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Report: Penske Needed Another 60 Days, Some Retailers Holding Out Hope Penske Deal Can be Revived (Visit this link)
Chrissie Thompson and Jamie Lareau from Automotive News: Tobin Oberhoulser, sales manager at a Saturn store in Lafayette, Indiana, says he will conduct business as usual while he holds out hope that Penske Automotive Group Inc. and CEO Roger Penske will still complete the deal somehow. "I stay confident in Roger Penske," he said. "He's a guy that's got unlimited resources, and I have a feeling that once everything settles down, since we've pushed it back so far anyway, I think it will end up being worked out." If Penske Automotive, the nation's second-largest auto retailer, doesn't reconsider its decision to drop its pursuit of the brand, Oberhoulser says he hopes one of Saturn's previous bidders will renew interest. Lou Sobh, whose multifranchise dealership group includes five Saturn stores in Chicago and Los Angeles, says he'll start winding down his locations. Sobh says he received a letter Monday from Saturn brand executive Jill Lajdziak saying the Penske deal needed another 60 days to complete. That only deepened his doubts that the deal would go through, he says. "I know Mr. Penske is a genius," Sobh said. "I just knew he had a very tall order, a very tall task."
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