Penske Confirms Interest in SaturnBy Michelle Krebs May 5, 2009
DETROIT -- The Penske Automotive Group confirmed it is indeed interested in General Motors' Saturn brand.
In a statement issued Tuesday morning, Penske Automotive Group, headed by Roger Penske, said "we confirm that we have an interest in looking at future opportunities with the Saturn brand."
The company's statement continued: "Penske Automotive buys and sells dealerships as part of our normal operations; we have experience in the distribution business and are constantly looking for opportunities to grow our business and further diversify our overall operations."
The group, which also has the U.S. distribution rights to Daimler's smart franchise, said it has not made a proposal to GM. "The time frame involved is extremely tight," the company said.