DETROIT, Michigan - October 1, 2009 - For those who expected General Motors' once-funky Saturn brand to live on with a new owner, there has been a sad twist. Saturn, once billed as a different kind of car company, appears as dead as Pontiac and Oldsmobile.
At the brand's 350 remaining dealers around the country, there were high hopes that a deal would be announced for GM to sell the brand to former racecar driver and auto industry magnate Roger Penske.
Instead, Penske Automotive Group Inc. announced Wednesday it is walking away from the deal, unable to find a manufacturer to make Saturn cars when GM stops producing models sometime after the end of 2011. GM then announced it would stop making Saturns and soon would close down the brand, just like it did with Oldsmobile in 2004 and soon will do with Pontiac.
The day's events mean an almost certain end to Saturn, a brand that was set up in 1990 to fight growing Japanese imports. Instead of celebrating a rebirth, the announcements sent dealers scrambling for ways to stay open and preserve about 13,000 jobs.
“I find this hard to believe,” said Carl Galeana, owner of two Saturn dealerships in suburban Detroit. “Everyone's been saying we're right at the goal line.”
At the brand's 350 remaining dealers around the country, there were high hopes that a deal would be announced for GM to sell the brand to former racecar driver and auto industry magnate Roger Penske.
Instead, Penske Automotive Group Inc. announced Wednesday it is walking away from the deal, unable to find a manufacturer to make Saturn cars when GM stops producing models sometime after the end of 2011. GM then announced it would stop making Saturns and soon would close down the brand, just like it did with Oldsmobile in 2004 and soon will do with Pontiac.
The day's events mean an almost certain end to Saturn, a brand that was set up in 1990 to fight growing Japanese imports. Instead of celebrating a rebirth, the announcements sent dealers scrambling for ways to stay open and preserve about 13,000 jobs.
“I find this hard to believe,” said Carl Galeana, owner of two Saturn dealerships in suburban Detroit. “Everyone's been saying we're right at the goal line.”