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Report: Saturn Spin-Off First Suggested in 4Q 2008 (Visit this link)
Robert Snell from the Detroit News: A group of investors and dealers emerged Wednesday as bidders for General Motors' struggling Saturn brand, which is slated to be eliminated as part of the automaker's restructuring unless a buyer is found. The group, Telesto Ventures, which includes Oklahoma City-based private equity firm Black Oak Partners LLC and several Saturn dealers, submitted a proposal last week to acquire the assets of Saturn Distribution Corp. GM said there are multiple suitors for the brand. Telesto, named after a moon circling the planet Saturn, would initially distribute GM-built vehicles through Saturn's 439 dealerships in North America and eventually offer small, fuel-efficient vehicles produced by several manufacturers, most of which would be sold under the Saturn brand. A key player behind the venture is Mark Moore, second-generation head of Bob Moore Auto Group in Oklahoma City, which was one of Saturn's pioneering dealers. The group has two Saturn retail outlets among its 10 dealerships and 17 franchises, many of which sell GM brands. Moore, managing partner of Black Oak and former member of Saturn's Franchise Operations Team, first suggested to GM in the fourth quarter of 2008 that Saturn be spun off, investment group spokesman John Pappanastos said. GM said the proposal did not influence its decision to pursue selling Saturn. "Our goal is to build upon an iconic brand supported by a strong national network of retailers that fundamentally share a vision for delivering a best-in-class customer experience," Pappanastos said in a statement.
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