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MONDAY, NOVEMBER 23, 2009
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Racing Legend Penske Will Buy Saturn From GM

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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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ClingingToHope
Jun 5, 09 10:57 AM CDT
Go, Penske! Keep Saturn out of the greedy hands of Chairman Obama and his fascist (yes, libs, fascist. Look it up.) associates. Reply
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Fondue
Jun 5, 09 12:28 PM CDT
How about, you make an accusation and then back it up yourself. The only fascists in this country are those purging the GOP.
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+1
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anchower
Jun 5, 09 3:53 PM CDT
Sounds a lot more like Bush than Obama to me: 2 a : any program for setting up a centralized autocratic national regime with severely nationalistic policies, exercising regimentation of industry, commerce, and finance, rigid censorship, and forcible suppression of opposition b : any tendency toward or actual exercise of severe autocratic or dictatorial control (as over others within an organization)
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0
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Doctor_Zaius
Jun 5, 09 8:20 PM CDT
Don't get technical with facts anchower. Facts are like kryptonite to a right winger.
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shonangreg
Jun 5, 09 10:01 PM CDT
I wish there were a few more buttons to click here. Thumbs Up and Thumbs Down just doesn't cover it. We need a "Stupid" button (not for angry disagreement, but for un-thoughtout stupid comments) and a troll button. Having a conversation with someone I disagree with can be stimulating. Trying to argue with someone who says little, but insults much, is a waste of life.
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+1
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