GM's Saturn,launched in 1985 as a new division to produce a car to compete in the fuel efficient, small car market attracted a cult following.
Customers were treated like family and cheers arose in the showroom with each sale.
Roger Penske was a winning race car driver who established himself as a competitor in SCCA, Formula One, NASCAR, and the Indy Racing League.
He became a car dealer and owner of Penske Automotive Group, Penske Truck Leasing, and other business interests. His Auto Group business is the second largest dealer network in the world with over 250 dealerships.
When General Motors decided to shed it's Saturn brand, Penske made an offer to purchase, getting the Saturn name, and it's lucrative parts and repair operations. GM was to continue producing the cars for two years while Penske found another maker to produce cars under the Saturn badge.
While no official plans were announced, it was thought that Penske would find a mfgr. in Asia or Europe to produce the cars.
Saturn has (had?) 350 dealerships and 13,000 associated employees.
From autoweek
IndyCar team owner and dealer magnate Roger Penske will not buy Saturn and the brand will be shuttered, General Motors said Wednesday.
GM said Penske called off discussions after failing to line up more future products.
GM CEO Fritz Henderson said in a statement: "This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality
From the NY Times
The stunning announcement, which was not preceded by any indications that the deal was off track, means an end to a brand that G.M. started in 1985 in the hopes of better competing against the small, fuel-efficient Japanese sedans that had become popular. A headline in Tuesday’s edition of The Detroit Free Press read, "Penske-Saturn deal nearly done."
"We’re all stunned," Mary McHugh, an executive with Saturn of Schaumburg near Chicago. "We didn’t get any communication from Saturn, we just heard it on the news. We’re going to have to obviously wait and see what the powers that be decide to do with the dealerships."