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Saturn's fate is revealed
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Very bad news for Spring Hill families and small business owners.
I am sure that both have striven to hold on until Saturn's fate was decided, now that it has been announced, many will close down their shops and families will be forced to sale their homes. A time when the real estate market is already flooded with desperate sellers.
Spring Hill will need to struggle mightly, not to become the Detroit of Williamson county..
GM announced Wednesday it plans to shutdown the Saturn brand after a deal fell through to sell the line to Penske Automotive Group.
Penske started formal discussions about purchasing Saturn June 5th and since then has been working out the details. The deal was expected to close in the coming days. Penske planned to have GM make the vehicles for a period of time, then move to another manufacturer.
In a statement, Penske said it negotiated with a third party manufacturer, but that company’s board of directors rejected the deal. So Penske pulled out because of the uncertainty of where it would get future products.
GM CEO Fritz Henderson said in statement that Saturn and its dealership network will be phased out. Dealers said they were shocked by the news.
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