Dark sky as GM sells Saturn to Penske

General Motors has sold their Saturn brand to Penske Automotive Group. The deal would save more than 350 dealerships and 13,000 jobs at Saturn and its retailers in the United States, and preserve most of the customer-focused brand’s model range, but a few do not make it.

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.

The European imports will be killed, which means the Opel-sourced Astra and Sky will be discontinued by Penske, who are currently exclusive dealers of the Smart ForTwo in the Unites States.

Saturn began selling cars in 1990 and has sold more than 4 million vehicles. More than 80% 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.

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.

One Response to 'Dark sky as GM sells Saturn to Penske'

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1. I am glad that someone will save Saturn. I have a 1995 Saturn and i love it. No problems at all.

   Too bad about the loss of the Sky.

   

   Dan

   14 Jun 09 at 10:13 pm

    

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