Saturn Deal Didn’t Meet Renault’s Return Requirement

Sharon Terlep from the Dow Jones Newswires: Auto magnate Roger Penske believed he was taking over General Motors' Saturn brand until the very last moments, when France's Renault shocked both Penske and GM by backing out of an agreement to provide vehicles. Penske addressed the failed deal Friday as he announced Penske Automotive Group's quarterly financial results. The company also disclosed it took a $1.9 million third-quarter charge on the Saturn deal. "We believed we were making substantial progress toward an agreement," Penske said during a conference call with investors. At the last minute, he said, Renault decided the Saturn venture "did not meet their return requirement." Under their novel agreement, Penske would have taken over GM's network of Saturn dealers. The auto maker would have continued producing Saturn vehicles for about two years after which time Renault would take over production.

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NHTSA Investigating Saturn Ion Steering Defect

Saturn Ion Quad Coupe

The National Highway Traffic Safety Administration (NHTSA) has launched an investigation to determine whether General Motors should have also recalled the Saturn Ion when it recalled the Chevrolet Cobalt for a power steering defect back in 2010. Michigan Live reports that the government agency has received "846 complaints about power steering problems in Saturn Ions from the 2004-2007 model years."