End of Saturn? Penske Automotive Calls off Buy Talks

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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