Penske Saturn | TheDetroitBureau.com
Detroit Bureau on Twitter

Posts Tagged ‘penske saturn’

Lajdziak Leaves Saturn for Smart USA

New VP must reverse plummeting sales.

by on Dec.09, 2009

Former Saturn General Manager Jill Lajdziak will join the smart car organization. She's shown here in January 2008 accepting an award for the Saturn Aura.

Former Saturn General Manager Jill Lajdziak will join the smart car organization. She's shown here in January 2008 accepting the North American Car of the Year award for the Saturn Aura.

Jill Lajdziak, the former head of GM’s Saturn unit, is joining smart USA as executive vice president of sales and marketing – and the point person in the brand’s bid to reverse a devastating sales slump.

After scoring a big boost in 2008, much of it driven by record gas prices, smart, a division of Germany’s Daimler AG, has experienced an unanticipated slide prompting questions about the brand’s long-term viability in the U.S. market – even as other makers push into the small and urban commuter market segments.

A smart Choice!

A smart Choice!

“I am pleased that Jill has accepted our invitation to join smart as we enhance the position of the smart brand,” said Roger Penske, PAG Chairman and a well-known Detroit-based entrepreneur. “With her background building the Saturn organization and her expertise in customer satisfaction, product marketing, and brand development, Jill is an outstanding fit, and I am confident that she will help us grow the smart brand” Penske said.

(more…)

Penske Profits From Clunkers

Entrepreneur’s auto group makes big Q3 gains.

by on Oct.30, 2009

On or off the track, Roger Penske has a reputation for turning things to his advantage.

On or off the track, Roger Penske has a reputation for turning things to his advantage.

Roger Penske has a way of turning things to his own advantage.  And the recently-concluded Cash-for-Clunkers program provided him yet another opportunity to work that corporate magic.

The Penske Automotive Group, run by the Detroit-based entrepreneur and motor sports legend, posted a solid 23% increase in third-quarter profits with the federally-funded program, designed to drive up domestic car sales, providing a significant boost.

Free Subscription!

Free Subscription!

The group’s net income came to $27.4 million, or 30 cents per share, up from $22.2 million, or 24 cents per share, the year before.  Excluding one-time charges, earnings came to 34 cents a share, a bit ahead of analyst forecasts.  Revenues fell 13%, to $2.6 billion.

(more…)

Renault Board Killed Deal with Penske Saturn

GM is now liquidating the division.

by on Oct.02, 2009

The Renault Board balks at Ghosn's Saturn plan.

The Renault Board balks at Ghosn's Saturn plan.

The key to the mystery behind the sudden end to General Motors Company’s effort to sell Saturn lies with the board of Renault-Nissan. Renault-Nissan chief Carlos Ghosn had signed off on the deal that would have cleared the way for Saturn to begin selling vehicles built by Renault-Nissan’s South Korean affiliate, Samsung, according to a source familiar with the negotiations.

The deal would have raised Samsung’s profile in the global industry and increased the utilization-rate at the Korean company’s manufacturing center, while providing Saturn with new vehicles.

Renault’s chief financial officer in an interview with Bloomberg news has acknowledged it was in talks with racing mogul Roger Penske, who is also the founder of the Penske Automotive Group of Bloomfield Hills, Michigan.

Penske, who prefers to maintain a low profile away from the track, had never identified his potential partner. That is the reason for his carefully worded statement where Penske said the “board” of an unidentified company led to the collapse of the deal.

Ultimately, Ghosn and Penske, two the most formidable executives in the car business, could not convince the Renault-Nissan board that a Samsung-Saturn alliance was a good idea.

It demonstrates a complete lack of faith in the U.S. auto market where Nissan is posting heavy losses. It also might indicate a lack of faith in Ghosn’s judgment. The list of possible reservations also include concern about creating a new-competitor for Nissan in the US and worries about potential liabilities for Renault-Nissan if the Saturn venture failed, analysts suggested privately.

(more…)

GM Confirms Penske Saturn Acquisition

Deal would save brand.

by on Jun.05, 2009

GM has confirmed it will sell its Saturn brand - with court approval - to Penske Automotive Group, founded by motorsports legend and entrepreneur Roger Penske.

GM confirms it will sell its Saturn brand - with court approval - to Penske Automotive Group, founded by entrepreneur Roger Penske.

Confirming what TheDetroitBureau.com earlier reported, General Motors has announced that it has concluded negotiations on a proposed sale of its Saturn brand to Penske Automotive Group.

The deal must still be finalized – a matter complicated by GM’s current bankruptcy status – but if approved, the ailing automaker said, in a statement, that it would “save more than 350 dealerships and 13,000 jobs at Saturn and its retailers in the United States, and would preserve the customer-focused Saturn brand.”

“Saturn has a passionate customer base and outstanding dealer network,” said Roger Penske, racing legend, mega-entrepreneur and chairman of Penske Automotive Group. “For nearly 20 years Saturn has focused on treating the customer right. We share that philosophy, and we want to build on those strengths.” (more…)