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.
Ding, dong, the wicked witch is dead!
Hummer is going to a Chinese company. Vauxhall/Opel (basically the European equivalent of Saturn) was just sold to the Canadians. Saab is set to be bought by Koenigsegg, a maker of insane supercars--one of them once tried to kill the Stig.
Holden is probably sticking around. Yay for Australian madness!