Yesterday Penske Automotive Group announced that it has cancelled plans to acquire General Motors’ Saturn unit. As a result, GM said it will wind down the brand and dealer network, potentially putting 13,000 Saturn dealership jobs at risk.
The reason the gave for walking away from the deal was that they were unable to find a manufacturer to make Saturn cars when GM stops producing models sometime after the end of 2011.
So just like Oldsmobile, Saturn will become
a collectors item dead.
Sure glad we gave them that bailout money and cash for clunkers to keep going. As the rest of the bailout money has shown all we did was delay the inevitable at the cost of tax payers now it just looks like a few more thousand other folks joining the unemployment line.