BREAKING - GM Sells Saturn

[MazdaSpeeder]

BREAKING: GM reportedly agrees to sell Saturn to Penske (http://www.autoblog.com/2009/06/05/breaking-gm-reportedly-agrees-to-sell-saturn-to-penske/)

by Chris Paukert (http://www.autoblog.com/bloggers/chris-paukert/) on Jun 5th, 2009 at 9:26AM http://www.blogsmithmedia.com/www.autoblog.com/media/swipe-breaking.gif (http://www.autoblog.com/tag/breaking/)
http://www.blogcdn.com/www.autoblog.com/media/2009/05/sky-shunk-07-580x.jpg (http://www.nytimes.com/2009/06/06/business/06saturn.html?hpw)

According to The New York Times, General Motors has come to terms with a consortium led by industry icon Roger Penske to sell its ailing Saturn brand. The agreement, which is expected to be announced later today, will apparently see Penske add Saturn brand and its stand-alone showroom network to his existing portfolio of 310 global dealers.

Penske, as you may recall, already has sole distribution rights to the Smart microcar lineup in the States, and he will apparently continue to sell GM-produced Saturn vehicles initially, after which he is expected to begin importing foreign autos from companies like Renault's Samsung Motors subsidiary in Korea.

[Source: The New York Times (http://www.nytimes.com/2009/06/06/business/06saturn.html?hpw) | Image: A. Messerschmidt/Getty]

Source: Autoblog.com

[mikeyb]

repost there chucky ;)

[MazdaSpeeder]

Nope, not a repost, an update...now it's officially Penske...as of 9:26 this morning!

[coolmazda5]

What would be the benefit of Penske owning Saturn?


The extensive Saturn dealers' network to upsell more SMARTs?
Reduce the Saturn models to 1 or 2 of the best sellers and hit on its niche market along with the SMARTs?
Create a Penske niche European car import brand for the US (i.e. bring some niche Opels and the rest of the SMART line up?


BTW, we have a couple of Penske Chevy dealers around here (and a Penske U-Haul type thing, LOL)

[MazdaSpeeder]

He's going to stock GM cars for the short term and eventually use it as a distribution network to bring Renault's Korean brand, Samsung, to US Market as Saturns. It could get interesting.

[coolmazda5]

So Saturn roots will cease to exist as they are today (Opel, Daewoo?). Samsungs are more of the Renault brother Nissan, but not as nice IMO

Regardless, KDM is becoming the new JDM in the US it seems, LOL

SM3:
http://upload.wikimedia.org/wikipedia/commons/thumb/5/5d/Samsung_SM3.jpg/250px-Samsung_SM3.jpg

Renault/Samsung Koleos:
http://upload.wikimedia.org/wikipedia/commons/thumb/0/01/RenaultKoleos6.JPG/250px-RenaultKoleos6.JPG

SM7:
http://upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Samsung_SM7_zoom.jpg/250px-Samsung_SM7_zoom.jpg

[mikeyb]

Update:

PRESS RELEASE:

General Motors, Penske outline proposed deal for purchase of Saturn

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

Detroit -- 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.

[mikeyb]

I think Penske should talk to Magna about rebadging Opels as Saturns.

[MazdaSpeeder]

I think Penske should talk to Magna about rebadging Opels as Saturns.

I agree...and lol about KDM becoming the new JDM. I saw a commcercial tonight where Kia talked about how they outsell a bunch of Japanese manufacturers...and one of them was Mazda. How can you even compare the two?!?!?!

[mikeyb]

I agree...and lol about KDM becoming the new JDM. I saw a commcercial tonight where Kia talked about how they outsell a bunch of Japanese manufacturers...and one of them was Mazda. How can you even compare the two?!?!?!

You can not compare the two. But KIA does have offering in market segments Mazda does not.

Mazda has no Rio/Rio5, Soul, Forte Coup, Amanti, and Sedona competitors.