DETROIT (AP) -- General Motors Co. said Wednesday it would shut down its Saturn brand after an agreement with Penske Automotive Group Inc. to acquire it fell apart.
Penske, citing concerns of whether it could continue to supply vehicles after a manufacturing contract with GM ran out, ended talks with GM Wednesday to acquire the brand.
GM CEO Fritz Henderson said in statement that Saturn and its dealership network will be phased out.
"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," Henderson said in a written statement. "PAG's announcement explained that their decision was not based on interactions with GM or Saturn retailers."
In a statement, the Bloomfield Hills, Michigan-based auto retailer says an agreement with another manufacturer to continue producing Saturn vehicles after GM stopped making them fell through, leading Penske to terminate talks with GM.
Penske said it negotiated terms and conditions to make Saturn cars with another manufacturer, but that company's board of directors rejected the agreement. Penske spokesman Anthony Pordon would not identify the other manufacturer.
"Without that agreement, the company has determined that the risks and uncertainties related to the availability of future products prohibit the company from moving forward with this transaction," the company said in a statement.
In June, GM and Penske agreed to take over the Saturn brand and related dealerships, although GM would produce the vehicles for a limited period of time.
GM said Saturn vehicle owners can still go to their Saturn dealer for service and would be able to go to a certified GM dealer for service once Saturn dealerships are closed.
It was expected that GM would announce the completion of Saturn's sale to Penske in the coming days.
Share of Penske fell $1.93 to $17.25 in after hours trading. They rose $1.32, or 7.4 percent to $19.18 in regular trading Wednesday.
I pick you. (since you both posted at teh same time...)
Not really going to miss them. Heck, I hate those saturn advertisements on tv where the guy bitches that saturn makes cars people want. No they dont, if they did, they wouldnt be going by by.
Bought a new GTO in 06 and Pontiac goes out of business, Bought a new Saturn Sky in 06 and they go out of business. Damn it Maybe I'll buy a Toyota and my luck will hold
So, you are to blame for both companies going under.
Quote:
Originally Posted by Ironmancan...
Bought a new GTO in 06 and Pontiac goes out of business, Bought a new Saturn Sky in 06 and they go out of business. Damn it Maybe I'll buy a Toyota and my luck will hold
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Thinks K&N should make underwear. After all, underwear is just a filter.
my mom wanted a Pontiac Solstice - dad wouldn't let her get it since Pontiac was being closed down-
he made her get a Sky instead -
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my mom wanted a Pontiac Solstice - dad wouldn't let her get it since Pontiac was being closed down-
he made her get a Sky instead -
Whats really the big deal if a brand goes under? I mean, it will hurt somewhat on the depreciation end, but if you get the car at a discount and you can handle the depreciation, whats the big deal? In GM's case, the warranty will be honored by a GM dealer. Maybe I just don't understand it.
Whats really the big deal if a brand goes under? I mean, it will hurt somewhat on the depreciation end, but if you get the car at a discount and you can handle the depreciation, whats the big deal? In GM's case, the warranty will be honored by a GM dealer. Maybe I just don't understand it.
this was my dad's logic - not mine - ya ever tried to argue with a 67 year old?
they also live in a small town- I think some of his concern was having to drive 50 miles to the nearest Pontiac dealer -
Saturn had one of the highest brand loyalties. But they had a hard time getting new customers. I once again blame the dealers.
All seven customers.
Seriously tho, Saturn customers are a lot like Subaru customers ... they're all very strange ... and many are driven by old people refusing to go faster than 20MPH below the speed limit.
Yup. My family has owned several variations of saturns. My daily driver is a 2001 SL1 -- 110k and going strong. It's really a shame because most saturn's were a great bargain price, especially if they were used.
When Saturns came out it was IMO the best small car available from any manufacturer. Great dash and instrument panel layout, basically the first with a "low-lift" trunk entry that is now copied in every car, and the smoothest shifting auto trannies as any car on the market at the time. Solid engine too....along with good handling since it had wider tires than every other small car on the market at the time.
Their biggest downfall in my opinion was a sticker price in line with the sticker for other cars in its class but the "company policy" that you pay sticker price. It was a good idea but then you have to have a lower sticker price than the other manufacturers since nobody pays sticker for the other cars!
not a fan of the roadster i see...... meh drop an LSx in one of them and im sure you would see the light...
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Light the Tires and Start Some Fires
Future Purchases in Mind..... One Saturn Sky Redline, One Pontiac GTO, One Chevy Camaro, One El Camino/Maloo, One Ducati 999R One VWR32, One Jeep Rubicon, One Subaru WRX/Audi S4, One Mitsubishi 3000GT VR-4, One Harley Twin Supercharged, and im going to steal a F-15 Eagle....
Good. I'm still pissed that I bought a 1997 SC2 back in 1999 with 12k miles on it from the local Saturn dealer. I thought it was sweet...manual, sunroof, leather and nice cold A/C. I paid $12,000 in CASH for that thing when I was 20....biggest mistake of my life when looking back!
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His: 2006 Magnum R/T AWD - Brilliant Black
SC 91 tune, Bassani CB, Mesh Grille
2004 GTO Owner
Maybe I'll buy a Toyota and my luck will hold
