Penske’s deal to buy the Saturn arm of General Motors has reportedly fallen through. Back in June the Penske Automotive Group (PAG) had announced it would buy the brand from GM, along with its dealer network.
“This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality,” said CEO Fritz Henderson in a statement, commenting that the issue was that Penske Automotive Group could not solidify a deal with another automaker to supply vehicles after the contract with GM was scheduled to run out.
Many sources had pointed to Penske rebadging vehicles from French automaker Renault to sell in the U.S., but that appears to have not come to fruition.
GM has announced that it will close the remaining Saturn dealerships and that owners will be able to purchase (hahaha!) or have vehicles serviced at retailers until that point. Afterwards, owners will continue to be able to have their vehicles serviced at a GM facility.
[Source: Globe & Mail]