Skip to comments.16 Suitors For Saturn, GM Says: Day After Filing For Bankruptcy, Automaker Also Sells Hummer Brand
Posted on 06/02/2009 9:43:44 AM PDT by 2ndDivisionVet
General Motors Corp. says it has 16 buyers interested in purchasing its Saturn brand, while three parties are interested in the Swedish Saab brand.
Company CFO Ray Young told reporters and industry analysts on a conference call that GM is continuing to pursue manufacturing agreements with a new Saturn buyer.
Bridge loan discussions with the Swedish government are progressing, Young said.
He and CEO Fritz Henderson are hosting the call.
Earlier, GM had said it has a tentative deal to sell its Hummer brand. Young said the company is not prepared to identify the buyer because both sides are still working through sale documents.
(Excerpt) Read more at cbsnews.com ...
The Vultures have landed to eat the carcass
I’m sad. I’ve been a Saturn devotee since back in the day.
Sad? You should be glad that some other company will be able to continue the brand without government intervention.
One sits in the driveway now...
I drive a Ford - and will continue to drive Fords until they are nationalized as well. At that point, I will buy japanese or ride my motorcycle full time. I will not own another GM or Chrysler product....red
I could see Subaru or Toyota buying Saturn. I can also see Mitsubishi buying Pontiac. They would pretty much corner the 18-29 market.
GM should have done this from the beginning..
If I’m understanding this correctly, Saturn will NOT be a GM company once it’s sold off. If the new owners continue to produce the same quality of vehicle, it is still a viable option for you as a car buyer, isn’t it? I sort of see where the “new GM” may be selling off the brands which had the best prospects? Saturn has some pretty neat cars.
Obama is NOT buying.... he is selling... selling american companies to other countries. He is destroying America’s wealth.
To do so would just encourage this government to take over more private businesses.
Me too. We’ve bought 3 in the past 15 years - my husband’s job entails a lot of driving so he’s abused 2 pretty well. Love them mostly for the purchase experience - the price is the price is the price - and their subsequent customer service. I HATE dealing with salesmen.
I think you are right.. Something GM should have done sometime ago..
I thought Pontiac was slated to be killed off as a brand. It would be neat if Mitsu were to buy it. Maybe then Mitsu could start putting engines in their cars that don’t burn oil after only 60,000 miles. And you’re right that between the Lancer Evo and the Trans Am, Mitsu would pretty much own the 18-29 market.
Hang in there.
I’ve still got my 97 coupe with 140,000 miles and going strong and the plastic body looking nearly new.
Under new leadership and outside of govt control, Saturn may well prosper in the future.
Any Sat fans who aren’t aware, great owners forum at saturnfans.com
Car Racing, and Business Titan with the Midas Touch..
I think Magna International (Canada - Stronach family & friends of Clinton) are buying Opel. A lot of the Saturn stuff is Opel.
I just saw a Pontiac G8 Exp (drool). Made by Aussies at Holden (GM Australia) and not UAW scum.
The GTO is the Holden Montaro and the G8 is the 4 door version. The G8 Exp in white I just saw was really nice. It is the first one I ever saw. Sad about GM but I hate UAW scum.
Does Saturn support one of those carbureted V-8, rear wheel drive, 4-speed manual, solid rear wheel axled, funny cars?
Also Watch AU and NZ.
These countries are going gaseous for their cars and T.Boone has nothing to do with it :-)....
If obama makes it impossible for me to buy an acceptable new car, I'll buy used, no matter how old.
If obama makes a used car impossible, I'll buy another non-GM motor vehicle:
If obama makes that impossible, I'll buy something without a motor until we get rid of the socialist thug in our White House:
Or I may get something domestic that emits greenhouse gases and other organic materials from the tailpipe but is not made by UAW or Government Motors:
I will not buy from GM. obama may bow to foreign kings, but I will not bow to obama or to any socialist.
The only appealing thing for Toyota in Saturn is customer base. And maybe the Sky. Toyota flopped with their sports coupe a few years ago. I'd like to see a cross between the VUE and the Highlander, then eliminate both previous models. The Aura, which is a fine car, could replace the Corolla. The Saturn Outlook is a big seller where I live but I'm not sure Toyota would want another SUV in their lineup.
Subaru just makes sense.
Agree. A normal bankruptcy w/o government interference would have forced GM to sell some branks and skinny down the rest. That would have been the best result for the U.S. auto industry.
I think this is pretty ironic. Back when GM had the chance, and had an effective electric car on the streets of California, (the EV-1) they chose to scrap (literally) the line and buy the Hummer brand. Given what we know now, isn’t it just possible that things would’ve been much different last year when we had $4+ gasoline if GM had been the leader in electric vehicle technology? Would they be bankrupt now? Probably not.
Lack of vision killed GM. And the UAW. Just sayin...
unfortunately no, and probably never will
luckily there are plenty around from an older era for us diehards
What is not known was he was the chosen one at one point to be CEO at Chrysler in the late 80's or early 90's and he turned it down....
I read this morning that what really sealed the deal for this new Hummer owner was the zero percent down for 60 months. A similar deal is availble for Saturn, but you have act fast!
Fireball Roberts should be spinning, given that Pontiac is OUT.
If 16 different people are interested in Saturn it should say to GM ,that they should probably keep it.
Nothing like selling off your little car and keeping the big ones when Obama boy has issued new cafe standards.
No wonder they are going broke.
I suspect he is.
Unfortunately the US auto companies became social institutions dedicated to the health and welfare of Democratic union members rather than robust competitors in the world auto market.
We have a Saturn, and love the little beast, and will buy another if it’s new owners are a non-UAW shop.
Rush has said that GM sold Hummer to China...
LOL, great effort at parsing with photos!
Solid rear view mirror mount.
“without government intervention.”
Looks like the Chinese are going to get their entree into the American market after all.
My wife on I are on numbers 2(Relay) and 4(Outlook) now. Number 1(SL2) was outgrown, and Number 3(Outlook) was destroyed by an accident.
Love 'em. Curious to see who the buyer might be.
My 95 Saturn SL2 was getting 35+ MPG in 96. Have a 02 SL2 now getting 27 MPG in city driving. Also have the best model Saturn ever made - 2007 Saturn Aura XR.
PS. Have had 5 Saturn’s in past 14 years. Two driver in family also
When I wuz a kid, my next door neighbor was an engineer at CALSPAN and the chief timer and scorer at the US GP in Watkins Glen. Guess that it’s not all that surprising that I’ve been interested (and more) in the auto industry as an adult. GM going bankrupt sucks. That 0be owns it now is even worse.
It’s starting to look like when the govt. made the phone company break up in to about 30 companies.
Money money money money but did the service get any better?