnt' know crap.

...
"That government is best which governs not at all; and when men are prepared for it, that will be the kind of government which they will have" - H.D. Thoreau

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Old 06-05-2009, 08:53 AM   #10
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Default Re: ***Penske deal could be 24hrs away***

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Originally Posted by s-seriesguy View Post
So it looks like Saturns are going to be sold as mitsubishis or korean cars


http://www.youtube.com/watch?v=S-Xrlf3taEo
Don't you mean Mitsubishis or Korean cars are going to be sold as Saturns? Not only do you have it wrong, you have it backwards.

...
"That government is best which governs not at all; and when men are prepared for it, that will be the kind of government which they will have" - H.D. Thoreau

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