Dealers offer to buy Saturn

[Chris]

Dealers offer to buy Saturn
GM says investor group is among several suitors

An Oklahoma City investor group that includes some auto dealers said it has made an offer to acquire the assets of General Motors Corp.'s Saturn brand, with plans to operate it as an independent company that would sell vehicles from a variety of manufacturers.

Telesto Ventures, which includes the private equity firm Black Oak Partners and other investors such as Bob Moore Saturn of Oklahoma City, is the first suitor for Saturn to announce its intentions to acquire the company.

GM is attempting to spin off Saturn as part of its restructuring required under terms of a $13.4 billion federal government emergency loan.

The group wants to buy the assets of the GM wholly owned subsidiary, Saturn Distribution Corp., and form a new entity that would manage the franchise agreements Saturn has with its 440 U.S. and Canadian dealers, and provide vehicles for their showrooms.

This new company would be free to find suitable vehicles for its dealers from multiple sources, and would sell them mostly under the Saturn brand, Telesto said in an announcement Wednesday.

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