In a news brief today, GM confirmed that there a several buyers interested in purchasing Saturn. While no specific names were mentioned, the company anticipates a sale to be made by the end of the year. The company advising the sale of the brand is S.J. Girsky & Co. Speculations abound as to which parties are interested in purchasing the brand. Last month, Black Oak Partners, based in Oklahoma City, confirmed it's interest in purchasing the brand. Rumors speculate throughout the media that the company is also looking for potential buyers in foreign markets such as China and India. Both countries are eager to gain market share in the United Sates.

The complete GM news brief from today is shown below:

General Motors is proceeding to the next step with respect to the sale of Saturn. A number of potential buyers have surfaced and expressed interest in the Saturn brand and retailer network. GM will be reviewing expressions of interest from the potential buyers and will look to secure an agreement with a specific buyer later this year. S.J. Girsky&Co. has been retained by GM as advisor for this transaction. Saturn will continue to keep its retailers updated on its progress throughout this process.

Dow Jones has just named billionaire Roger Penske as a potential buyer for Saturn. Many may recognize this name from NASCAR. In NASCAR, Penske owns a fleet of Dodge race cars employing popular drivers such as Kurt Busch and David Stremme. However, his experience in the automotive industry is much more extensive than just racing. He owns the Penske Automotive Group, a collection of automotive retail establishments, and sells a wide array of brands like Lexus, Jeep, BMW, both domestically (156 franchises) and internationally (148 franchises). Perhaps his most recent accomplishment is becoming the exclusive distributor of the Smart car in the United States.

Source: Dow Jones Newswires

Update on May 7th: Leading negotiations for this group is Gary Marvicsin. Detroit News reports that he is employed in the auto industry.

Detroit News reports that there is a mysterious Ohio based investment group interested in acquiring Saturn. Unlike the other interested buyers, this group has developed a concept to keep the company domestically based. According to the article, the group is interested in purchasing domestically abandoned manufacturing plants to produce Saturns. Chrysler plants that are targeted to close due to bankruptcy troubles were specifically mentioned. The group wants to continue to employee UAW workers at these plants. While recognizing the high costs associated with employing union workers, such as benefits and pensions, the group believes that it is the right move for two reasons.

First, the UAW is essential to Saturn's formula for success: producing safe, high-quality, fuel-efficient cars. Second, as a partner from the Ohio group stated to Detroit News reporter Robert Snell, "We believe there was a promise made to the employees of General Motors that provided a certain amount of benefits for retirees. To take that away is not only unprofessional and a violation of trust, but it's wrong."

The group intends to sell the cars through existing retail facilities, however they may tinker with the numbers in existence. They plan to review each dealership in terms of their profitability and location and adjust accordingly. Little details are available about the group except that it is composed of current and former auto industry executives, private bankers, chemists and engineers.

The Ohio based group is discussing their proposal with Saturn officials today. Stay tuned to SaturnFans.com for the latest details.

Source: The Detroit News