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Retailers Shocked by Sudden Turn of Events (Visit this link)
Gregory Jackson turned on his television shortly after 5pm Wednesday and was surprised to find out that what appeared to be an imminent sale of the Saturn brand to businessman and racing legend Roger Penske had collapsed. "I am hoping that somehow Penske pulls this thing back together," said Jackson, owner of Prestige Automotive, a St. Clair Shores-based company that has three Saturn dealerships in Jacksonville, Florida. "I, as well as all the 357 Saturn dealers across the country, either need him to pull it back together or for somebody to come in as a white knight. But this sounds kind of final." Penske Automotive Group announced Wednesday that it had canceled plans to buy Saturn from General Motors. Jackson, like many in the industry, thought that discussions between Penske and GM were going well. In fact, Jackson said he recently responded to an invitation for Saturn dealers to meet with Penske on Tuesday – presumably after the deal was to close. "This is quite disappointing because all indications up to today have been that things were a go," Jackson said.
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