GM updates state of Saturn, potential buyers being reviewed
General Motors is busy putting the finishing touches on its third (or is it fourth?) viability plan, part of which involves the sale or shut down of the Saturn division. While many were expecting GM to close down Saturn, GM has released a press release to tell the world that the fledgling marquee is on the block, and there are several suitors in hot pursuit. The new owner will inherit the Saturn name and its 400 dealer-strong retail network. Advisory firm S.J. Girsky & Co. has been retained by GM to facilitate a deal.
The biggest of the Detroit 3 isn’t putting a timetable on a Saturn sale, but the General is hoping to get something done later in the year. GM also isn’t identifying any potential buyers at this time, but the Saturn dealer body has expressed interest in saving the marquee.
What isn’t known is how much GM would be involved in future Saturn planning. All Saturns currently share platforms and are built in factories with other GM products. Unless GM also sells the new owner a factory (there will likely be a few open facilities to choose from), it will have to provide product for several years.
We’ll likely find out more about Saturn’s fate when GM submits its viability plan to the U.S. Auto Task Force on June 1. Follow the jump to read the brief GM press release.
[Source: GM]