End of Saturn? Penske Automotive Calls off Buy Talks

By Matt Van Hoven 

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.” &#151 Jalopnik

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