Back when General Motors presented its initial viability plan, it planned to sell or spin off Saturn along with other unprofitable brands such as Hummer and Saab. Now an investor group has made an offer to acquire the struggling Saturn brand from GM.
Telesto Ventures is the name of the group that supposedly submitted an offer to GM. It includes other investment firms such as Black Oak Partners LLC as well as several Saturn dealers. The group is specifically looking to acquire the assets of Saturn Distribution Corp.
According to Automotive News, a GM spokesperson has said "the group's proposal is legitimate and very interesting." However, the spokesperson also confirmed that GM is working with other interested parties.
In a press release from Telesto, the group says future Saturn dealerships would contain products with various brand names and could be sold elsewhere. Spokesman John Pappanastos said Telesto is in discussions with multiple unnamed foreign manufacturers. He said the group prefers small, fuel-efficient vehicles.
Saturn has 384 dealerships as of April 5. If the deal goes through, the plan could save as many as 15,000 retail jobs.