Rochester, NY 6/25/2009 10:36:14 PM
Late Morning Report - PAG - Penske Corporation Studies GM's Saturn - Sourced WhisperFromWallStreet.com
Penske Automotive Group, Inc.
Late Morning Report - PAG - Penske Corporation Studies GM's Saturn - Sourced WhisperFromWallStreet.com
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PENSKE AUTOMOTIVE,PAG
15.94 Up 0.42 (2.71%) 11:26am ET
Despite the progress made by GM's customer-oriented Saturn brand, it's been dealt the same fate as the Hummer and Saab divisions: best wishes were given, and all are now up for adoption.
U.S.-based Penske made it official earlier this month that they're interested in the brand. Penske is a transportation and logistics giant that's got their fingers into a bit of everything-- including truck leasing and component manufacturing operations. They own the world's largest Toyota dealership and a racing enterprise, too.
GM and Penske entered into a memorandum of understanding that outlined a plan by Penske to obtain the rights to the Saturn brand, as well as certain other Saturn assets. GM would continue production of the Saturn Aura, Vue and Outlook on a contract basis.
"This is the combination of two iconic teams: Saturn and Penske," said Saturn general manager Jill Lajdziak. "GM had the vision to create Saturn and has the desire to see it succeed in the future."
Last Trade: 15.83
Day's Range: 15.34 - 16.07
52wk Range: 4.82 - 23.58
Volume: 240,526
ABOUT
Penske Automotive Group, Inc. operates as an automotive retailer in the United States and the United Kingdom. It sells new and used motor vehicles, as well as provides various repair, maintenance, and collision services. The company also facilitates the sale of third-party finance and insurance products, third-party extended service contracts, and replacement and aftermarket automotive products. As of February 1, 2009, Penske Automotive Group owned and operated 156 franchises in the United States and 148 franchises in the United Kingdom, as well as operated 25 collision repair centers. The company was founded in 1990 and is headquartered in Bloomfield Hills, Michigan.
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