“Wichita Saturn dealer to close - Wichita Eagle” plus 4 more |
- Wichita Saturn dealer to close - Wichita Eagle
- Saturn dealers, owners shocked over brand's end - News-Star
- GM to shut down Saturn after Penske walks away - Daily News Journal
- Penske Automotive (NYSE: PAG) Backs Out of Saturn Talks with GM (NYSE ... - Transworld News
- Saturn dealers, owners shocked over brand's end - News-Star
| Wichita Saturn dealer to close - Wichita Eagle Posted: 01 Oct 2009 11:17 PM PDT BY JERRY SIEBENMARKThe Wichita EagleWICHITA — Saturn of Wichita said in a statement today that the dealership that operates two locations in the city plans to close. The announcement comes a day after Penske Automotive Group dropped its bid to purchase Saturn from General Motors. GM said Wednesday it would stop manufacturing Saturns and soon close down the brand. "The recent Penske news came as a large shock to our Saturn of Wichita team members," said the statement, signed by owner Scott Davies. The statement said Saturn of Wichita's service employees will move to the Scholfield Automotive Group and that Saturn owners could get their cars serviced at Scholfield Buick GMC at 7633 E. Kellogg or at Scholfield Hyundai at 757 N. Tyler. Saturn factory warranties and warranty claims will continue to be honored at Scholfield, the statement said. The statement said the dealership will release a closing date once it's been set.  This posting includes an audio/video/photo media file: Download Now |
| Saturn dealers, owners shocked over brand's end - News-Star Posted: 01 Oct 2009 11:10 PM PDT (2 of 3) Many Saturn dealers have already been through difficult times recently, hit by a combination of one of the worst downturns in auto sales in decades and the uncertainty about the brand's future. In a clear sign of that pain, GM reported Thursday that Saturn sales were down 84 percent in September from a year ago. But about 13,000 jobs are still tied to Saturn, the vast majority of them at dealerships. GM had a midday conference call with dealers to discuss the closures. Dealers said executives expressed shock and disappointment that the Penske deal fell through, but didn't provide much detail on the specifics. The mood was grim Thursday at dealerships, where owners said they were blindsided by the news. "This is nothing short of the bride running away at the altar," said Lou Gonzales, president and owner of the Saturn of Antelope Valley dealership in Palmdale, about 60 miles north of Los Angeles. "The millions of Saturn customers across the United States, I'm sure are disappointed. But they will not be left out in the lurch." At Day Automotive, owner Bill Numrich said he planned to keep selling Saturns as long as he could. "We still have a Saturn customer base that we have to service," said Numrich. GM spokesman John M. McDonald said GM estimates it will take 4 months to sell the existing inventory of 12,000 Saturns. Dealers believe it could take longer, worried they will have difficulty selling a lame-duck brand to customers Martin was weighing whether to run his lot as a used car business or shift his employees over to the Chevrolet dealership he also operates nearby. He has only about 25 Saturns left on his lot after the popular Cash for Clunkers program, but said he hoped GM would offer some generous incentive programs to help dealers sell out the cars that remained. There are no plans to offer any special incentives to help sell remaining vehicles, McDonald said. Other brands that are winding down like Pontiac are still selling well without any extras. Martin bought the Saturn dealership three years ago because he liked the product line of reliable vehicles with good gas mileage, like the Aura sedan.  This posting includes an audio/video/photo media file: Download Now |
| GM to shut down Saturn after Penske walks away - Daily News Journal Posted: 01 Oct 2009 03:32 PM PDT (2 of 2) GM will stop making Saturns as soon as possible, but no layoffs are expected, said spokeswoman Sherrie Childers Arb. GM had stopped building the Aura midsize sedan in Kansas City, Kan., and will not resume assembling them. Production of the Outlook large crossover near Lansing, Mich., and the Vue small crossover vehicle in Ramos Arizpe, Mexico, will be phased out as soon as possible, she said. Those plants produce products for other brands, and we think we can increase volume on those products that will meet market demand, Childers Arb said. Saturn owners can still go to Saturn dealers for service. They would also be able to go to a certified GM dealer once Saturn dealerships close, GM said. The news left many of dealers across the country, who had expected the sale to close Wednesday, stunned and fearful of being left with nothing to sell. Carl Galeana, owner of two Saturn dealerships in suburban Detroit, said hes heard nothing yet from GM or Saturn, but if the plan is to phase out the brand and cut the products, hell have to come up with other options. Were going to try to put some plan Bs in place at this point. GM Chairman Roger Smith first unveiled the Saturn brand in November 1983. But the project was slow to develop and the brand did not officially launch until 1990. It featured the iconic tag-line a different kind of car company. GMs hope was that Saturn would attract younger buyers with smaller, hipper cars to better compete with Japanese imports. It built a new plant in Spring Hill, Tenn., devoted to Saturn vehicles. Despite a cult-like following that drew thousands to annual reunions in Spring Hill, the brand never made money for GM, although the company has never disclosed how much it invested or lost. The Tennessee factory stopped making Saturns in 2007. Although it was retooled to build the Chevrolet Traverse large crossover, production of that vehicle will be switched to Delta Township, Mich., near Lansing and the Spring Hill assembly plant will be closed and placed on standby if demand for GM vehicles increases. The fate of parts making operations in Spring Hill was unclear. As GM focused more on high-profit pickup trucks and SUVs, Saturn began to languish in the late 1990s. Then in 2006, car buyers began to find Saturns new models more appealing. But after a good year in 2007, sales dropped 22 percent last year as the U.S. car market withered. Through August, Saturn sales were down 60 percent from the first eight months of last year. GM has been trying to sell Saturn since earlier this year as part of its turnaround plan.
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| Penske Automotive (NYSE: PAG) Backs Out of Saturn Talks with GM (NYSE ... - Transworld News Posted: 01 Oct 2009 01:30 PM PDT Buffalo, New York 10/01/2009 08:20 PM GMT (TransWorldNews)
Penske Automotive Group (NYSE: PAG) terminated discussions with General Motors Co. (NYSE: GM) to acquire Saturn on Thursday, according to Bizjournals.com. Best Damn Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move. Sign Up for our Free Stock Newsletter Penske cited concerns about the future supply of vehicles beyond the supply period it negotiated with GM. After that supply period was over, Penske needed to find another manufacturer to produce Saturn vehicles. "Penske Automotive Group negotiated the terms and conditions of an agreement with another manufacturer; however, that agreement was rejected by that manufacturer's board of directors," the company said Wednesday in a news release. "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." Penske said in June that it had an agreement to buy the Saturn brand, parts inventory and the right to sell cars and parts through the Saturn dealership network. GM CEO Fritz Henderson said the news from Penske was disappointing. "As a result of PAG's decision, we will be winding down the Saturn brand and dealership network, in accordance with the wind-down agreements that Saturn dealers recently signed with GM," Henderson said in a news release. "Pursuant to the terms of those agreements, the wind-down process will be determined and communicated shortly." Henderson said Saturn customers and owners will continue to be able to buy and get service for Saturn vehicles during the wind-down period. Afterward, Saturn owners will be able to go to GM dealerships for service. Sign up for the free Best Damn Penny Stocks newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website About Best Damn Penny Stocks Best Damn Penny Stocks is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below. Please click here to read the full disclaimer staff@bestdamnpennystocks.com www.bestdamnpennystocks.com
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| Saturn dealers, owners shocked over brand's end - News-Star Posted: 01 Oct 2009 11:10 PM PDT (2 of 3) Many Saturn dealers have already been through difficult times recently, hit by a combination of one of the worst downturns in auto sales in decades and the uncertainty about the brand's future. In a clear sign of that pain, GM reported Thursday that Saturn sales were down 84 percent in September from a year ago. But about 13,000 jobs are still tied to Saturn, the vast majority of them at dealerships. GM had a midday conference call with dealers to discuss the closures. Dealers said executives expressed shock and disappointment that the Penske deal fell through, but didn't provide much detail on the specifics. The mood was grim Thursday at dealerships, where owners said they were blindsided by the news. "This is nothing short of the bride running away at the altar," said Lou Gonzales, president and owner of the Saturn of Antelope Valley dealership in Palmdale, about 60 miles north of Los Angeles. "The millions of Saturn customers across the United States, I'm sure are disappointed. But they will not be left out in the lurch." At Day Automotive, owner Bill Numrich said he planned to keep selling Saturns as long as he could. "We still have a Saturn customer base that we have to service," said Numrich. GM spokesman John M. McDonald said GM estimates it will take 4 months to sell the existing inventory of 12,000 Saturns. Dealers believe it could take longer, worried they will have difficulty selling a lame-duck brand to customers Martin was weighing whether to run his lot as a used car business or shift his employees over to the Chevrolet dealership he also operates nearby. He has only about 25 Saturns left on his lot after the popular Cash for Clunkers program, but said he hoped GM would offer some generous incentive programs to help dealers sell out the cars that remained. There are no plans to offer any special incentives to help sell remaining vehicles, McDonald said. Other brands that are winding down like Pontiac are still selling well without any extras. Martin bought the Saturn dealership three years ago because he liked the product line of reliable vehicles with good gas mileage, like the Aura sedan. This posting includes an audio/video/photo media file: Download Now |
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