Posted by admin / Under Penske Automotive Group
GM To Shut Down Saturn After Penske Ends Talks Production agreement with another manufacturer falls through, killing deal GM to drop Saturn after Penske ends talks Sept. 30: General Motors Co. says it plans to shut down its Saturn brand and dealer network after talks with Penake Automotive Group fell apart. DETROIT - General Motors Co. said Wednesday it would shut down its Saturn division after an agreement to sell it to Penske Automotive Group Inc. fell apart. The Bloomfield, Michigan dealership headed by auto racing magnate Roger Penske walked away after it was unable to find a manufacturer to...
Published on Saturday 19th of May 2012 05:40:34 AM
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Posted by admin / Under Penske Automotive Group
Penske Automotive Group (PAG.N) said on Wednesday it has terminated discussions with General Motors Co GM.UL to acquire the automaker's Saturn brand. GM said in a separate statement it would wind down the Saturn brand and its dealership network.
Published on Saturday 19th of May 2012 05:40:34 AM
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Posted by admin / Under Penske Automotive Group
BLOOMFIELD HILLS, Mich. (WXYZ) - The Penske Automotive Group has announced that it has terminated talks with GM on acquiring the Saturn brand. Penske says negotiations with GM regarding the future supply of vehicles caused the breakdown in talks. G In a statement issued by General Motors, the company is very disappointed about Penske's decision. This will ultimately be the end for the Saturn brand as GM prepares to wind down production and dealership network. STATEMENT FROM GENERAL MOTORS: Today we learned that Penske Automotive Group (PAG) has decided to terminate discussions with General Motors to acquire Saturn. This is...
Published on Saturday 19th of May 2012 05:40:34 AM
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Posted by admin / Under Penske Automotive Group
Before I lost my mind and entered politics, I was in the car dealership business for 25 years. In fact, I was the first Saturn retailer chosen back in 1988, and served on the Franchise Operations Team. I opened one of the first 25 stores in 1990 and eventually owned and operated five Saturn Facilities in Orange County, Calif. Saturn was truly an American innovation with a great concept, rethinking how cars had been built and sold over the previous 50 years. But Saturn was an entrepreneurial idea, smothered inside one of the world's biggest nongovernmental bureaucracies. Saturn needed to...
Published on Saturday 19th of May 2012 05:40:34 AM
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Posted by admin / Under Penske Automotive Group
Breaking News: An American car company will soon be taken-over by a business person who has expertise in the car industry. And the guy “taking over” is actually “happy” about it. As the bankrupt General Motors corporation seeks to get rid of it’s “non core” car brands, Roger Penske, the American race car driver-turned global business magnate, will soon be purchasing Saturn, and taking over the sales, marketing, and distribution of Saturn cars and parts. Penske‘s company will not be manufacturing Saturn cars themselves - he’s soliciting bids from other companies to design and build the cars for him -...
Published on Saturday 19th of May 2012 05:40:34 AM
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Posted by admin / Under Penske Automotive Group
Bankrupt General Motors Corp. has reached a deal to sell its Saturn unit to Penske Automotive Group, a dealership chain owned by former race car driver Roger Penske. The automaker said the deal to sell Saturn and its distribution network would save up to 13,000 jobs and hundreds of dealerships. It did not release financial terms of the arrangement. "There has been a groundswell of support for Saturn, with our retailers and owners urging us to save the brand," said Jill Lajdziak, general manager of Saturn. "We heard their call loud and clear, and it inspired us as we worked...
Published on Saturday 19th of May 2012 05:40:34 AM
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Posted by admin / Under Penske Automotive Group
Roger Penske, owner of the second-largest U.S. auto retail chain by revenue, has emerged as a potential buyer for General Motors Corp.'s Saturn brand, people familiar with the situation said. Mr. Penske is chief executive of Bloomfield Hills, Mich.-based Penske Automotive Group, which operates 300 dealerships in the U.S., U.K. and Germany. It is second in revenue in the U.S. to AutoNation Inc. A Penske spokesman declined to comment. GM on Monday said it hired Stephen Girsky, a former Morgan Stanley analyst and one-time adviser to departed Chief Executive Rick Wagoner, to review offers from potential buyers. The auto maker,...
Published on Saturday 19th of May 2012 05:40:34 AM
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Posted by admin / Under Penske Automotive Group
WJR and the Detroit Newspapers that we cannot post, are reporting a deal is close for Roger Penske to buy Saturn from GM.
Published on Saturday 19th of May 2012 05:40:34 AM
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Posted by admin / Under Penske Automotive Group
INDIANAPOLIS (AP) -- Roger Penske says he is contemplating a bid for the Saturn automotive brand that General Motors Corp. plans to sell or shut down. While Penske has not yet made an offer, he said Friday a decision would have to come soon and that a number of unidentified details need to be worked out.
Published on Saturday 19th of May 2012 05:40:34 AM
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Posted by admin / Under Penske Automotive Group
Sam Hornish Jr. may have forgotten what he wanted to say because he was awestruck, but he gets a pass. It was, after all, the president of the United States. Hornish and key members of Marlboro Team Penske and the IRL IndyCar Series met briefly Tuesday morning with President George W. Bush in the Eisenhower Executive Office Building next to the White House to celebrate Hornish's victory in the 90th Indianapolis 500 in May. Bush entered the room and greeted the group by asking, "How's everybody doing?" He then shook hands with Hornish, who struggled to say what he'd rehearsed....
Published on Saturday 19th of May 2012 05:40:34 AM
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