Introducing the new Penske Sky.....

[Frosty]

Hmmmm

http://news.yahoo.com/s/ap/20090605/ap_on_re_us/gm_saturn_penske

I'm curious to see if this sale pans out....what are your thoughts?

[Whiplash Performance]

I think it will work out. Roger Penske know what he is doing.

[maroman88]

wow... lol thats kinda cool, and i can see GM buying it back after they get things worked out, not to mention itll prob work out like the hummer deal where all GM parts and factories are still used

[Whiplash Performance]

If Penske buys Saturn, does that mean we'll see Saturn in NASCAR? LOL

[BonzoHansen]

FAIL on the thread title, lol

General Motors, Penske Outline Proposed Deal for Purchase of Saturn
06/05 10:30 am (PR)

Transaction would save more than 13,000 jobs; preserves renowned brand and retail network

DETROIT, June 5 /PRNewswire/ -- General Motors Corp. 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. GM would continue production, on a contract basis, of the Saturn Aura, Vue and Outlook.

"This is the combination of two iconic teams: Saturn and Penske," said Saturn general manager Jill Lajdziak. "GM had the vision to create Saturn and has the desire to see it succeed in the future."

"Saturn has a passionate customer base and outstanding dealer network," said Roger Penske, chairman of Penske Automotive Group. "For nearly 20 years Saturn has focused on treating the customer right. We share that philosophy, and we want to build on those strengths."

Saturn began selling cars in 1990 and has sold more than 4 million vehicles. More than 80 percent of those vehicles are still in operation, according to data from R.L. Polk. Saturn has regularly scored among the industry leaders for non-luxury brands in customer satisfaction surveys.

"There has been a groundswell of support for Saturn, with our retailers and owners urging us to save the brand," said Lajdziak. "We heard their call loud and clear, and it inspired us as we worked to secure Saturn's future."

The transaction is expected to close in the third quarter of this year and is subject to customary closing conditions and regulatory approvals. Financial terms of the agreement will not be disclosed at this time.

[BurninrubberGT]

wonder if he will start developing saturn engines for nascar/grandam/irl if the buy goes through

[JerzyIroc]

This is a sweet deal man. Definitely some great news in some not so great times. Saving 13,000 jobs and 350 dealers is probably the best news those 13,000 people could have heard today.

[jims69camaro]

wonder if he will start developing saturn engines for nascar/grandam/irl if the buy goes through

it's more than likely something he will get out of the deal, instead of him actually contributing something to the deal. look at GM buying saab. they looted the turbo technology and left them hanging in the wind. GMC gained knowledge and was able to bring a watered-down version of the Hummer to market (not to mention the chassis of the H3 is all GM). knowing that might make GM put a clause in the contract that he has to keep the brand current or something to that effect. i seriously can't think of what he hopes to gain from the sale. he will undoubtedly have the spotlight on him for saving all of those jobs.