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Michigan Retailers Bolster Penske Plan to Secure Saturn Distribution Network (Visit this link)
Robert Snell from the Detroit News: Two local car dealers are in talks about partnering with Detroit auto tycoon Roger Penske to acquire Saturn's distribution network, according to people familiar with the discussions. The dealers' involvement emerged as General Motors Corp. has narrowed the pool of Saturn bidders to two or three, from about a dozen, a source confirmed. The remaining bidders are interested in the Saturn distribution network and are looking for manufacturing partners. Canadian auto parts maker Magna International Inc. has also expressed interest in Saturn. The dealers, Joe Serra and David Fischer, both of whom oversee vast auto retail operations in Michigan and several states, would strengthen a Michigan-based bid for Saturn, which will be sold or eliminated by the end of the year as part of GM's restructuring plan. "They bring financial heft, so you take the three together and you've got a lot of credibility at the banking level," said analyst Joe Phillippi of AutoTrends Consulting Inc. in Short Hills, N.J. "They run pretty first-class operations."
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