telesto ventures
General Motors Agrees to Sell Saturn Brand to Penske
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General Motors has reached an agreement with the Penske Automotive Group on the sale of its Saturn brand. An official announcement is expected to be made by both parties later today. The Penske Automotive Group was thought to be one of the front-runners in the bidding war, which also reportedly included Nissan/Renault, Mitsubishi and investment…
GM Says It Has 16 Different Buyers For Saturn, Three for Saab
With news of a tentative deal to sell off Hummer coming yesterday, GM still hasn’t made any decisions about its Saturn or Saab brands – but apparently it has plenty of offers to entertain. GM CFO Ray Young said that Saturn has as many as 16 suitors, while the Swedish Saab brand has three. The…
Mitsubishi Latest Candidate to Buy Saturn
Oddly, it seems as though Saturn is far more interesting and far more loved as the up-for auction arm of a doomed for bankruptcy company than it ever was as regular old car brand. To date the Penske Automotive Group, automaker Nissan/Renault and investment firm Telesto Ventures have all been cited as potential buyers. Now…
Former Chrysler President Tom LaSorda to Advise Penske on Saturn Purchase
The possibility that Penske Automotive Group may in fact purchase the Saturn brand from General Motors has just increased significantly. Penske has acquired the services of former Chrysler President Tom LaSorda as an adviser on the bid. Penske is the second largest dealership group in the U.S. and also distributes the SMART brand of cars…
Nissan-Renault Latest Candidate to Buy Saturn
The sale of Saturn to Nissan-Renault could see cars like this Mégane Renault Sport roaming U.S. streets. The rumor mill keeps churning out new and exciting candidates interested in buying GM’s Saturn brand. The most recent speculation is that Nissan/Renault might be interested. The Wall Street Journal is reporting the Nissan-Renault interest in Saturn, while…
Group of Investors Looking to Buy Saturn, Transform Dealerships into Retailers for Foreign Cars
A group of investors known as Telesto Ventures has put forward a serious proposal to purchase Saturn from General Motors and turn it into a network of retailers selling vehicles from foreign manufactures. The business plan would have the Saturn continue selling GM-sourced products until 2011 at which point the dealer network would act more…
