GM Seals Saab Deal, Advances Pledge of Loan Payback
General Motors Co. has moved closer to fulfilling CEO Ed Whitacre’s pledge to pay back government loans by June by reaching a $500 million deal to sell its Saab division to Spyker Cars NV, Bloomberg reported. Saab may become the first brand GM sells since emerging from a U.S.-backed bankruptcy on July 10. Arrangements to sell its Opel and Saturn units fell through, as did earlier negotiations over the Swedish brand. A definitive agreement with Sichuan Tengzhong Heavy Industrial Machinery Co. to buy Hummer is pending regulatory approval. “It’s a big accomplishment for them to be able to sell the brand,” Rebecca Lindland, director of automotive research at IHS Global Insight in Lexington, Mass., told Bloomberg. “It’s symbolic from a standpoint of getting something accomplished, because the Saturn sale fell through, Koenigsegg walked away from Saab and they had to wind down Pontiac.” Whitacre, 68, had said since mid-December that GM was winding down Saab after earlier talks with Spyker, and before that Koenigsegg Group AB, ended. Now the CEO known for building AT&T Inc. with acquisitions, has sold the Swedish car brand for more than $400 million in cash and preferred stock, aiding his pledge to repay U.S. and Canadian taxpayers by June.
More Industry

Selling to Grow
The question of whether you should sell your agency and if so, when, is up to you. But it’s a question worth asking to ensure you keep the business on the right path for yourself, employees and clients.
Read More →
Auto Group Acquires Top-Performing Rooftop
Car Pros sold its Kia Huntington Beach location to Sutherlin Automotive Group, marking the buyer’s third location in Southern California.
Read More →
China as Pacesetter
Automotive leaders huddled on where North America stands in the global picture and how it can strengthen its position against the Asian juggernaut’s surging industry.
Read More →
BMW Concept Car Makes Fuel to Burn
The prototype developed in concert with a South Carolina university engineering team generates more solar energy than it uses in a typical daily commute.
Read More →
South Carolina Auto Group Downsizes
Florida-based group Holler-Classic has acquired four rooftops, its first in South Carolina, from Dick Smith Automotive Group.
Read More →
July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
Read More →
Structure Leads to Optimized Auto Listings
As the average car-buying journey has shifted to a blend of digital and retail, a dealership’s vehicle listings must be optimized to answer shoppers’ questions clearly and accurately.
Read More →
Consumers Mixed on Economy, Finances
A July survey shows spotty sentiment of current and future conditions, in addition to demographic differences as overall opinion of present circumstances kept sliding.
Read More →
EVs Closing the European Gap
Electrified powertrains led June new-vehicle sales in Europe, reaching 26% of the market.
Read More →
Early Intervention Saves Retention
Sales and service departments have the highest annual dealership turnover rates, according to a new industry report, costing money and time that could be better spent elsewhere.
Read More →