Dealers, from private equity company teaming up for buying Saturn

Posted on Thursday, 16 April 2009 , 15:04:34 byEmil

Filed under saturndealerprivateequityteambuygmSaturnGM

Dealers, from private equity company teaming up for buying Saturn

The fate of Saturn might not be totally sealed yet. News is coming out from Detroit: Black Oak Partners LLC Oklahoma City-based, a private equity company, plus undisclosed Saturn dealers number made the offer previous week, for purchasing the brand name from present owner GM.

Black Oak Partners just issued a statement saying it's awaiting some organized meeting involving the Detroit executives of GM. This plan of the group would be selling GM-made and created Saturn units initially before the turn out of this brand to more efficient, smaller autos from global carmakers. The private equity company would form: 'Saturn Distribution Company' that would be focusing on tailoring products (foreign-designed) for a specific clientèle in North America, rather than making its own vehicles. 'There’s people out there that realize that Saturn is a valuable brand. It’s telling our customers that Saturn is going to be there in the long run' Carl Galeana, the owner of 2 Saturn dealerships in Detroit, reported to the Associated Press.

GM received a few offers for Saturn, but the carmaker affirms it's bound by the nondisclosure clauses from offers and unveiling names. 'With respect to what the eventual outcome concerning Saturn might be with Black Oak or any other interested party, it is simply premature at this time to speculate on what any eventual outcome may be' GM stated earlier.