Saturn going the way of the dodo bird

[opelwasp]

http://finance.yahoo.com/news/GM-to-...&asset=&ccode=


GM to shut down Saturn after Penske walks away

GM to shut down Saturn after Penske terminates talks with GM on uncertain future assembly

* By Kimberly S. Johnson, AP Auto Writer
* On Wednesday September 30, 2009, 5:07 pm EDT

DETROIT (AP) -- General Motors Co. said Wednesday it would shut down its Saturn brand after an agreement with Penske Automotive Group Inc. to acquire it fell apart.

Penske, citing concerns of whether it could continue to supply vehicles after a manufacturing contract with GM ran out, ended talks with GM Wednesday to acquire the brand.

GM CEO Fritz Henderson said in statement that Saturn and its dealership network will be phased out.

"This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality," Henderson said in a written statement. "PAG's announcement explained that their decision was not based on interactions with GM or Saturn retailers."

In a statement, the Bloomfield Hills, Michigan-based auto retailer says an agreement with another manufacturer to continue producing Saturn vehicles after GM stopped making them fell through, leading Penske to terminate talks with GM.

Penske said it negotiated terms and conditions to make Saturn cars with another manufacturer, but that company's board of directors rejected the agreement. Penske spokesman Anthony Pordon would not identify the other manufacturer.

"Without that agreement, the company has determined that the risks and uncertainties related to the availability of future products prohibit the company from moving forward with this transaction," the company said in a statement.

In June, GM and Penske agreed to take over the Saturn brand and related dealerships, although GM would produce the vehicles for a limited period of time.

GM said Saturn vehicle owners can still go to their Saturn dealer for service and would be able to go to a certified GM dealer for service once Saturn dealerships are closed.

It was expected that GM would announce the completion of Saturn's sale to Penske in the coming days.

Share of Penske fell $1.93 to $17.25 in after hours trading. They rose $1.32, or 7.4 percent to $19.18 in regular trading Wednesday.

[ghcoe]

Should drop the resale value of Saturns to a point that I can afford a newer Opel.

[Ooooner]

I wonder if the "New" Opel GT will get to come to the United States now that Saturn and Pontiac are going under.... Hummmmm

[hrcollinsjr]

Originally Posted by Ooooner I wonder if the "New" Opel GT will get to come to the United States now that Saturn and Pontiac are going under.... Hummmmm

Roy,

The Solstice, Sky, and GT are all made in the GM Delaware plant.

Who's yo Daddy?

Harold is!

[Ooooner]

Originally Posted by hrcollinsjr Roy, The Solstice, Sky, and GT are all made in the GM Delaware plant. Who's yo Daddy? Harold is!

Heck... I know they were all made at the GM Delaware plant! I was just curious as to whether or not they will let some of the GT's stay here now!

Who's yo Daddy now?

[Opelkurt]

GM's purchase agreement with Opel's new majority owner, Magna, specifically prohibits the sale of Opel-badged vehicles in the US.

The last I've heard, Canada may some day see Opels again as Magna is a Canadian company.

-Kurt

[Rionart]

I was at my local Saturn dealer last Saturday, he had 3 Astra's to move, then they were shutting the doors.
I was minutes too late to snap up a brand new '09 Astra 3 door with all the bells and whistles for C$19,000...a far cry from the C$25,500 list price!!
According to his info, the ban on Opel also covers Canada...I hope not!!
I'll have to get Frank round for a beer and see if he will spill the beans....

[hrcollinsjr]

Originally Posted by Ooooner Heck... I know they were all made at the GM Delaware plant!

No you didn't! Meet me at Fat Boys Oct. 30 and we'll discuss it there in the parking lot or inside or both!

Harold

[Aardvaark]

Considering Saturn has never made a profit and only broke even a couple of years for GM. Plus it never fullfilled it's stated goal to sell import competitive
vehicles with only a maybe couple of Opel based exceptions. I have always been puzzeled why Saturn ever happened in the first place, because In 1985 when Saturn was ceated GM already had too many GM divisions.......
It was just another dumb decision by a dumb company leadership.

[Ooooner]

Originally Posted by hrcollinsjr No you didn't! Meet me at Fat Boys Oct. 30 and we'll discuss it there in the parking lot or inside or both! Harold

OK, big boy! It's a date!

[Ooooner]

I know this makes way too much sense but it seems to me that the very cars that would be competing against the Opel GT are now history. So why not sell the Opel GT here in the US?

[bellamy]

I was unaware of the end of Pontiac......when was this announced?

[Aardvaark]

Originally Posted by bellamy I was unaware of the end of Pontiac......when was this announced?

During the congressional hearings on GM recieving the bailout money.
GM said:
Pontiac would finally die. Saturn would be sold or closed. Hummer would be sold or closed (It sold). Saab would be sold or closed (it sold). Opel/Vaxhaull would be sold or closed (it appears that GM will keep.) Am I forgetting anything?

[jordan]

Originally Posted by Aardvaark During the congressional hearings on GM recieving the bailout money. GM said: Pontiac would finally die. Saturn would be sold or closed. Hummer would be sold or closed (It sold). Saab would be sold or closed (it sold). Opel/Vaxhaull would be sold or closed (it appears that GM will keep.) Am I forgetting anything?

So I assume that the US Kappa model cars (sky and solstice) will just become orphaned? Is there a way for GM to put select popular models under another production name or is there too much red tape?

[bellamy]

Originally Posted by Aardvaark During the congressional hearings on GM recieving the bailout money. GM said: Pontiac would finally die. Saturn would be sold or closed. Hummer would be sold or closed (It sold). Saab would be sold or closed (it sold). Opel/Vaxhaull would be sold or closed (it appears that GM will keep.) Am I forgetting anything?

I knew they said they were losing a few badges and Pontiac was one but I didn't hear that it was official.

[newman27]

Originally Posted by jordan So I assume that the US Kappa model cars (sky and solstice) will just become orphaned? Is there a way for GM to put select popular models under another production name or is there too much red tape?

They are orphans (all my cars are orphans now). The Delaware plant was shut down some months ago and all workers released. The Kappa platform is no more. What is out there in the world is all there will ever be. Even the G8, which is a fantastic car that got great press, will not be rebadged. Bob Lutz implied that it would live on as a Chevy but the new GM CEO quickly refuted that and Bob backed down.