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GM, dealers begin the end of Saturn
GM, dealers begin the end of Saturn
Posted Friday, Oct 2, 2009, 11:07 am in Employee News
A day after a Saturn deal with Roger Penske fell through, General Motors Co. proceeded with plans to shutter 350 dealerships, and there was little indication a deal could be salvaged or another suitor found, The Detroit News reported.
Eliminating Saturn means one fewer competitor for GM, though it will cost the Detroit automaker money to close the dealerships in the short term, the paper said. Dealers, who had a conference call with GM executives Thursday and heard how the process of closing dealerships will unfold, started strategizing the future of their retail stores as used car lots, or selling rival brands or simply listing the land and buildings, the News said.
There are 12,000 Saturn vehicles on dealer lots—about a four-month supply—and dealers say they cannot survive long enough for another deal to be reached, the paper said. Dealers have until the end of October 2010 to close, but many will be gone by January because inventory is low, dealers said. (The Detroit News)
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Rick
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