|Penske Automotive Group Inc. canceled plans to acquire General Motors Co.’s Saturn, a move that looks likely to put the brand out of business.
Penske had been in discussions with unidentified automakers around the world to plan Saturn’s product portfolio after a sale by GM. The retailer had an agreement to source vehicles from another automaker, but the automaker’s board rejected the deal.
“Without that agreement,” Penske Automotive said in a statement today, “the risks and uncertainties related to the availability of future products prohibit” the vehicle distributor from moving ahead with the deal.
A statement from GM said, “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.
“We will be winding down the Saturn brand and dealership network.”