Penske Closer to Buying Saturn
Saturn dealerships across the country have reportedly received new sales and service agreements from Roger Penske, meaning General Motors and Penske are close to finalizing a deal for the brand.
The agreements are subject to completion of the Saturn sale and were sent to 340 U.S. Saturn dealerships that had until September 11 to sign the deals. The agreements were for two years and have a one-year automatic renewal if the dealers meet certain conditions.
By sending out agreements, Penske showed that he and GM are coming ever closer to finalizing the sale of the brand.
Prior to Penske starting negotiations with GM to buy the Saturn brand, Saturn dealers were looking at ways to save their businesses and maybe try to purchase the brand from GM. With the potential sale to Penske, dealers are hoping and looking for Penske to bring stability to Saturn and stop the sliding sales.
“We can’t wait for this thing to get done. We have to get on with our lives, we have to move on; the franchise has to move on,” said Stuart Lasser, who owns three Saturn dealerships in New Jersey. “It’s been a year in the making since they said Saturn would not be a part of General Motors.”
“We, along with General Motors, remain in the due diligence process and hope to complete that process sometime soon,” said Tony Pordon, senior vice president of Bloomfield Hill-based Penske Automotive Group. Penske is hoping to have the sale completed by late in the third quarter.
If the sale is finalized, GM will supply Saturn with the Outlook and Vue SUVs and Aura sedan for at least two years. After that, Penske needs to find a company from which to import cars. He has reportedly been looking at everything from Mitsubishi and Nissan to Samsungs, which are themselves rebadged Renaults.
Source: The Detroit News