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Old 05-05-2009, 02:52 AM   #1
AVANTI R5
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Default Penske wins bid as Saturn buyer *Merged*

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Roger Penske is considering a bid for General Motors Corp.'s Saturn brand.

Penske is the highly successful head of Bloomfield Hills-based Penske Automotive Group, Inc., which operates more than 300 dealer franchises in the United States and internationally, selling 40 different brands.

The billionaire Detroit booster, who oversaw the city's Super Bowl XL preparation, has accomplished almost everything in the auto industry, from racing cars to building engines as owner of Detroit Diesel Corp. to snagging exclusive U.S.

distribution rights for the iconic Smart minicar. But buying a brand and building vehicles would pose a new challenge"We have been offered an opportunity to look at Saturn," Tony Pordon, a spokesman for Penske Automotive Group, said Monday. "It's very premature to assume anything will be done. I can confirm to you that we are looking at it."
Word of Penske's interest came as General Motors Corp. said Monday it is preparing to review proposals from several suitors for its endangered Saturn brand and has hired an adviser to secure a deal later this year.

GM is working with the S.J. Girsky & Co. on the transaction. The firm is headed by Stephen Girsky, who has been an adviser to the United Auto Workers and GM, and is a well-known former auto analyst for Morgan Stanley.

Last week, GM President and Chief Executive Officer Fritz Henderson said several suitors had submitted "concepts" for acquiring Saturn and its retailer network. One bidder, Telesto Ventures, proposed to initially distribute GM-built vehicles through Saturn's 439 dealerships in North America and eventually offer small, fuel-efficient vehicles produced by several manufacturers, most of which would be sold under the Saturn brand.

The group, which includes Oklahoma City-based private equity firm Black Oak Partners LLC and several Saturn dealers, submitted a bid last month, terms of which were not made public.

GM did not identify the other suitors but will continue to look at proposals until early June. The list of potential investors will be narrowed to three or four in hopes of securing a deal by perhaps the end of the third quarter, Saturn spokesman Steve Janisse said today.

The automaker, which is subsisting on $15.4 billion in federal loans, is shedding brands as it restructures into a leaner, smaller company.

GM is focusing on four core brands -- Chevrolet, Cadillac, Buick and GMC -- and eliminating or trying to sell Saturn, Saab, Hummer and Pontiac.
http://www.detnews.com/article/20090...385/1148/rss25
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Old 05-05-2009, 09:47 AM   #2
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WOW now that could be a interesting move on penske's part...


would that mean every saturn has bad ass suspension from the factory?
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Old 05-05-2009, 09:49 AM   #3
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If Fiat buys Opel, then what does Saturn have?
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Old 05-05-2009, 09:57 AM   #4
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Even if this rumor turns out to be completely false, that is still some bizarre news.


2009 will go down as possibly being the strangest year in the automotive industry ever.
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Old 05-05-2009, 04:58 PM   #5
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Originally Posted by Hazdaz View Post
Even if this rumor turns out to be completely false, that is still some bizarre news.

why is that? Penske is a legit LBO shop with lots of operational experience.
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Old 05-05-2009, 11:43 PM   #6
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imagine penske edition sky redlines.............sweet!
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Old 05-06-2009, 11:37 AM   #7
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Hmmm. I'd be willing to overlook the typical crappy GM interior for a set of full-on recaros and a cage!
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Old 05-06-2009, 01:34 PM   #8
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my guess is if this is true, he is looking at the name and facilities only. He could actually have a following on a brand new car of his design just by slapping Saturn and "American Made" on it.
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Old 06-05-2009, 07:20 AM   #9
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Default Penske Automotive wins bid for GMs Saturn, report says

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Entrepreneur Roger Penske's Penske Automotive Group, the second-largest U.S. car retailer, is the winning bidder for General Motors' Saturn, Bloomberg News reported.
An announcement may come today in Detroit, the news service said, citing a person familiar with the decision. The purchase price will be $100 million to $200 million, Bloomberg said.

The Detroit News said on Thursday that Penske is the likely buyer. The paper quoted a Saturn spokesman saying negotiations are continuing around the clock and a decision may come soon,

A Saturn deal would mark the second agreement to sell a brand since GM's bankruptcy filing on Monday. On Tuesday, GM said it had a preliminary accord to sell Hummer to China's Sichuan Tengzhong Heavy Industrial Machinery Co.
Investment bankers have said Hummer would fetch about $100 million in cash, down from initial expectations of $500 million to $750 million.

Hummer was put up for sale a year ago, when soaring gasoline prices were crimping sales. GM decided to sell Saturn and Saab as its financial crisis intensified. GM also plans to shut down its Pontiac brand.

Penske's dealership group is the exclusive distributor of Daimler AG's Smart micro cars in the United States.
http://www.autonews.com/article/2009...906059992/1078
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Old 06-05-2009, 10:43 AM   #10
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Default GM to sell Saturn Brand to Penske

GM to sell Saturn Brand to Penske

http://www.cnbc.com/id/31122832

Quote:
General Motors has signed a memorandum of understanding to sell its Saturn brand to former race car driver and auto dealer Roger Penske.

Penske, who owns the Penske Automotive Group [PAG 15.264 0.664 (+4.55%) ] dealership chain, told reporters on Friday that he plans to offer all 350 Saturn dealerships new franchise agreements. He says Saturn's 13,000 employees will stay on with the company for at least the immediate future.

He declined to name the price for the deal.

Penske says GM [GMGMQ 0.915 0.169 (+22.65%) ] will continue to produce Saturn vehicles, though he is in discussions with manufacturers worldwide about building the vehicles going forward.

Penske Automotive Group also distributes Daimler's Smart subcompacts in the U.S., but Smart has its own dealership network and Saturn dealers would not distribute the tiny cars, a preson familiar with deal said ahead of the announcment.

Initially GM would continue to make cars for Saturn, but Penske would also sign deals with other automakers to manufacture vehicles for the brand, said both people, who asked not to be identified because the plans have not been made public.

Penske Automotive owns the second-largest U.S. automobile retail chain in terms of sales. It also owns heavy-duty engine manufacturer Detroit Diesel and has race teams in the IndyCar, NASCAR and Grand-Am series.

"Saturn, obviously, is one of the divisions which General Motors is either going to sell or close down and we have a distribution experience bringing the Smart Car into the United States," he said in a May interview with The Associated Press.

GM's Saturn: A New Era And Chance to Shine

http://www.cnbc.com/id/31122914/

Quote:
Whenever I tell people that Saturn has been a neglected, and potentially highly profitable jewel in the GM family of brands, people look at me like I've got three heads.

They point out Saturn's line-up of vehicles have been largely unimpressive (yes, a few were so bland even cars from communist Russia had more personality) and the brand never made money for GM [GMGMQ 0.92 0.174 (+23.32%) ] . True, but those things obscure the potential of Saturn.

Now we will find out if a new owner, with a fresh perspective, can spin Saturn into a new orbit. Penske Auto Group is buying Saturn and with it, a distribution network that is among the best in the industry.

Most people know Penske CEO Roger Penske because of his success owning and running Indy car race teams. What most of the public does not realize is just how savvy Penske is at running an auto dealer network.

That's why Penske buying Saturn is a "win, win" for him and Saturn fans. Penske wins because the Saturn Distribution Network is among the best in the auto business. The Saturn dealers picked by GM when it started the brand are in the upper tier.

Go check out a Saturn dealership, and you'll see why people generally give Saturn dealers high marks. It's also a win for Saturn fans because Penske will give the brand the attention (read: new product) it needs to thrive.

That's what Saturn needs. It needs an owner who realizes fresh, distinctive models married to the Saturn dealership experience could be a winning, and profitable combination.

Penske and his team will work with GM initially to build Saturn models, but eventually I expect future models to come from other auto makers around the world. Renault out of France is one possibility. As long as they are not bland duplicates (as they were for many years at GM), Saturn fans won't care if the man on the moon builds them.

One thing is certain, a new era is about to start for Saturn. The little brand with so much promise is finally going to get a chance to shine.
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Old 06-05-2009, 10:51 AM   #11
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I'm starting to think the breakup of GM's brands to smaller, independent companies (assuming they are successful) may actually be a good thing. You won't see economies of scale and low prices, but it will allow more diversity and hopefully result in fewer cars built to the lowest common denominator. Autoweek reported a week or so ago Penske was in talks with Renault and Nissan.
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Old 06-05-2009, 10:52 AM   #12
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I deal with Penske a lot (their truck rental division anyway). Seems like a pretty well put together group.
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Old 06-05-2009, 11:03 AM   #13
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Astra and Sky are dead....

No more Opel cars for the US?
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Old 06-05-2009, 11:09 AM   #14
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Quote:
Originally Posted by darknightohio View Post
Astra and Sky are dead....

No more Opel cars for the US?
You never know; Opel's no US rule may exist because they will be brought in as Buicks. There's just no real information at the moment.
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Old 06-05-2009, 11:41 AM   #15
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So Saturn's got the Penske file?
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Old 06-05-2009, 11:51 AM   #16
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Quote:
Originally Posted by darknightohio View Post
Astra and Sky are dead....

No more Opel cars for the US?
They confirmed that the Buick was going to sell one...
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Old 06-05-2009, 02:12 PM   #17
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i was hoping for a Sky coupe .....
dammit
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Old 06-05-2009, 03:05 PM   #18
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So Saturn's got the Penske file?
complete with the accordian style file folder?
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Old 06-05-2009, 03:17 PM   #19
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I like the way this all went down.

GM screws the pooch for decades, we finally bail them out and buy over 50% of the company as tax payers... Now that they got all of the money for the bailout they are selling off all their valuable assets and we the tax payers are going to get stuck holding the bag... as usual.

How you can get bailout money, then sell off all of your assets that are worth anything is really REALLY hard for me to understand.

What exactly did we bailout?
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Old 06-05-2009, 05:59 PM   #20
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I like the way this all went down.

GM screws the pooch for decades, we finally bail them out and buy over 50% of the company as tax payers... Now that they got all of the money for the bailout they are selling off all their valuable assets and we the tax payers are going to get stuck holding the bag... as usual.

How you can get bailout money, then sell off all of your assets that are worth anything is really REALLY hard for me to understand.

What exactly did we bailout?

Where do you think the money that GM is getting for selling all these units going to go?? There is no reason to think that we will not get back all the money that we loaned GM (and no, I am definitely not naive nor would anyone consider me overly positive, but rather I am being realistic here). The loans were structured so the government would be first in line to get any moneys owed to them before anyone got anything.

In the Financial world - with companies that got WAY the hell more than GM got - companies there are already talking about repaying their loans, so with a (hopefully) improving economy I don't see why GM can't do the same over the years.
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Old 06-05-2009, 06:05 PM   #21
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^ Also alot of the money is going to pay off suppliers so they can keep a healthy relationship amid to the GM being reborn.

Anyone seen their new commercial?
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Old 06-05-2009, 08:18 PM   #22
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then all penske has to do is find someone to build the cars! that should be a job in itself.
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Old 06-05-2009, 11:09 PM   #23
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Originally Posted by Yotsuya View Post
I'm starting to think the breakup of GM's brands to smaller, independent companies (assuming they are successful) may actually be a good thing. You won't see economies of scale and low prices, but it will allow more diversity and hopefully result in fewer cars built to the lowest common denominator. Autoweek reported a week or so ago Penske was in talks with Renault and Nissan.
It is definately exciting... if you are the optimistic type.
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Old 06-06-2009, 12:23 AM   #24
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then all penske has to do is find someone to build the cars! that should be a job in itself.
Somewhere in China is my guess.
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Old 06-06-2009, 12:50 AM   #25
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"Effort equals results". Roger Penske..............
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