I'm bummed.? I'm also a long-time Saturn owner and was hoping to continue that relationship.?
And so it goes, Kevin Brabant (my Vue is a great vehicle) kbrab...@aol.com -----Original Message----- From: satrn...@sbcglobal.net To: wnndl@googlegroups.com Sent: Wed, Sep 30, 2009 5:28 pm Subject: [DEADPOOL] Looks like it's time for a new e-mail handle Sigh. From CNN Money. --Deb GM kills Saturn after Penske ends deal Auto dealer terminates deal with General Motors, citing future vehicle supply concerns after GM stopped producing the Saturns. By David Goldman, CNNMoney.com staff writer Last Updated: September 30, 2009: 5:18 PM ET NEW YORK (CNNMoney.com) -- Car dealership operator Penske Automotive Group announced on Wednesday that it has cancelled plans to acquire General Motors' Saturn unit. As a result, GM said it will wind down the brand and dealer network. The announcement comes nearly four months after Penske agreed to buy the rights to the 19-year old brand from GM when the automaker was in bankruptcy. As part of the deal, GM would have continued making Saturn's three highest-selling models: the Aura sedan, and the Vue and Outlook cross-over SUVs, for the rest of this year and next. Penske, an auto distributor but not a manufacturer, would have sold the cars for GM. In 2011, Penske said it would find another third-party manufacturer to make new Saturns. But negotiations with another manufacturer fell through after an agreement was rejected by the unnamed manufacturer's board, according to Penske. "Without that agreement, the company has determined that the risks and uncertainties related to the availability of future products prohibit the company from moving forward with this transaction," the company said in a statement. As a result, GM said it would begin to wind down the brand and its roughly 350 dealerships nationwide. Penske's deal with GM, which was expected to be completed in October, would have saved more than 13,000 jobs at Saturn. GM called the news "very disappointing." The automaker said Saturn owners will still be able to have their cars serviced at GM dealerships after Saturn is shuttered. A spokesman for GM said the broken negotiations with Penske would have "no anticipated impact on plants or related losses." Penske (PAG, Fortune 500) is owned by former race car driver Roger Penske, who owns NASCAR and In dyCar racing teams and distributes Daimler AG's Smart cars in the United States. -- CNN's Ekin Middleton contributed to this story To top of page --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World News Now Discussion List" group. To post to this group, send email to wnndl@googlegroups.com To unsubscribe from this group, send email to wnndl+unsubscr...@googlegroups.com For more options, visit this group at http://groups.google.com/group/wnndl?hl=en -~----------~----~----~----~------~----~------~--~---
