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Penske Bets Legacy, Not Business, on Saturn (Visit this link)
Lou Whiteman from thedeal.com: It is hard to find two people more respected throughout the auto industry than Roger Penske, a serial entrepreneur with a knack for managing turnarounds, and Jerome York, Kirk Kerkorian's right-hand man through a series of auto investments who sounded an early warning about the industry's need for radical change. Which is why it is so striking to see how drastically they disagree over the prospects for General Motors Co.'s vagabond Saturn brand. Penske is a believer in Saturn, and has put his money where his mouth is. His Penske Automotive Group over the summer struck a deal to pay an undisclosed sum (believed to be less than $200 million) to acquire Saturn, hopeful of reusing a strategy that has worked for its Smart car unit: becoming a "virtual automaker" that contracts out manufacturing to a foreign supplier while focusing on sales, service and marketing.
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