Penske

Penske "a Good Home" for Saturn as General Motors Shrinks in Bankruptcy

Katie Merx and Doron Levin from Bloomberg: Unloading Saturn is a step toward GM's goal of disposing of four of its eight US brands while reorganizing in Chapter 11. Because Bloomfield Hills, Michigan-based Penske Auto isn't a manufacturer, it will have to find a supplier of new vehicles.

Penske to Keep Saturn, Smart Brands Separate

Penske has signed a memorandum of understanding that would give his dealership chain, Penske Automotive Group, Saturn's 350 dealerships, the companies said. Penske told reporters that he expects to offer all the dealers new franchise agreements and will retain all 13,000 Saturn employees for the immediate term. Neither Penske nor GM would say how much Penske is paying for the brand.

Saturn Deal is Called a New Business Model

Tim Higgins from the Detroit Free Press: Jack Nerad of Kelley Blue Book heralded the Penske-Saturn deal as "one of the most significant developments in a month that has been full of significant developments. The proposed acquisition marks the beginning of a new business model in this industry, a model in which the distribution side of the business controls the brand, and manufacturing is conducted by one or more sub-contractors."

Ready to Beat GM: Saturn to Soar by Going Solo

Vic Kolenc from the El Paso Times: Gerhard Mueller doesn't mince words when he speaks about his beloved Saturn and its relationship with General Motors. "There was a very strong political faction (within GM) that didn't like (Saturn) and sabotaged it from the beginning," said Mueller, owner of the Saturn dealerships in El Paso and Las Cruces.

Video: Saturn to See New Life

Cathy Shafran from WJRT ABC 12: Joe Serra of the Al Serra Auto Group has been working as an advisor to Roger Penske since discussions began on Penske possibly acquiring the Saturn brand. Friday morning, a bleary-eyed Serra, who had worked late into the night helping out with some final issues on the plan, shared details of a tentative pact.

General Motors, Penske Outline Proposed Deal for Purchase of Saturn

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General Motors and Penske Automotive Group today confirmed details of a proposed transaction under which Penske would acquire the Saturn brand. If completed, the deal would save more than 350 dealerships and 13,000 jobs at Saturn and its retailers in the United States, and would preserve the customer-focused Saturn brand. The proposed transaction is part of GM's rebuilding efforts outlined in the viability plan that was submitted to the U.S. government earlier this year. Under the terms in the memorandum of understanding, Penske would obtain the rights to the brand as well as certain other Saturn assets.

It Is Official: Penske to Buy Saturn, Transform it Into a Larger Global Brand

Roger Penske

Sharon Terlep and John Stoll from the Dow Jones Newswires: Each of General Motors' 350 US Saturn dealerships will receive offers to continue selling the vehicles under a tentative deal announced Friday to sell the brand to mega dealer Roger Penske. Penske, who runs the Penske Automotive Group chain of dealers, will take over the brands, trademarks, service and parts operations and distribution operations related to the Saturn. "We will have a completely independent company, and it will be lean," Penske said in a conference call with reporters Friday.

Breaking News: Penske-Saturn Deal Could be Announced Within 24 Hours

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Tim Higgins from the Detroit Free Press: Detroit business lion Roger Penske, who led the city's Super Bowl preparations, downtown cleanup program and revived Grand Prix racing on Belle Isle — all while running the nation's No. 2 auto retailer — is on the verge of rescuing General Motors' embattled Saturn brand.

Report: Penske Likely to Buy Saturn

Robert Snell from the Detroit News: A group headed by Detroit auto tycoon Roger Penske is the likely buyer of the Saturn brand and dealer network. "Negotiations are literally going around the clock and we hope to have something to announce soon, but there is nothing to announce today," Saturn spokesman Steve Janisse said. The Saturn negotiations involve pairing parties interested in Saturn's dealer network with one or more auto manufacturers interested in supplying vehicles that could be sold under the Saturn name.

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Saturn May be the Latest Casualty of GM's Cost-Cutting Strategy

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Mark Phelan, Auto Critic for the Detroit Free Press: Saturn was born in hope and hype nearly 25 years ago, but it presents General Motors Corp. with tough choices today as the automaker must scale back its money-losing operations and focus on other brands.