The Journal says that Penske will take over the brands, trademarks, service and parts operations, as well as the distribution operations related to the Saturn brand. The report also notes that Penske will make deals with other auto makers (one possibility is Renault SA) to purchase vehicles that will fill out the Saturn portfolio.
Finally, the Journal is reporting that GM may shake up its management. CEO Frederick Henderson reportedly theorized that he may change some or all of the company's senior management. Henderson stated, "We have changes ahead," in response to a question about the magnitude of the change, but he would not provide any specifics, noting the need for more time to finalize the changes.
The news is coming fast and furious as far as GM is concerned. Watch for this to continue as there is a lot of work to be done to get the company out of bankruptcy. Let's see what kind of magic can be worked, if any.











Reader Comments (Page 1 of 5)
6-05-2009 @ 9:24AM
Hal said...
Hey Obama........... Jail the beaners and put real working, capable and experienced manufacturing people in charge of OUR investment. Jail the slackers and do something that has a chance of success. Let the car guys do the job they know how to do and lock out the politicians (you included) and get the car business back to business. We have built the arsenal that has kept our people free at great expense and effort. The politicians and bean counters never lifted a wrench. The hot air needs to cease and common sense needs to prevail. Put your nose to the grindstone and get it out of the air.
6-05-2009 @ 9:45AM
nickerson said...
I think this is a good move, will have someone who can really run the show, sure hope it's non union....
6-05-2009 @ 10:23AM
fredulavic said...
Boycott GM
6-05-2009 @ 10:29AM
Larissa said...
Buy GM cars they are GREAT! Brainwashed if you think GM cars are not great cars.
6-05-2009 @ 10:53AM
Duke said...
GM still has not addressed the demographics of who they plan to sell cars to, nor the kind of newer small cars they said they will make. The Cobalt and Sunfire are not the kind of car the Gen X and Gen Y kids want to buy. GM needs to take a look at the import cars the Gen X and Gen Y kids buy and then set out to make a better American made car to beat the imports in acceleration, economy, style, high tech ammenities, add on features like turbo charging, super charging, body panels for the lowered look, tuned exhaust, and sound enhancment to the radios and TV's in these supposed tuner cars. GM has lost the loyalty of the Gen X and Gen Y kids. They are the future of this country and want what they want. Not what the baby boomers want. So address the Gen X and Gen Y kids with what they want and GM can be saved. That is a tall order. The Gen X and Gen Y kids are very persnickity on what they drive and they think GM is wack. They want dope cars to look fly in.
6-05-2009 @ 11:10AM
Lliz Kimbl;e said...
General Motors is the best company in the world.
replacing top people will not fix the company.
FIRST: Get rid of Henderson - he is no better than the man he replaced. Put a NON-FINANCIAL PERSON IN HIS PLACE
6-05-2009 @ 12:06PM
p said...
"GM has agreed to finance a private-equity firm's buyout of Delphi Corp. Reportedly, GM will provide more than $2.5 billion of the $3.6 billion needed for Platinum Equity to purchase the parts manufacturer." --- Where is the bankrupt company getting $2.5 billion to finance the deal for the private-equity firm?
6-05-2009 @ 12:14PM
jaguarman4 said...
We as AMERICANS must wake up, we really need to be more buy american! and realize the rest of the world see s us as a consumer for its products and thats it. In the mean time GM, FORD, CHRYSLER need to act as though its a race to the MOON and get there A S A P
GOD BLESS AMERICA !!!!!!!!!!
6-05-2009 @ 12:33PM
gilbert morrow said...
Hmmm , buy American , Toyota , Nissan , Honda , nonunion made cars and trucks , nonunion true Americans , making good automobiles for America .
BOYCOTT UAW MADE CARS AND TRUCKS !
Penske is no better selling out to France , Renaults suck , so in the 80's pieces of crap just like the Fiat , junk cars , don't waste your money on one !
6-05-2009 @ 3:00PM
Brandon Lowery said...
Hey Duke, YOU sound like a GEN X or whatever??? About 8 years ago I told a bunch of upper management types that we should folow JAPANS lead.. 2009 GM goes Bankrupt? Hmmmm, seems like maybe someone shoulda listened to a LINE DOG! I ran a Die Cast machine for 18 of my 30 years ( Retired now ) and every time I tried to tell them about QUALITY concerns it was " Let third and first worry about that, just RUN IT! " And that was pretty much the order of the day. And of course the other two shifts did nothing as well, so that 0.01 breakout in the valvebody area grew to 0.10 in one and a half shifts! So yeah, THEY DID IT TO US! I just wish they would have listened 8 years ago.
6-05-2009 @ 2:05PM
trueamerican said...
TO gilbert morrow
First of all Toyota has UAW plants. And the UAW doesn't make a difference about if it is true American or not. As a matter a fact it was the UAW that helped change Americans work environment for the better. Think of ergonomics, Health and Safety rules, the attempt to keep jobs in America, that my friend is all due to Unions. I'm not saying everything the Unions have done have been the right things but they helped change our world for the better. Besides that everyone knows you can't judge every UAW member based on the example a few bad ones have made. No matter what field, trade, or career you look at 10% of the people are slackers or worse.
So I guess all and all if I have a choice to buy an American product made by a American company I am going to choice it. It is may patriotic serve of this country that makes me feel this way. It was my job as a American to support and defend America. And even though I am no longer in the Army I feel I as an American can so my part.
I have and will always buy American.
TO DUKE.
GM hasn't made the Sunfire in years. And you can purchase a Cobalt and Pontiac G 5 with a Tuner in them. Its the SS series. They are very fast and Gen X, and Y can do a lot of modifications to them to make them even faster.
6-05-2009 @ 2:15PM
dan said...
If health care and the banks weren't deregulated GM wouldn't be in this postion, like so many small businesses are in right now that are suffering from the lack of credit. It's time for single payer health care now. Send the message loud and clear to your congressman now, and tell them if they don't pass this you will vote them out, Republican or Democrat.
6-05-2009 @ 2:19PM
user542147 said...
Thank you Mr. Penske! Glad to hear that Saturn didn't go to the Chinese too. I own a 1998 SL2 and it's the best car I've ever had. I hope my next car will be another Saturn made in the USA.
6-05-2009 @ 2:21PM
mike said...
Buy American. Tax the imports like other countries do ours. I sell cars and what does every one want? Nissan, toyota and Honda. Some how we need to change that, add more import tax to them, and make american cars, nice, dependable and with a $20,000 max. price and let the imports charge $35-50,000 for them. As far as the government, they cant even run that yet, much less a car company!!
6-05-2009 @ 2:39PM
dan said...
In the 50's, 70's, when unions were strong, we had a GDP of 4%, and since the Reagan anti union, anti small business, Trade Deficits up, Debt up, and GDP have dropped to 3% or less, and now are suffering from another deregulated Republican Great Depression. When the middle class was strong, families were strong, and mothers stayed home to raise children during a strong America and union period. The Greenspan era of Free Markets at the cost to our economic system became America's economy, and manufacturing was outsourced to mostly East Asian countries, and now they are in charge of our economic system because they hold our debt, and American workers keep sliding backwards and losing jobs. The multinational corporations and Wall Street don't share our American interests first, only the share holders and CEOs. And the Asians, they are playing chess, and American businessman are playing checkers while Rome burns.
6-05-2009 @ 2:50PM
NKY101 said...
Unions have destroyed the American auto industry. Yes, they were a big help in the 30's and 40's, but NO MORE!! The wife of a friend of mine Works at the Ford truck plant in Louisville, KY and all she does is ride around in a golf cart checking trash bins, and when they are at a certain level she calls and has someone else come and empty them. She gets paid $27.00 per hour...now tell me that is not totally out of line. She also told me that the first $3000. of the price of all their vehicles goes to pay health care. Put them on the 80 - 20 plan like most of us are on, and lower the cost of the vehicles.
6-05-2009 @ 2:53PM
Teri said...
Dan -- wow -- you are 1,000% correct!
6-05-2009 @ 2:56PM
dan said...
I own a 2007 Silverado, and owned a 2007 Malibu Max, SS, and loved it, and wish I had it back. The Malibus are great cars, and the new ones are great looking and economical. Chevy has made a great leap forward as far as I'm concerned. I now own a Nissan Altima, and the Malibu I had was a better car in my opinion. I've owned a BMW 740i and was very impressed with it and didn't like the same year Lexus. So when you start bashing your homeland you really are saying you have no allegiance because you have been buying Asian for so long that you never really lived in the period when Americans took pride in their own mass produced products. It's all a Wall Street, Corporate propaganda that has been supported by a corporate controlled media and propagated buy Congressmen who have their campaigns paid for by them.
6-05-2009 @ 3:03PM
Deputy53 said...
I am happy, (as I can be), that Saturn is staying in the States. I bought on of the first 91 Saturns @Saturn of Clearwater, FL. I also bought a 94 SL2...and the worse peice of CRAP that Saturn ever built a 2001 LS1...built at the old Buick Regatta plant in Deleware.
Saturn was a GREAT car..when it was started by the "group of 100." And until Saturn was forced back into the small car devision of GM, they were great! However GM mucked things up..and WORST of all, started making the mid size Saturn in Deleware. This along with the engine's & drivetrain being totally uncompatable with the cars made in Spring Hill, TN...well the writing was on the wall!
The first 6 months I owned the 2001, it was in the shop more than my driveway. We are talking MAJOR repairs. Just a few: AC compressor EXPLODED 16 days after we brought it home. (Told the bolts holding it togeather were "too short" from factory-only 1 and 1/2 threads holding it.) I SHOULD have traded it in then. But Power steering system started to GROWL on ALL turns at day 33. (They replaced the PS pump & hoses.) The car was only getting 17 MPG in town from Day one. Saturn could not find anything wrong. At 1,000 miles I do like all my vehicles: Dump oil & filter. Put in synthetic oil AND transmission fluid. This always got me no less then 3 extra MPG right out of the gate...not THIS Saturn. Anyways, at 9,000 miles and change, the engine LOCKED up solid on the Interstate. The dealer, (and I) had to wait 12 DAYS for one from the factory. (New Car, engine made by Volvo, first year, ya-da,ya-da.)
Let's not write a book! Saturn's from 1991 to 1998 were the BEST! 1999-2004 not so good. All the other years caused me to go foreign when I bought my FIRST non US car. (Honda makes it-and I wish I would have bought one 10 years ago! I wish GM, (and us taxpayers) luck. There is NO easy fix.
6-05-2009 @ 3:07PM
trs912 said...
Yah, I hope Saturn falls into a deep abyss and is never seen or heard from again. I had one of those cars and the timing chain went out at 37k miles...the warranty ran out at 36k miles and Saturn wouldn't do anything for me...so yah, I'm happy to see them wither away. You never hear of any owners making pilgrimages to their car plant in Tennessee anymore...go figure.
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