SALT LAKE CITY (ABC 4 News) – With all the talk about Chrysler and GM’s financial troubles, one car company has good news. It’s the tentative deal that would put Penske Automotive Group in control of Saturn by the end of the year.
He's being dubbed "Saturn's Savior." Roger Penske's plan to buy Saturn is good news to company employees in Salt Lake. Jeff Wetzel of Utah Saturn says, “That ensures our long term future.”
The deal - expected to go through - will save 13,000 manufacturing jobs here in the U.S. and 350 retail facilities. Wetzel says, “There won't have to be any layoffs or closures like what's happening at other GM dealerships and Chrysler dealerships.”
Wetzel explains this move will make Saturn an independent company again and outsourcing the manufacturing of their cars could re-invent the industry, “In the future we may be representing 2, 3, maybe even 4 manufacturers underneath this Saturn brand.”
In fact, that concept is already in place. GM has agreed to provide three models, the Aura, Vue, and Outlook through 2011 and maybe longer. Wetzel says, “Every manufacturer right now has excess capacity so every manufacturer is interested in selling more cars, we can go to them and we're not beholden to any one manufacturer, we can literally go to any manufacturer in the world.”
This news also means more security for Saturn owners and potential buyers. A memorandum of understanding was signed last week. Wow we're in the 60 to 90 day due diligence period.
