The possibility that Penske Automotive Group may in fact purchase the Saturn brand from General Motors has just increased significantly. Penske has acquired the services of former Chrysler President Tom LaSorda as an adviser on the bid.
Penske is the second largest dealership group in the U.S. and also distributes the SMART brand of cars in the U.S. for Mercedes parent company Daimler.
The Detroit News is reporting that the Penske bid may involve other partners, including Serra Automotive Inc. and the Suburban Collection. Serra Automotive is the 15th largest dealership group in the U.S. with 21 stores in six states. The Suburban Collection is the 13th largest group and boasts 7 Saturn dealerships.
While many of GM’s brands have received little attention from prospective buyers the list of parties interested in Saturn seems to grow daily. Bloomberg is reporting that Canada’s Magna International is interested in Saturn, while other recent reports indicate Renault/Nissan is interested.
Saturn has said it has engaged in talks with the investment firm Telesto Ventures about a possible sale.
Currently GM is eager to part with Saturn as it faces a June 1st restructuring deadline.
[Source: Automotive News]
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