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Posts Tagged ‘Saturn sale’

GM Offering Big Incentives on Pontiacs and Saturns

Dealer discounts of up to $7,000 per vehicle are aimed at clearing out the lots as brands prepare to close.

by on Dec.29, 2009

GM is offering dealers up to $7,000 to clear out inventories of Pontiac and Saturn models.

Big sales are typical in the days after Christmas, especially if you’re looking for holiday cards, wrapping paper and ornaments.  But General Motors is offering some big deals of its own on two of the brands it will soon abandon, and they make the sales at the local discount malls seem paltry by comparison.

At Jim Causley Buick-Pontiac-GMC, in the Detroit suburb, shoppers are being offered $6,500 discounts on models such as the Pontiac G3 and Solstice roadster, “and they’re going fast,” says salesman Mike Smith before rushing off to deal with a line of waiting customers.


That’s a sharp turnaround from earlier in the month when Causley’s showroom was uncomfortably quiet, particularly for the Pontiac brand, one of four marques GM decided to abandon – along with Saturn, Saab and Hummer – as part of its bankruptcy reorganization.  Worried about being able to service or sell vehicles sold by those brands down the road, many potential customers were steering clear.    (more…)

Saturn “Look See” Cost Penske Millions

Cutbacks at PAG more than offset the gambit.

by on Oct.30, 2009

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.