Arkansas News Bureau
LITTLE ROCK — Arkansas’ lone Saturn dealer said Friday he never feared he’d be forced out of business if ailing General Motors could not sell the brand.
GM announced plans Friday to sell its Saturn brand to former racecar driver Roger Penske’s company. Terms were not announced, though Penske said he expected the deal to close sometime during the third quarter.
The sale to Penski Automotive Group will include all 350 Saturn dealerships nationwide. Penske said he would retain all 13,000 Saturn employees. Penske’s group owns the Landers United Auto dealerships in Arkansas.
Rick Parker, owner of Saturn of Greater Little Rock in Sherwood, said while Friday’s announcement came as a relief, he never doubted his dealership would pull through.
“Saturn was a real valuable company,” Parker said. “There were about 16 companies bidding on it. That’s why it took so long to get sold.”
Parker said that he was happy the uncertainty was over.
“Chrysler and General Motors still have six months or so, but it’s over for Saturn,” he said. “Our only concern was who was going to purchase it.”
Chrsyler declared Chapter 11 bankruptcy in April, and looks to close 789 dealerships, while GM declared bankruptcy Monday morning, saying it wants to reduce its dealership force by 2,100 by 2010.
GM also hopes to sell its Saturn, Hummer and SAAB brands, and is discontinuing its Pontiac line.
Parker said he is pleased Penske was the top-bidder for Saturn.
“Oh yeah, he’s a real sharp guy,” Parker said.
Penske officials introduced the company and its leader to Parker and other Saturn dealers across the nation in a conference call Friday.
