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Investor Group, Including Retailers, Makes Offer for Saturn (Visit this link)
G. Chambers Williams III from the Tennessean: An Oklahoma City investor group that includes some dealers today said it has made an offer to acquire the assets of General Motors' Saturn brand, with plans to operate it as an independent company that would sell vehicles from a variety of manufacturers. Telesto Ventures, which includes the private equity firm Black Oak Partners and other investors such as Bob Moore Saturn of Oklahoma City, is the first suitor for Saturn to announce its intention to acquire the company. This new company would be free to find suitable vehicles for its dealers from multiple sources, and would sell them mostly under the Saturn brand, Telesto said in its announcement. Under the new ownership, Saturn would also "become a leading channel for bringing innovative new products rapidly to market, focusing initially on electric vehicles," the group said. Also involved in the Telesto offer is EFG Companies of Irving, Texas, which works with auto dealerships to help boost their profits. EFG, founded by Bob Moore in 1977, created the Hyundai Assurance Plan that the South Korean automaker initiated in November. Under the program, customers who buy new Hyundai vehicles can return their cars within a year if they lose their jobs from a layoff.
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