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Dealers aim to join Saturn bid

Posted Wednesday, May 20, 2009, 11:29 am in Employee News

Two Detroit-area car dealers are in talks about partnering with Detroit auto tycoon Roger Penske to acquire Saturn’s distribution network, according to people familiar with the discussions, The Detroit News reported.

The dealers’ involvement emerged as General Motors Corp. has narrowed the pool of Saturn bidders to two or three, from about a dozen, a source confirmed for the News. The remaining bidders are interested in the Saturn distribution network and are looking for manufacturing partners. Canadian auto parts maker Magna International Inc. has also expressed interest in Saturn, the News reported.

The dealers, Joe Serra and David Fischer, both of whom oversee vast auto retail operations in Michigan and several states, would strengthen a Michigan-based bid for Saturn, which will be sold or eliminated by the end of the year as part of GM’s restructuring plan, the paper said.

Penske is the head of Bloomfield Hills, Mich.-based Penske Automotive Group Inc., which operates more than 300 dealer franchises in the United States and internationally, selling 40 brands, the News said. Penske is interested in tapping the Saturn dealer network and possibly finding a foreign manufacturer to make new vehicles that could be sold through Saturn’s network of about 380 dealerships, the story said. (The Detroit News)
 

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LaSorda to advise Penske on Saturn bid

LaSorda to advise Penske on Saturn bid

Posted Wednesday, May 20, 2009, 11:32 am in Employee News

Former Chrysler LLC President Tom LaSorda has joined Penske Automotive Group to advise the retailer on a possible bid for General Motors’ Saturn brand, the Automotive News reported.

Anthony Pordon, a spokesman for the second-largest U.S. dealership group, confirmed a Bloomberg News report saying LaSorda has been hired as a consultant. Magna International Inc., North America’s largest auto-parts supplier, is also talking to GM about Saturn, Bloomberg reported, citing people familiar with the situation.

Penske Corp. Chairman Roger Penske said two weeks ago that his company is “looking at the future opportunities of the Saturn brand” but hadn’t made a bid, the trade paper said. LaSorda, 54, left Chrysler after it filed for bankruptcy protection on April 30, the story said. (Automotive News)
 
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