Select Page

Roger Penske’s ill-fated bid for General Motors Saturn brand cost the Penske Automotive Group Inc. $2 million, according to PAG’s latest quarterly financial report filed with the Securities and Exchange Commission.

Penske called off the bid for Saturn when he was unable to conclude a deal with the Renault-Nissan for future product. Penske’s bid to purchase vehicles from Renault’s South Korean subsidiary was vetoed by the Renault board at the last minute.

Overall, PAG reported it net income improved by 25% in the third quarter to $27.4 million or 30 cents per share per share, excluding the $1.9 million spent on the Saturn bid, PAG disclosed.

Don't miss out!
Get Email Alerts
Receive the latest Automotive News in your Inbox!
Invalid email address
Send me emails
Give it a try. You can unsubscribe at any time.