Penske Automotive Group Inc. announced late today that it has ended negotiations to buy the Saturn brand from General Motors.
Penske cited concerns about what it called “the future supply of vehicles beyond the supply period it had negotiated with GM” during the due diligence process.
“The company had negotiated a definitive agreement with GM to source [...]
Tom LaSorda, who retired at the end of April as Chrysler president and vice chairman, has a new job: he has joined Penske Automotive Group as an advisor as the auto retailer considers a bid for Saturn’s distribution network.
A spokesman for Penske confirmed an earlier Bloomberg News report that LaSorda had been brought on as [...]
The Saturn Distribution Corporation, which was set up as an indirect General Motors subsidiary, sent a letter to customers to warn that it could become an independent marketing and distribution firm which does not build vehicles. GM has only committed to building Saturns through the 2012 model year. Thus, GM could stop making Saturns in [...]
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