NEW YORK (CNNMoney.com) -- Car dealership operator Penske Automotive Group announced on Wednesday that it has cancelled plans to acquire General Motors' Saturn unit. As a result, GM said it will wind down the brand and dealer network.
The announcement comes nearly four months after Penske agreed to buy the rights to the 19-year old brand from GM when the automaker was in bankruptcy.
As part of the deal, GM would have continued making Saturn's three highest-selling models: the Aura sedan, as well as the Vue and Outlook cross-over SUVs, for the rest of this year and next. Penske, which is an auto distributor and not a manufacturer, would have sold the cars on behalf of GM. Penske said it would find another third-party manufacturer to make new Saturns in 2011.
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