In a statement released late this afternoon, Penske Automotive announced it was abandoning the idea of purchasing Saturn from General Motors.
According to the release, Penske’s decision was based upon an inability to procure vehicles for the division. GM would have been obligated to provide vehicles for a “short-term” period, but Penske was on its own after that.
Earlier reports had suggested Penske was eyeing a deal with the Korean Samsung company, which is a subsidiary of Renault S.A. Although Penske doesn’t acknowledge this fact in its release, it does say whichever automaker it was dealing with essentially ended the transaction.
“Penske Automotive Group negotiated the terms and conditions of an agreement with another manufacturer,” the release reads. “However, that agreement was rejected by that manufacturer’s board of directors.
“Without that agreement, the company has determined that the risks and uncertainties related to the availability of future products prohibit the company from moving forward with this transaction.”
GM hasn’t yet released a statement on the matter, but had planned on winding down Saturn operations by October 2010 if it didn’t find a buyer for the brand.