Saturn gets the AXE!!! - FirebirdV6.com/CamaroV6.com Message Board

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  • Saturn gets the AXE!!!

    We lost the Pontiac Soltice and now the Saturn Sky. Sad day indeed for GM. :(
    ----------------------------
    General Motors will close Saturn and wind down its dealership network after a deal to sell the faltering brand to Penske Automotive Group collapsed, the automaker said Wednesday.

    The breakdown of a deal that had been widely expected to close this week will force some 350 Saturn dealerships to close and could cut thousands of auto retail jobs that would have been preserved under a plan by auto magnate Roger Penske.

    GM's failure to complete the deal also adds uncertainty to the automaker's production plans as it struggles to regain its footing following a $50-billion taxpayer funded restructuring.

    "This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality," GM Chief Executive Fritz Henderson said in a statement.



    Penske, 72, had been negotiating to buy the brand under a deal that would have seen GM supply vehicles under contract until the end of 2011, leaving him free to tie up with other manufacturers afterward.

    In a statement, Penske said it had negotiated an agreement to source vehicles from another manufacturer after its supply agreement had ended. But it said that deal was rejected by the other automaker's board of directors.

    "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 the statement.

    Penske did not identify the other automaker.

    However, people familiar with the discussions said Penske had been in advanced talks with Renault on Saturn. A Renault spokeswoman could not be reached immediately for comment.

    GM said it would detail the closure plans for Saturn shortly. Saturn's remaining dealers have already signed wind-down agreements with GM, the automaker said.

    GM created the brand in 1983 in a bid to compete with Japanese automakers on quality and service and to provide car buyers with "no-haggle" pricing.

    Struggling to regain its financial footing, GM announced in February that it would either spin Saturn off or close the brand. Penske and GM announced a preliminary agreement on Saturn in June after the U.S. automaker filed for bankruptcy.

    GM and Saturn had said they expected to complete the deal by the fourth quarter.

    Saturn sales have dropped 59 percent through August from a year earlier amid the uncertainty about the brand's future. Its best-selling models are the Vue small SUV and the Aura sedan.

    Penske shares were trading at around $17 Wednesday afternoon, down from $19.18 at the close.

    1998 Firebird . 1989 Firebird XS . 1986 Fiero GT

  • #2
    Re: Saturn gets the AXE!!!

    thank god. penske is probably happy it didnt go tho. saturn will be a fogotten failed brand

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    • #3
      Re: Saturn gets the AXE!!!

      My wife just told me this about 2 hours ago , but she said she can still take it to the GM dealer for warranty work.
      08' L76 6.0L 4X4 Chevy EXT.Cab LTZ Vortec MAX with Snug top cover, Dynomax exhaust,Hptuners& K&N intake
      96' Camaro M5 to A4 conversion, alot of mods . GT35R Turbo full suspension. Built engine

      Comment


      • #4
        Re: Saturn gets the AXE!!!

        i had a feelin that saturn was gonna make it threw all of this. guess not.

        sad day indeed...the sky is the car that fills all my dream lol
        WAWA-A-HOLIC

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        • #5
          Re: Saturn gets the AXE!!!

          It felt like Saturn was finally coming around too...
          Rebuilding the engine... Building a custom front end... T-top conversion... Custom rear hatch..
          Custom interior...

          TEAM NoVa

          Comment


          • #6
            Re: Saturn gets the AXE!!!

            Originally posted by kristen View Post
            i had a feelin that saturn was gonna make it threw all of this. guess not.

            sad day indeed...the sky is the car that fills all my dream lol
            Thats because your so tiny you can fit in it.LOL
            08' L76 6.0L 4X4 Chevy EXT.Cab LTZ Vortec MAX with Snug top cover, Dynomax exhaust,Hptuners& K&N intake
            96' Camaro M5 to A4 conversion, alot of mods . GT35R Turbo full suspension. Built engine

            Comment


            • #7
              Re: Saturn gets the AXE!!!

              As much as I like Saturn, all their cars recently were re-badged Opels.

              Maybe GM will answer by bringing Opel to the states, but that's a long shot.


              I ate a bowl of fail this morning.
              Quarter Million Mile Club

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              • #8
                Re: Saturn gets the AXE!!!

                I was hoping it would stay around and take up the slack for the solstice hard top. I would have gotten a saturn sky hardtop in redline trim. Oah well guess when the time comes I'll just break down and buy a truck now.
                -Brad
                98 Firebird - gone from mod mode to keep it running and useable mode.
                2000 V-Star Custom 1100
                If all else fails use a bigger hammer!
                :rock:

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                • #9
                  Re: Saturn gets the AXE!!!

                  I'm glad we got the 07' 3.5 model when we bought our Vue, since it has a honda drivetrain it should last longer.LOL And that 3.5 has some kick to it, mods are K&N filter and chrome side rails and soon I will do the exhaust and deleting the resonator with 2.5" piping , muffler and dual outlet tips in the rear. Also found a programing module for it too, to increase the power out of it. Its faster than the turbo HHR's by far, just in stock form.
                  08' L76 6.0L 4X4 Chevy EXT.Cab LTZ Vortec MAX with Snug top cover, Dynomax exhaust,Hptuners& K&N intake
                  96' Camaro M5 to A4 conversion, alot of mods . GT35R Turbo full suspension. Built engine

                  Comment


                  • #10
                    Re: Saturn gets the AXE!!!

                    Well that sucks! I think the SKY is damned good looking and so cutting edge coming from a no hassle company. Farewell & Good Luck Saturn!
                    :wavey:

                    :wavey:


                    Reminds me when the Pontiac Fiero got the axe too back in the day...
                    Black \'96 RS Camaro, 3.8 V6 Series II, M5, Stock 200 HP, 204K miles! Stock \'91 Firebird 3.1 V6 automatic w/ overdrive. 266,400 miles on it. \'83 Pontiac Trans Am,305 LG4, Cowl Induction,Borg Warner 5 Speed,T-Tops,Gale Banks Exhaust System:$800 obo

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                    • #11
                      Re: Saturn gets the AXE!!!

                      Opel has already been in the states once through Buick... didn't work out so well...
                      Rebuilding the engine... Building a custom front end... T-top conversion... Custom rear hatch..
                      Custom interior...

                      TEAM NoVa

                      Comment

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