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BREAKING: Penske Terminates Discussions with GM on Saturn After Failing to Agree with Third Party Automaker

This just in; Saturn will quickly be history as Penske Automotive Group (PAG) introduced these days that it has ceased discussions with General Motors to buy the nameplate, ultimately sealing the destiny of the logo. The automobile retailer said that it terminated the talks not because of a confrontation with GM, but because of concerns associated with the future supply of vehicles beyond the agreed period it had negotiated with the Detroit maker.

In particular, Penske had negotiated a address General Motors to supply its vehicles on a contract-synthetic foundation for a selected period of time, and then, the company could source automobiles from another maker underneath a comparable settlement-manufacturing settlement.

Penske said that it had negotiated the phrases and situations of an agreement with every other manufacturer (now not GM, a 3rd birthday party), however as it became out, the unnamed manufacturer's board of administrators rejected the agreement."Without that agreement, the enterprise has determined that the dangers and uncertainties associated with the availability of destiny merchandise restrict the company from moving ahead with this transaction," stated Penske in a prepared declaration.

GM stated that it simply found out about Penske's choice to terminate talks noting that the news is "very disappointing" and that it "comes after months of hard work by hundreds of committed personnel and Saturn shops who tried to make the new Saturn a truth."

"As a result of PAG's choice, we will be winding down the Saturn brand and dealership community, in accordance with the wind-down agreements that Saturn sellers currently signed with GM. Pursuant to the terms of these agreements, the wind down manner could be determined and communicated rapidly," said GM's President and CEO, Fritz Henderson.

General Motors stated that Saturn customers and proprietors will retain to have the ability to buy and provider their vehicles at Saturn retailers for the duration of this procedure while whilst the wind down is complete, they'll be able to carrier their automobiles at different GM dealerships.

"Today's disappointing information comes at a time while we would was hoping for a a hit launch of the Saturn brand into a brand new chapter. We may be operating intently with our dealers to ensure Saturn customers are cared for as we transition them to different GM sellers inside the months ahead. I'd additionally like to thank every GM worker and Saturn store who labored so hard to try to make this new beginning occur for Saturn," stated Henderson.

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