GM received word today that the only buyer for the Saab brand has backed out. It looks like the Saab sale will die and Saab with it.
GM had notified the Saab dealers that it would close Saab down if it didn't find a buyer and for months the only company interested, Sweden's supercar builder Koenigsegg AB, was working with GM to make a deal happen. That came to a screeching halt today.
Now, with Penske backing out of the Saturn sale, GM is left with two more brands to be shuttered, leaving hundreds of Saab dealers with empty stores and thousands of owners with no Saab store service department.
Just two weeks ago GM had warned the Saab dealers of the chance of Saab being shut down in a failed sale, but dealers kept a stiff upper lip, as Saab sales took a nose dive of 62% leading up to October. This is no time to be a Saab dealer, and no time to be a Saab owner.
If your Saab needs anything fixed, better get it in the shop while there still is a shop to get into.
Meanwhile, orphaned owners with evaporating warranties are left wondering what happens next. If you're one of those orphaned owners, now might be a good time to buy a Ford, or almost anything else. The trade in value of that Saab is not likely to be going anywhere but down.
Burdge Law Office
Because life's too short to be driving a lemon.