Penske To Give Saturn A Spin
Production of the Saturn Sky (above) is to be
discontinued by GM. Hence, it won't be in the Saturn line-up when the Penske deal is complete.
8th June, 2009
General Motors Corp. and Penske Automotive Group confirmed
on Friday some details of a proposed transaction under which Penske would acquire the Saturn brand from
The brand, which is only available in North America, is wholly owned by General Motors. Saturn was to
have been dumped by the financial troubled GM by the end of this year.
The proposed transaction is part of GM’s rebuilding efforts outlined in the viability plan that was
submitted to the U.S. government earlier this year. Under the terms in the memorandum of understanding,
Penske would obtain the rights to the brand as well as certain other Saturn assets. GM would continue
production, on a contract basis, of the Saturn Aura, Vue and Outlook.
“This is the combination of two iconic teams: Saturn and Penske,” said Saturn general manager
Jill Lajdziak. “GM had the vision to create Saturn and has the desire to see it succeed in the
“Saturn has a passionate customer base and outstanding dealer network,” said Roger Penske,
chairman of Penske Automotive Group. “For nearly 20 years Saturn has focused on treating the customer
right. We share that philosophy, and we want to build on those strengths.”
Saturn began selling cars in 1990 and has sold more than 4 million vehicles. More than 80 per cent of
those vehicles are still in operation, according to data from RL Polk. Saturn has regularly scored among
the industry leaders for non-luxury brands in customer satisfaction surveys.
“There has been a groundswell of support for Saturn, with our retailers and owners urging us to
save the brand,” said Lajdziak. “We heard their call loud and clear, and it inspired us as we
worked to secure Saturn’s future.”
The transaction is expected to close in the third quarter of this year and is subject to customary
closing conditions and regulatory approvals. Financial terms of the agreement will not be disclosed at