DETROIT – A $250 million grant from

the American Recovery and Reinvestment Act, could easily resolve the

late breaking issues that prompted the unexpected, last minute collapse of

the proposed Penske Automotive Group purchase of Saturn, according to

Todd Ingersoll, Saturn’s Retailer Council member.

“This is well within the parameters of grants already made through the

Act, and will save 13,000 jobs, avoid the closure of 350 Saturn

dealerships, and preserve millions in tax revenue,” said Ingersoll. “The

Act has millions of dollars allocated for energy projects, including

electric vehicle technologies, which is in perfect alignment with Saturn’s

historic commitment to distributing environmentally friendly vehicles.”

Recent months have seen a groundswell of support from Saturn Retailers

for Penske to buy Saturn – and they continue to urge resolution of the

issues that resulted in the deal’s failure. “My phone has been ringing off

the hook with Retailers who want to be part of a future with Roger Penske,”

says Ingersoll.

The negotiations began in June 2009, when Penske announced his

intentions to purchase Saturn. In just four months, the principles of an

agreement were reached.

“The challenge of reaching agreement on product sourcing in just four

months is exceptionally difficult in the automotive industry, given

engineering, design, safety and emission requirements,” said

Ingersoll. “Applying for and eventually receiving a $250 million grant from

the American Recovery and Reinvestment Act is a solution that can be a

win-win for everyone involved, using taxpayer funds to preserve jobs,

maintain tax collections and allow Saturn to further help our economic

recovery.”

Since its inception in 1990, the Saturn brand, with its no-hassle

pricing philosophy, has made more than 3.4 million sales to legions of

loyal customers. Ingersoll concluded: “While the stunning turn of events

last week has many asking why, my retailer partners and I are asking why

not? Shouldn’t we leverage resources from the American Recovery and

Reinvestment Act to finalize the deal with PAG and save 13,000 jobs?”

a>>