DETROIT — Roger Penske put an end to rumors on Tuesday and confirmed that he is interested in Saturn. But the chairman of Penske Automotive Group underscored that he has not made an offer to buy Saturn.
"While I confirm that we have an interest in looking at the future opportunities of the Saturn brand, Penske Automotive has not made a proposal to General Motors for this business, and the time frame involved is extremely tight," Penske said, according to media reports.
Penske, 72, one of the top sports-car racers of the 1960s, built a sprawling auto empire from a single Chevrolet dealership. His dealership group distributes Smart cars in the U.S.
Black Oak Partners, a private equity firm, last month said it has approached GM about buying the assets of Saturn and its distribution network.
GM on Monday announced that it is "proceeding to the next step with respect to the sale of Saturn." But it did not confirm who the bidders are or the status of a transaction regarding the sale of the GM brand.
"A number of potential buyers have surfaced and expressed an interest in the Saturn brand and retailer network," said GM in a statement on Monday. "GM will be reviewing expressions of interest from the potential buyers and will look to secure an agreement with a specific buyer later this year."
Inside Line says: Saturn's suitors are becoming clearer, but no one has yet committed to any kind of relationship. — Anita Lienert, Correspondent
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