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Racing Legend Penske Will Buy Saturn From GM

By M. Morris,  Newser Staff

Posted Jun 5, 2009 10:19 AM CDT
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(Newser) – Roger Penske, the racecar driver turned business tycoon, will buy the Saturn brand and dealer network from GM. The deal will save 350-plus dealerships and some 13,000 jobs if it goes through, the bankrupt parent company said in confirming the tentative agreement. The price is between $100 million and $200 million, a source told Bloomberg.

Under the deal, which could close as soon as the third quarter of this year, GM will continue to supply vehicles to Saturn for 2 years, after which the Penske-owned company will import its stock, the Detroit News reports. The supplier isn't set yet, but the agreement won't be a long-term one, Penske vowed: "Our ultimate goal is to have those vehicles built in the US," he said.

Chrysler and Saturn dealerships are seen in Lowell, Mass. Thursday, Feb. 19, 2009.
Chrysler and Saturn dealerships are seen in Lowell, Mass. Thursday, Feb. 19, 2009.   (AP Photo/Winslow Townson)
In this 2008, file photo, Ryan Newman (left) celebrates with car owner Roger Penske after his win in the NASCAR Daytona 500 auto race at Daytona International Speedway.
In this 2008, file photo, Ryan Newman (left) celebrates with car owner Roger Penske after his win in the NASCAR Daytona 500 auto race at Daytona International Speedway.   (AP Photo/John Raoux, File)
In this Feb. 19, 2009 file photo, the Saturn logo is seen on a car at a dealership in San Antonio.
In this Feb. 19, 2009 file photo, the Saturn logo is seen on a car at a dealership in San Antonio.   (AP Photo/Eric Gay, file)
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COMMENTS
Showing 3 of 13 comments
Rembrandt_Q_Einstein
Jun 6, 2009 11:04 AM CDT
Woah there Fondue. I don't think our conservative "friends" can absorb let alone read something that wasn't written at a 3rd grade level (i.e. anything written by Coulter, Hannity, Limbaugh) you best bet is to pare it down to something that can fit on a bumper-sticker, that they can handle.
Doctor-Zaius
Jun 6, 2009 1:20 AM CDT
Don't get technical with facts anchower. Facts are like kryptonite to a right winger.
Fondue
Jun 5, 2009 10:25 AM CDT
Just finishing up that one sentence: ...even though the subversion thereof would entail the destruction of much that was worthwhile". Seymour Martin Lipset sees fascism as "extremism of the center". In some two dimensional political models, such as the Political Compass (where left and right are described in purely economic terms), fascism is ascribed to the economic centre with its extremism expressing itself on the authoritarianism axis instead.

Penske beat out more than a dozen other suitors
Detroit Free Press

 
bankruptcy • General Motors • Saturn • auto industry • Big Three • Roger Penske

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