In breaking news today, General Motors has confirmed that plans for the Penske Automotive Group to purchase the Saturn division have been canned. Because of this, GM has officially announced that the Saturn division will be slowly winding down, eventually to be completely killed off.

According to Penske, this decision is not due to any foul interactions with General Motors or Saturn retailers, but instead because of the inability to source new products beyond what the company had asked GM to build on contract.

No official word has been given on when the demise of Saturn will be complete. All we know is, you'd better go out and get that Sky Red Line before it becomes a collector's item. Click through the post to read the official announcement from GM's CEO, Fritz Henderson.

Penske Automotive Group said this week that it plans to complete its transactions, with General Motors, for Saturn by the end of September.

Roger Penske, founder and chairman, stated that Penske Automotive Group will consider selling Saturn brand vehicles outside of North America but will first focus on the U.S. and Canadian markets. Under GM and Penske’s tentative deal, GM will supply Saturn with Aura sedans, Vue SUVs, and Outlook crossover vehicles until 2011. Penske will have the rights to the Saturn brand and will buy the inventory of replacement parts to service Saturn vehicles already on the road. He also stated that the 350 Saturn dealerships in the U.S. would continue to be independently owned and operated. The financial terms of the sale have not been disclosed and Penske said he could not discuss them until the deal was final.

To know more about the sale of the Saturn brand to Penske Automotive Group click on the link below.

+ Reuters: Penske aims to complete Saturn deal by September

For some time now, General Motors had been in talks with trying to sell off some of its brands, and an official deal has now been worked out between GM and Roger Penske for the sale of the Saturn division. According to a press release issued by General Motors, this move will save more than 350 dealerships and 13,000 jobs.

"For nearly twenty years Saturn has focused on treating the customer right. We share that philosophy, and we want to build on those strengths," says Penske. In this deal, Penske will obtain all of the rights to the Saturn brand, including additional Saturn assets. General Motors will continue to build the Aura, Vue, and Outlook on a contract basis, so we're inclined to believe that the Astra and Sky are set to be axed in the very near future.

The full purchase deal is scheduled to take place in the third quarter of 2009 for an undisclosed sum of money, pending closing conditions and regulatory approvals. Click through the post to read the official press release.

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According to GM Inside News, Buick will be picking up the Astra from Saturn, which General Motors recently announced it would axe. This news is no surprise, as we have already seen a baby Buick mule running around.

If this is true, Buick may be picking up the Opel models for which Saturn was, until recently, supposed to be the American outlet.

No word yet as to what the Buick model will be called, or which versions will be produced (three- or five-door).

Click through the gallery above to see what may be Buick’s version of the Astra, or scroll down for the source of this rumor.

+ GM Inside News: Buick Astra Approved, Coming in 2011; Opel Update

Bob Lutz, in an interview with Advertising Age, stated the obvious: GM has too many brands.

Actually, he stated: "It's really much better to have fewer brands, do it well and then market the hell out of them."  In the piece, Lutz made it official: GM is going to axe a number of divisions, which now appears to be widening in scope.  A number of nameplates will, obviously be joining them. 

 
Larry Nitz, General Motor's executive director for hybrid powertrain engineering, told listeners at the recent Plug-In Conference in California that the Saturn Vue Hybrid had already undergoing real world testing. According to Nitz, the Vue Hybrid's lithium-ion batteries already had extensive battery management work done to them both in the lab and on the road. It was also mentioned that the plug-in charge integration was fully operational, though still in its early stages.

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Although rumors of delays and even a complete cancellation have circulated about, it seems that the next generation Saturn Aura is on firm ground once again― with some major changes. General Motors vice chairman Bob Lutz confirmed that while the Opel Insignia will share the same suspension and engine with new Aura, the Saturn will have a completely different exterior and interior.

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Satillac? Caditurn? We didn’t think much of this everyday-looking Saturn Sky when we passed by it in the shopping district of downtown Baton Rouge, Louisiana, but a closer look reveals that this Sky roadster is actually wearing Cadillac badges.