Bloomfield Hills, Michigan – Former Chrysler president Tom LaSorda has been hired as a consultant by the Penske Automotive Group and is advising the company about a possible bid for Saturn, according to Automotive News. LaSorda left Chrysler after it filed for bankruptcy protection.
The report said that Magna International is also talking to GM about Saturn, and that a group of dealers that owns 21 stores, including some Saturn outlets, is discussing a partnership with Penske regarding Saturn. Telesto Ventures, an investor group that includes private equity firm Black Oak Partners LLC, has also said it wants to buy Saturn; GM has confirmed talks with the company.
General Motors is trying to sell Saturn, Saab and Hummer as part of its survival bid, and is exploring the sale of Opel. Magna and Fiat have both expressed interest in the European unit.