MarketWatch reports that Penske Automotive, which has been in talks with GM to purchase the Saturn brand, has ended the conversation:
In a statement, Penske said it became concerned about ‘the future supply of vehicles beyond the supply period it had negotiated with GM’ during the due diligence process. ‘The company had negotiated a definitive agreement with GM to source vehicles on a contract-manufactured basis for a period of time,’ Penske said. ‘After this period, the company would have been required to source vehicles from another third party under a similar contract-manufacturing agreement.’
No word on whether any other companies are in line to consider the Saturn brand.
Update: In a statement, GM announced its intentions to “wind down” the Saturn brand.
“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. Pursuant to the terms of those agreements, the wind down process will be determined and communicated shortly.” — Jalopnik