GM to Shut Down Saturn After Penske Walks Away

Discussion in 'Current Events' started by DiveCon, Sep 30, 2009.

  1. DiveCon
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    DiveCon gone

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    GM to Shut Down Saturn After Penske Walks Away - washingtonpost.com

    DETROIT -- General Motors Co. said Wednesday it would shut down its Saturn brand after an agreement with Penske Automotive Group Inc. to acquire it fell apart.
    Penske, citing concerns of whether it could continue to supply vehicles after a manufacturing contract with GM ran out, ended talks with GM Wednesday to acquire the brand.
    GM CEO Fritz Henderson said in statement that Saturn and its dealership network will be phased out.



    more at the link
     
  2. Si modo
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    Si modo Diamond Member

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    It was a brilliant move to throw so much money into a sinking boat.
     
    Last edited: Sep 30, 2009
  3. pete
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    pete The food stamp president

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    No wonder he doesnt want to be in the auto business as he says ... anudder flop
     
  4. Luissa
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    Luissa Annoying Customer Supporting Member

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    Was the Penske name bought out a few years ago? I know they went bankrupt around the same time Kmart did and shut down all it's service centers.
     
  5. Harry Dresden
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    Harry Dresden Latinum, Plantinum,Silver,Gold Member Supporting Member

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    i heard on the radio today that Penske walked because the European company that was to acquire Saturn in 2 years from GMC backed off.....Penske was just going to be the US distributer....
     

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