GM says proposal is 'very interesting'
DETROIT -- An investor group called Telesto Ventures says it wants to
acquire Saturn's retail operations and provide dealers with vehicles
from General Motors through 2011 and mostly overseas manufacturers
thereafter.
A GM spokesman said today the group's proposal is legitimate and "very
interesting."
"I can tell you this is one of the interested parties with Saturn and we
have been working with them throughout this process," said spokesman
Steve Janisse. "There are other interested parties as well who we're
working with. But I can't speculate on where all this will go."
Telesto spokesman John Pappanastos says his group is in discussions with
several unnamed foreign manufacturers.
He says Telesto includes a private equity firm, Black Oak Partners LLC,
based in Oklahoma City, and several other investors. It's not clear how
much money is backing Telesto and what auto experience the group has.
More information being presented
Meanwhile, a Saturn task force led by consultant Steve Girsky was
scheduled today to present to some Saturn dealers its research on
spinning off Saturn Corp.
"We will provide our retailers with an update about the feasibility
study and where it stands and what the next step is," Janisse said.
"We'll do that either later this week or early next week."
According to Telesto's press release, the products in the Saturn
dealerships would have various brand names and could be sold elsewhere.
Pappanastos says Telesto prefers small, fuel-efficient vehicles.
"It's similar to a Best Buy model in that customers deal with Best Buy
because of the customer experience not because they are the only place
to buy a Samsung or a Sony TV," Pappanastos says.
As of April 5, Saturn had 384 rooftops in the United States. Pappanastos
says the plans would save 12,000 to 15,000 retail jobs.
