Saturn, the beleaguered General Motors import-fighting marque, will be winding down operations after a proposed sale collapsed Wednesday.
GM had planned to sell Saturn to Penske Automotive Group, the company behind successful trucking and auto-racing businesses. Under the agreement, Roger Penske's company would have become a retail seller of cars eventually manufactured by another company. But the manufacturer (rumored to be Renault SA) rejected the deal. Without a manufacturing agreement, Penske was unwilling to complete its purchase.
Saturn's operations instead will be wound down by GM, which has yet to set a timetable for the brand's closing. Saturn currently has 350 dealers across the United States.