Saturn Sale to Complete This Week

The sale of Saturn to Penske may conclude as soon as tomorrow, according to a report published by a US paper. The announcement of the sale is expected to be made as soon as Thursday, as previously hoped by Roger Penske. GM and Penske are trying to sign a final sale agreement ever since June, when the non-binding agreement was signed.

"I think that we're past midfield with GM. There are always issues that you have to deal with, but I think we're progressing well," Penske said back in July. "We've said that our goal is to close this transaction by the end of September, and we're prepared to do that."

According to the document signed at that time, the deal would save some 13,000 jobs and 350 dealerships across North America. Penske would get the rights to the brand as well as certain other Saturn assets, while GM would continue production for Penske of the Saturn Aura, Vue and Outlook.

The projected buyer of Saturn has asked the brand's dealers to continue with the new company. The move was required because Penske is the exclusive distributor of Daimler's smart and doesn't want to mix the two businesses.

In Canada however, rumors surfaced that Penske is considering closing the Saturn dealerships, due to poor sales and reduced interest for the brand.

The current Saturn CEO, Jill Lajdziak, is expected to leave the soon-to-be former GM brand. This rumor surfaced after the CEO is said to have asked GM to offer her an early retirement package, according to a person close to the matter.
If you liked the article, please follow us:  Google News icon Google News Youtube Instagram
About the author: Daniel Patrascu
Daniel Patrascu profile photo

Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
Full profile


Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories