11
Jun
09

An E-mail I received Monday

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.

Advertisements

0 Responses to “An E-mail I received Monday”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


June 2009
S M T W T F S
« May   Jul »
 123456
78910111213
14151617181920
21222324252627
282930  

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 279 other followers


%d bloggers like this: