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Penske Denies Saturn Bid During Earnings Call

Penske Automotive Group Q1 income is slashed nearly in half.

by on May.05, 2009

Chrysler has maintained its contractual commitment to NASCAR during its bankruptcy.

Chrysler has maintained its contractual commitment to NASCAR during its bankruptcy.

Auto mogul Roger Penske played down suggestions he was preparing to pounce on General Motors’ Saturn Group, during a conference call today with reporters and financial analysts.

 “Penske Automotive has not made an offer to GM for Saturn,” he said. Penske added that the time frame for making any kind of offer was “extremely short.”

GM said this week that it was convinced it could sell Saturn to outside investors, but did not identify any of the potential buyers. Penske, however, also acknowledged that current recession has made opportunistic acquisitions possible both the U.S. and Europe.

Penske also said he believed Chrysler could emerge from bankruptcy a very viable company. “I really believe Chrysler can come out of this a stronger company,” he said. Penske, of course, runs Chrysler’s NASCAR racing operation through another subsidiary, in what was once a lucrative contract.

Penske Automotive Group Inc.’s first quarter income was slashed nearly in half by the ongoing turmoil in the automotive industry, which trimmed the company’s revenues by one third.  (more…)