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Penske backing out of deal for Saturn brand


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http://online.wsj.com/article/BT-CO-20090930-716320.html

 

Awesome, I wonder how much longer I'll have a job and then have to sit in line at the unemployment office.

 

I guess it's a good thing I've already been trying to leave and gotten a decent jump on interviews and whatnot.

 

Everyone is freaking out at work. My boss sat us all down b/c we just heard and assured us that the owners of Northern Enterprises (Saturn of Columbus/Nissan North) have plans to buy another company or brand. I don't really know what to think yet, just rolling with the punches.

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this is the dumbest thing for them to do. saturn is there best brand, best customer line.

 

 

someone will buy this and profit...or atleast should!

 

looks like saturn is going under period!

http://www.latimes.com/business/la-fi-saturn-penske1-2009oct01,0,3971372.story

 

Instead of selling Saturn, GM will now close the brand altogether. It said today that its Saturn dealers had already signed a "wind-down agreement." Under terms of a similar agreement signed by some other GM dealers, all new-car sales operations must cease by late 2010.
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I just heard about this on the radio earlier and was shocked. It actually seemed like the selling off of half of GM's brands was going, dare i say... smoothly with all of the other brands finding new owners and none simply had to put up a closed sign and lay off a few thousand employee's, this is real sad. Hope you land on your feet man.
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none simply had to put up a closed sign and lay off a few thousand employee's, this is real sad. Hope you land on your feet man.

 

pontiac. sort of. I guess the dealers will still sell buick & GMC, but I imagine a lot of people are losing their job over it regardless.

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Good luck, I'd say apply now while you're still employed. If you get an offer on something better (more stable) take it, or maybe just get your foot in the door at a part time location.

I’m in the newspaper / advertisement business and recently they have been letting a bunch of people go (something like 50-60 people this past qtr). Not wanting to put it to chance I went out and got a part time job. I figured in 6 month to a year if things get better where I’m at I’ll just give up the second job and if the opposite happens at least I have some income. Good luck man, I know how feels not knowing but sometime you just have to take control and make your own way the best you can.

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http://online.wsj.com/article/BT-CO-20090930-716320.html

 

Awesome, I wonder how much longer I'll have a job and then have to sit in line at the unemployment office.

 

I guess it's a good thing I've already been trying to leave and gotten a decent jump on interviews and whatnot.

 

Everyone is freaking out at work. My boss sat us all down b/c we just heard and assured us that the owners of Northern Enterprises (Saturn of Columbus/Nissan North) have plans to buy another company or brand. I don't really know what to think yet, just rolling with the punches.

 

The only thing I can say is your boss is probably correct, they will probably buy another line.

Good Luck!

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Its odd the only two brands GM was trying to sell to Americas youth, the Pontiac and Saturn brand are both now disbanded... Good future thinking.

 

Ill bet Roger hired a private auditor and went over the real finances of Saturn and realized how defunct GM made it.

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Ill bet Roger hired a private auditor and went over the real finances of Saturn and realized how defunct GM made it.

 

No, it has to do with manufacturing the brand once GM pulls out in 2010. They were making plans with a company to manufacture them and it fell through so they decided to cancel everything.

 

Larry and Tom are good guys. They will find something. Keep your head up.

 

That's basically what everyone is banking on. I'm actually supposed to be moving stores in the next week or two for a more steady paycheck.

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Hmm... i was confused when penske bought saturn. Since saturn turned into rebadged opels, penske basically just bought the saturn name. I dont think that they would be able to sell opels as saturns without buying opel. So they would have had to come up with brand new cars, from the ground up and thats almost impossible to do unless you are building supercars or cheap pieces of junk. I dunno maybe im wrong.
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