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Do You Favor A Government Loan To The Detroit 3?

3958 messages,  Last post on Oct 02, 2009 at 4:52 PM

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#3956 of 3958 Re: Penske's Buyout of Saturn Unravels [dieselone] by michaell Oct 02, 2009 (11:37 am)
Replying to: dieselone (Oct 02, 2009 10:08 am) IMO, now that GM has restructured and trimmed it's vehicle portfolio, selling Saturn could mean an additional competitor down the road.   Close. It is my understanding that the deal with GM and Penske fell through because Penske couldn't find a supplier to stock the showrooms after the initial 18 month window with GM closed.   The particulars involved the Nissan-Renault alliance, with cars supplied by Renault's South Korean partner Ssanyong. Apparently, the BOD of Nissan-Renault rejected the deal because they didn't want the competition against Nissan in NA.   Since Penske had no source of product after 2011, he pulled the plug - and 350 Saturn dealers and 13,000 employees are now, possibly, out of work.   The deal would have been good for GM, since they would have collected some undisclosed amount of money for the dealer network. Now, "Old GM" has to write off Saturn from its books. Replies to this message: dieselone (Oct 02, 2009 1:38 pm)
#3957 of 3958 Re: Penske's Buyout of Saturn Unravels [michaell] by dieselone Oct 02, 2009 (1:38 pm)
Replying to: michaell (Oct 02, 2009 11:37 am) Close. It is my understanding that the deal with GM and Penske fell through because Penske couldn't find a supplier to stock the showrooms after the initial 18 month window with GM closed.   I had read that too. But I was just looking at GM's side of the equation. Sure, GM would like to sell Saturn and needs the cash, but down the road, I think Saturn being gone and not a competitor will probably be good for GM.
#3958 of 3958 Re: Penske's Buyout of Saturn Unravels [kernick] by hpmctorque Oct 02, 2009 (4:52 pm)
Replying to: kernick (Oct 02, 2009 8:50 am) Sorry if the wording of my message (#3953) was misleading, because I knew the Penske-GM deal had collapsed when I wrote it.

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