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.
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Reader Comments (Page 5 of 5)
6-06-2009 @ 9:53PM
Tom said...
Amen. Saluki6695. We need to take one step at a time. Lets start with the American Flag. I went to the store to buy an American Flag and it was made in China. We need a foundation.
6-08-2009 @ 10:32PM
William Pantoja said...
What all consumers need to remember is that ALL corporations are COLD entities. Their CEO's answer only to their share holders. The corporations will do anything for PROFIT. The consumer only needs to shop for quality and dependability and if the products are made in the USA better yet! FORGET ABOUT LOYALTY! It is only good management and good employees that make a corporation what it is.
6-07-2009 @ 12:37AM
libfer said...
You gota be kidding, Saturn sux big time. What junk & now my 88 year old mother has to drive many miles to get service. Bought a new truck last year, went to chevy & dodge first, only they turned down my offer wanted more money THANK YOU cause TOYOTA sold me a loaded TUNDRA for what I was offering. You gotta ask whose going bankrupt and needing billion of govt dollars to stay open? WTF is going on?
6-07-2009 @ 6:23AM
Scottie Godwin said...
Saturn will survive. It won't take Obama and UAW and those lambs in congress long to ruin the rest of GM. Such a shame
6-07-2009 @ 10:58AM
RICHARD said...
Yes I agree that the Saturns from 2001-2004 were horrible cars. Our 2003 L300 self destructed after 60,000 miles. Everything went bad.. all the seals, grommets, the radiator etc etc. Have a foreign made car now and is far superior in quality and performance. I will never buy a GM product again.
6-07-2009 @ 5:52PM
GARPO said...
Buy American. Work Union!
6-07-2009 @ 9:10PM
N. H. Peters said...
Do you suppose the Oracle told Penske to buy it?
6-07-2009 @ 10:24PM
Dee Norton said...
This is for the crybabies out there that think the unions are bad.
Number one, you are probably one of those people that were just too lazy to get off your a---- and go to a union plant and apply for one of those good jobs.
Number two, where in the hell do you think the middle class came from, welfare?
I am a proud union menber and maybe you could be also, if, you would have made the effort.
6-07-2009 @ 10:46PM
GLENN said...
UNIONS DID GOOD YEARS AGO...NOW THEY ARE KILLING OUR COMPANIES AND COUNTRY WITH THEIR GREED AND POLITICS........I WILL NEVER EVER BUY A US UNION MADE AUTO AGAIN......PERIOD
6-08-2009 @ 12:03AM
Jim said...
Everyone that thinks Penske buying Saturn is a great thing better rethink what is really going to happen after he gets his hands in it. Penske has already stated that he is looking at foreign auto makers to build Saturn after GM stops making it for him in 3 years. I have added the link to one of the interviews that he makes this statement. He is also going to be openin his Vast dealership netork to any foreign auto maker that wants to sell cars in the states so they can directly compete with th BIG 3. This will mean more US auto workers out of work.
Now don't get me wrong i thought it was the best thing i had herd in a long time that Penske was going to buy Saturn, but after hearing and then reading his intrviews i have totally changed my mind and i hope he fails and falls flat on his face, I hope people stop buying cars from his dealerships just to let him know that he needs to support american workers that have made him the rich man that he is today.
Here is the link:
http://www.myfoxdetroit.com/dpp/news/auto_news/090605_penske_saturn
6-08-2009 @ 1:04AM
larry said...
Saturn stinks and is a bad investment. Stop making them. Americans started buying Japanese cars because of the quality and dependability. GM cars are ok if bought new, but try to buy one with close to one hundred thousand miles on it. It would be a bad move.
6-08-2009 @ 2:37AM
cmptrgru34 said...
Personally, I think that GM blew it. In 1996, they discontinued the Oldsmobile Ciera. Three years later, they did the same with the 88. On top of that, they cut production of the entire lineup.
6-08-2009 @ 4:25AM
NorskeMann82 said...
Before anyone gets their panties in a bunch about the government stepping in on these car companies, remember one thing, unions killed the companies. I can't count how many companies left America after the world trade agreement was signed. Many of whick wanted a tax break (thanks to uncle Sam) but most because they just couldn't afford to pay it's union workers the wages they think they deserve. Personally I refuse to buy an American made vehicle. I refuse to spend my hard earned money on American products to line the pockets of union members that don't know what a hard day's work really is.
6-08-2009 @ 8:31AM
NorskeMann82 said...
I'd like to add one more thing. Before any union members fly off the handle I'd like to point out that I worked for the Bricklayers local 6 in Rockford, IL. I was told by the foreman to "slow down, we need the work to last." The guys looked at me like I was a scab, now I realize that it is the unions that are lazy. They don't like a new guy to come in and show them what it looks like to work hard.
7-29-2009 @ 11:06AM
felix chesterfield said...
Will GM's bankruptcy affect a site like this for truck and auto parts ?