Law and Rights
The Penske Auto Group has inked a deal with GM to buy Saturn. Included in the deal will be the brand itself, the parts inventory, and the right to distribute the Saturn vehicle line, which GM apparently will continue to build for another 2 years.
In addition to moving things along for GM, it also means a big sigh of relief for the roughly 360 Saturn dealers who General Motors had announced would be orphaned if a sale did not occur.
A Chinese company has announced its intention to buy the Hummer operation, But that still leaves Pontiac to contend with as GM keeps heading to a leaner operation that it hopes will be more profitable too.
There's no word yet on whether the sales would mean that the new owners would continue to honor the old GM warranties but under bankruptcy law the sales could occur in such a way that all old warranty rights were liquidated. Or not. We'll have to wait and see.
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Saab breathed a sigh of relief a few days ago when it announced a deal with a Chinese automaker that would have Hawtai Automotive Group gobble up 29.9% of Saab and loan it more money, funneling to Saab $216 million. With the money, Saab was set to pay...
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Last month 1,124 GM dealers got their notice that they were being chopped. Now GM has come up with a plan to axe even more. Seems that there are another 450 GM dealers whose franchises will expire within the next year that GM has decided will not be renewed....
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GM has announced that the Cadillac XLR will halt in the second quarter of 2009, as part of its cost-cutting efforts to impress Congress and get more bail out funding. At the same time, GM's budget still includes funding for Saturn so apparently the...
Law and Rights
Penske Buys Saturn
The Penske Auto Group has inked a deal with GM to buy Saturn. Included in the deal will be the brand itself, the parts inventory, and the right to distribute the Saturn vehicle line, which GM apparently will continue to build for another 2 years.
In addition to moving things along for GM, it also means a big sigh of relief for the roughly 360 Saturn dealers who General Motors had announced would be orphaned if a sale did not occur.
A Chinese company has announced its intention to buy the Hummer operation, But that still leaves Pontiac to contend with as GM keeps heading to a leaner operation that it hopes will be more profitable too.
There's no word yet on whether the sales would mean that the new owners would continue to honor the old GM warranties but under bankruptcy law the sales could occur in such a way that all old warranty rights were liquidated. Or not. We'll have to wait and see.
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Subscribe in a reader- Saab Is Tottering On The Brink Of Collapse - Financing Falls Thru
Saab breathed a sigh of relief a few days ago when it announced a deal with a Chinese automaker that would have Hawtai Automotive Group gobble up 29.9% of Saab and loan it more money, funneling to Saab $216 million. With the money, Saab was set to pay...
- Saab Sale Dies, And Saab With It
GM received word today that the only buyer for the Saab brand has backed out. It looks like the Saab sale will die and Saab with it. GM had notified the Saab dealers that it would close Saab down if it didn't find a buyer and for months the only...
- New Gm Promises To Honor Warranties
Good news for owners of GM cars and trucks --- reports are that the "new" GM which comes out of bankruptcy will honor the "old" GM's warranty on the millions of cars and trucks on the road. That announcement, although a promise yet to be fulfilled,...
- More Gm Dealers To Get Chopped
Last month 1,124 GM dealers got their notice that they were being chopped. Now GM has come up with a plan to axe even more. Seems that there are another 450 GM dealers whose franchises will expire within the next year that GM has decided will not be renewed....
- Cadillac Xlr Dies And Saturn Lives
GM has announced that the Cadillac XLR will halt in the second quarter of 2009, as part of its cost-cutting efforts to impress Congress and get more bail out funding. At the same time, GM's budget still includes funding for Saturn so apparently the...