GM Sells "Saturn"...

[ozpont]

If you missed it or want to see it again...
VERY good report..
Detroit.. aint too proud to beg...

The street filming is just SO real...

[cpu]

Interesting to watch.  Me thinks it will be a while before they are out of the sh#t, of which rolls down hill and we do live down under.

[cpu]

Following on from Ozponts linked article and video, GM has until June 1 to come up with a plan to save itself, well.............

May 31st, 2009 at 11:29PM


General Motors' bankruptcy endgame appears to be at hand, with word coming out that the automaker will indeed file for Chapter 11 protection early on Monday morning, which in turn is expected to trigger $30.1 billion in U.S. government loans. That funding will arrive on the heels of the $19.4 billion GM has already received since late last year, and Canada is expected to chip in an additional $9.5 billion. In exchange for that $30.1 billion in financing, Capitol Hill will receive a 60% share of GM, while Canada's investment will reportedly net it a 12% stake.

In related news, Automotive News is reporting that GM will appoint Al Koch to a newly created chief restructuring officer post. Koch, a corporate turnaround expert, has already been working with GM since January through his advisory firm, AlixPartners LLP. According to AN, Koch will oversee "bad" GM – that is, the liquidation of assets deemed to be dead weight in the drive to a leaner, more competitive GM (think: Hummer, Saturn, Saab, etc.). Recently minted GM CEO, Fritz Henderson, will continue to lead the corporation and, of course, all warranties will continue to be honored.

As part of the Chapter 11 bankruptcy proceedings, GM will see its stock-trading ticker removed from the Dow and S&P 500 on Monday, with those who have still been stubbornly holding on to stocks effectively losing everything.

President Obama will address the nation on GM's historic bankruptcy beginning at 11:55 a.m. EDT, with Fritz Henderson slated to address media members at around 12:15 p.m. in New York.

[roadhound]

Good Lord,now we'll have the Chow Mein Hummer as well

Could this mean all pre  chow hummers are collectable??

What do members think of this tradegy... chowvette interesting!!

[ozpont]

GM today announced it is selling SATURN to Penske Automotive Group.. which is the 3rd largest cars sales chain in the world.. with much wider influence and resources then most. Seems like a good deal for dealer and 13000 odd plant workers. Its the sort of news people wanted to hear.. not the Close this close that news that's been happening lately. Saturn cars for those that are not aware.. are about as good as Mazda's in the USA these days.. with good dealer service as well... they changed the way a cars is sold.. specialized regional service centers.. cars sold also in major Shopping Malls.. ONE PRICE only .. no haggling.. good quality.. and .. if you were to go to the USA for a holiday and want to buy good touring car with economy and reliability... as much as a Toyota.. a Saturn is in the line up for sure.

Saturn Sold

   What started out such a great Fight Back idea.. turned around by bean counters....

    In recent years.. GM gave up on Saturn's independent bodies.. and started sharing platforms with its other marques.... and predictably.. sales started to fall.. the most noted was the sharing of some noted Pontiac 's.

    I recall back in the early 90's .. there were "SATURN CLUBS".. set up by dealers.. with A LOT of people involved..heaps successful... and the cars.. they were excellent.

   Now.... if they could do the impossible and find a way to sell "Pontiac.. " and not share or cancel it .. a way forward might be found rather then taking the easy route & killing off the brand.. but who knows...


 but this was a PONTIAC first... then a Saturn..... and it was one of Pontiac's Best recent Sellers.. GM came under fire for purposely under producing to keep demand and prices high.....to the point of buyer backlash.. then as sales rapidly fell.. they .... stupidly.. badge engineered it over to Saturn...