[Guest post by DRJ]
GM’s sale of its Saturn brand to Penske has fallen apart and reportedly won’t be resurrected:
“Detroit tycoon Roger Penske has terminated a deal with General Motors Co. for the Saturn brand after Penske’s prospective provider of new vehicles pulled out.
The deal broke down after the Renault-Nissan Alliance decided Wednesday not to proceed with a deal to supply Penske with future vehicles for Saturn dealers, according to a source familiar with the discussions.
The deal’s unraveling dooms about 340 dealers and the Saturn brand, which appeared to have been rescued this summer when Penske announced he had reached a memorandum of understanding with GM.”
Closing Saturn will put even more people and businesses out of work and further reduce GM’s ability to repay the taxpayers’ bailout funds. The latter is disappointing but the former is the real issue in this economic climate.