General Motors, Penske Outline Proposed Deal for Purchase of Saturn

[wifeofcore]

A new story entry has been added:

General Motors, Penske Outline Proposed Deal for Purchase of Saturn

General Motors and Penske Automotive Group today confirmed details of a proposed transaction under which Penske would acquire the Saturn brand. If completed, the deal would save more than 350 dealerships and 13,000 jobs at Saturn and its retailers in the United States, and would preserve the customer-focused Saturn brand. The proposed transaction is part of GM's rebuilding efforts outlined in the viability plan that was submitted to the U.S. government earlier this year. Under the terms in the memorandum of understanding, Penske would obtain the rights to the brand as well as certain other Saturn assets.

[ChuckTheGreat]

Jill is still a GM employee.

Anyone think that Roger is going to keep her on when the sale happens?

[mr green]

Does this include dealerships in Canada?

john

[John10]

Originally Posted by ChuckTheGreat

Jill is still a GM employee.

Anyone think that Roger is going to keep her on when the sale happens?

Wasn't Jill's specialty the development and support of the Saturn sales and retail network that the Penske people and others found to be of high value? If indeed that is what she is good at doing, she'll quickly find a job somewhere else if Penske doesn't keep her.

[MiSaturn]

I predict in 2010 we'll see an Astra VXR pace car at the Indy 500 and a hybrid, CVT transmission race car driven by Jill. Or not.

[ARECCE]

The agreement will include the Canadian Facilities.

[stevedj_98]

Love my 2007 Aura XE here. It's my 4th Saturn. Great news about the Penske deal. As I've stated before, this would be a super opportunity for Penske and the new Saturn to get the Spring Hill, TN plant back into the family. I see that Penske might work with Nissan/Renault. Nissan's North American Headquarters is just 15 miles away from Spring Hill in Franklin, TN. Nissan is planning a big rollout of electric vehicles next year. I'd love to able to purchase an all electric Nissan/Saturn built here in Tennessee, USA!

[piney]

There was more broken than not at the old Saturn. I can't see someone sinking billions of their hard-earned cash into a failed company and sticking with the former leadership team. Sometimes it is better to start fresh.

[rossao1]

This is probably the best of the choices out there. But I have mixed emotions for the Nissan/renualt foundation for the future saturn platform.

No-rebadges please, else what is the point?

[Michel1961]

Originally Posted by ARECCE

The agreement will include the Canadian Facilities.

Sure hope so, but not clear on that (sorry about the French) : http://www.radio-canada.ca/nouvelles...n-penske.shtml

Do you have a source for that ?

[Admiral Beez]

Originally Posted by piney

There was more broken than not at the old Saturn. I can't see someone sinking billions of their hard-earned cash into a failed company and sticking with the former leadership team. Sometimes it is better to start fresh.

That's certainly the case with Triumph Motorcycles. They started off with great products and customer loyalty, but mismanagement and poor product innovation led them to government bail-outs and labour unrest. Finally, the government would bail-out no longer, and the company went bust. Sure enough, someone bought the brand rights, and started fresh, and the new Triumphs are very popular and great bikes, see www.triumph.co.uk

[eelfliw]

Originally Posted by mr green

Does this include dealerships in Canada?

john

Nope --> http://www.saturnfans.com/forums/sho...d.php?t=139501

[eelfliw]

Originally Posted by MiSaturn

I predict in 2010 we'll see an Astra VXR pace car at the Indy 500 and a hybrid, CVT transmission race car driven by Jill. Or not.

According to this, Astra & Sky will be dropped --> http://www.saturnfans.com/forums/sho...d.php?t=139501

[eRic 02sc2]

Originally Posted by rossao1

This is probably the best of the choices out there. But I have mixed emotions for the Nissan/renualt foundation for the future saturn platform.

I wouldn't mind a "Saturn" 370Z or G37 coupe

[yogi]

i just read that the canadian dealerships are not part of the deal,

What is with that !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Canada is left out in the cold again!!!!!!!!!!!!!!!!

[ChuckTheGreat]

I would really like to see the new dealer agreements.

I think that Penske could put whatever parameters into the agreement he wants to.

Like:

1. The amount of advertising dollars a retailer will HAVE to spend each month and year.

2. How many new cars a retailer will HAVE to take each month. I am sure the production plan for Penske Saturns will have to done months in advance for GM.

3. Minimum CSI scores for a retailer to keep the franchise.

All of these things usually go by the way side when business is tough. Penske will have to start this from the beginning.

[AstraNorth]

I was torn between Penske and Magna getting Saturn....NOW, if Saturn in Canada is sh$& out of luck because Penske got Saturn...should have prayed harder for Magna. I am sure our brothers to the south will fight for us in Canada......you will???...wont you????

[BGK]

Penske buying Saturn is the best thing that could happen to the name. Hopefully he will come up with some great product with the driving experience, styling, ergonomics, quality and value that most of us want. Please no more boring appliance cars; the market has enough of them already! If he sources cars from China and India they better meet the standards we expect, but I can't imagine anything but the best from Roger.

[unkle bik]

Originally Posted by yogi

Canada is left out in the cold again!!!!!!!!!!!!!!!!

Whattayamean, again?
It's always cold up there...

[AstraNorth]

As a Canadian I really have to laugh reading these forums about Penske buying Saturn. I feel like a little kid at a wedding celebration...screaming out loud...trying to get the adults attention, trying to find out where the bathroom is.....

I guess no one really knows what is going to happen to Saturn in Canada...but us Canadians want to know.....but no can tell us....or they are ignoring us. Is there a Canadian Saturn Forum where we can cuddle till the storm passes ....HA HA