Yes, after months of working out the details of the Saturn exchange from GM to Penske Automotive Group, the deal is now dead. The thought was that Penske would continue to use rebadged GM vehicles over the next couple years and then open their repertoire to overseas brands. However, with GM still in bankruptcy limbo and the future/direction of the company in question, Penske saw the light and backed out of the deal. Coincidentally, Penske Automotive Group’s stock shortly there after got bumped up to “a good buy”.
Oct
05
2009
05
2009
Penske Got Smart and Pulled Out of Saturn
1 Comment »
RSS feed for comments on this post. TrackBack URL
Penske is a smart business man and I think it had more to do with the financial security of the dollar over the euro with the dealings with Renault and Samsung Motors. I’m sure he made the right decision but, it is sad to see that the deal turned out this way as I was genuinely excited to see what Penske could do with its own car brand.