GM Kills Saturn After Penske Ends Deal

Chrysler, Ford, G.M., U.S. Automotive Industry

By David Goldman, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) — Car dealership operator Penske Automotive Group announced on Wednesday 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.

The announcement comes nearly four months after Penske agreed to buy the rights to the 19-year old brand from GM when the automaker was in bankruptcy.

As part of the deal, GM would have continued making Saturn’s three highest-selling models: the Aura sedan, and the Vue and Outlook cross-over SUVs, for the rest of this year and next. Penske, an auto distributor but not a manufacturer, would have sold the cars for GM. In 2011, Penske said it would find another third-party manufacturer to make new Saturns.

But negotiations with another manufacturer fell through after an agreement was rejected by the unnamed manufacturer’s board, according to Penske.

“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.

As a result, GM said it would begin to wind down the brand and its roughly 350 dealerships nationwide.

Penske’s deal with GM, which was expected to be completed in October, would have saved more than 13,000 jobs at Saturn.

GM called the news “very disappointing.” The automaker said Saturn owners will still be able to have their cars serviced at GM dealerships after Saturn is shuttered.

A spokesman for GM said the broken negotiations with Penske would have “no anticipated impact on plants or related losses.”

Penske (PAGFortune 500) is owned by former race car driver Roger Penske, who owns NASCAR and IndyCar racing teams and distributes Daimler AG’s Smart cars in the United States.

— CNN’s Ekin Middleton contributed to this story To top of page

Totally Unofficial Daytona 500 Entry List

Daytona 500, Ganassi. Stock Car, Motorsports, Nascar, Petty, Robby Gordon

From the great  JAYSKI’S SILLYSEASON

updated on 2/2/2009

119991

NASCAR Sprint Cup Series
TOTALLY UNOFFICIAL Entry List
Daytona 500
Daytona International Speedway

<!– From NASCAR.com
–>

Car# Driver Manu Sponsor Owner
1 00 David Reutimann Toyota Aaron’s Dream Machine Robert Kauffman
2 1 Martin Truex Jr. Chevy Bass Pro Shops / Tracker Teresa Earnhardt
3 2 Kurt Busch Dodge Miller Lite Walter Czarnecki
4 5 Mark Martin Chevy Kellogg’s / CARQUEST Mary Hendrick
5 6 David Ragan Ford UPS Mike Dee
6 07 Casey Mears Chevy Jack Daniel’s Richard Childress
7 7 Robby Gordon Toyota Jim Beam Robby Gordon
8 08 Boris Said Ford TBA John Carter
9 8 Aric Almirola Chevy TBA Teresa Earnhardt
10 09 Brad Keselowski Chevy Miccosukee Resort & Gaming James Finch
11 9 Kasey Kahne Dodge Budweiser George Gillett, Jr
12 11 Denny Hamlin Toyota FedEx J D Gibbs
13 12 David Stremme Dodge Penske Racing Roger Penske
14 14 Tony Stewart
Past Champ 1 (2005)
Chevy Old Spice/Office Depot Tony Stewart
15 16 Greg Biffle Ford 3M Jack Roush
16 17 Matt Kenseth Ford DEWALT John Henry
17 18 Kyle Busch Toyota M&M’s Joe Gibbs
18 19 Elliott Sadler Dodge Stanley Tools Ray Evernham
19 20 Joey Logano # Toyota Home Depot Joe Gibbs
20 21 Bill Elliott
Past Champ 3 (1988)
Ford Motorcraft Glen Wood
21 23 Mike Skinner Chevy TBA Robert Richardson Sr.
22 24 Jeff Gordon Chevy DuPont Rick Hendrick
23 26 Jamie McMurray Ford Crown Royal Geoff Smith
24 27 Kirk Shelmerdine Toyota TBA Kirk Shelmerdine
25 28 Travis Kvapil Ford TBA Doug Yates
26 29 Kevin Harvick Chevy Shell / Pennzoil Richard Childress
27 31 Jeff Burton Chevy Caterpillar Richard Childress
28 33 Clint Bowyer Chevy Cheerios Richard Childress
29 34 John Andretti Chevy TBA Bob Jenkins
Chip Ganassi
30 36 Scott Riggs Toyota TBA Tommy Baldwin
31 39 Ryan Newman Chevy US Army Tony Stewart
32 41 Jeremy Mayfield Toyota ? Jeremy Mayfield
33 42 Juan Montoya Chevy Target Chip Ganassi
34 43 Reed Sorenson Dodge Air Force Richard Petty
35 44 A.J. Allmendinger Dodge Valvoline George Gillett, Jr
36 46 Carl Long Dodge Romeo Guest Danielle Long
37 47 Marcos Ambrose Toyota Little Debbie Tad Geschickter
38 48 Jimmie Johnson Chevy Lowe’s Jeff Gordon
39 51 Kelly Bires Dodge TBA David Bean
40 55 Michael Waltrip Toyota NAPA Auto Parts Michael Waltrip
41 57? Norm Benning Chevy TBA Norm Benning
42 60 James Hylton Dodge ? Mark Simo
43 64 Geoff Bodine Toyota ? Todd Bodine
Geoff Bodine
Larry Gunselman
44 66 Terry Labonte
Past Champ 2 (1996)
Toyota Window World Prism Motorsports
Phil Parsons
Randy Humphrey
45 71 Mike Wallace Chevy TBA Kevin Buckler
46 75 Derrike Cope Dodge TBA Derrike Cope
47 77 Sam Hornish Jr. Dodge Mobil 1 Roger Penske
48 78 Regan Smith Chevy Furniture Row Barney Visser
49 82 Scott Speed # Toyota Red Bull Dietrich Mateschitz
50 83 Brian Vickers Toyota Red Bull Dietrich Mateschitz
51 87 Joe Nemechek Toyota ? Joe Nemechek
52 88 Dale Earnhardt Jr. Chevy AMP Energy / National Guard Rick Hendrick
53 96 Bobby Labonte Ford Ask.com Max Jones
54 98 Paul Menard Ford Menards Doug Yates
55 99 Carl Edwards Ford Afflac Jack Roush
Could to be added
22 ? Toyota ? Maury Guant
37 Tony Raines ?Chevy ? Brad Jenkins