GM has been trying to complete a sale of their Saturn division to Penske Automotive Group since their own bankruptcy. Part of their attempt to get back into normal business operations was to shed certain brand names, one of the most prominent being Pontiac, announced back in April. The sale of Saturn would serve dual purposes: getting GM out from under another brand name and bringing in desperately-needed cash. It now appears the deal with Penske has fallen through. GM has decided to kill off the Saturn division:
GM CEO Fritz Henderson said in statement that Saturn and its dealership network will be phased out.
“This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality,” Henderson said in a written statement. “PAG’s announcement explained that their decision was not based on interactions with GM or Saturn retailers.”
In a statement, the Bloomfield Hills, Mich.-based auto retailer says an agreement with another manufacturer to continue producing Saturn vehicles after GM stopped making them fell through, leading Penske to terminate talks with GM.
I never owned a Saturn, myself, but I’ve had friends and family members who did. BY all of their accounts, the cars seemed to be well-built and affordable to own and operate. It’s a little puzzling to me that GM couldn’t use Saturn in their bid to… well, not be a government-owned agency. In any case, chalk up another vehicle badge to the history books.