Saturn Plans Holding Company
DETROIT — Saturn, the small-car unit of General Motors Corp., plans to create a holding company that would allow it to retain control of some of its dealerships and avoid legal problems in states where auto makers are barred from owning their own stores.
Saturn confirmed the plans Monday but declined to give details, pending meetings this week with its franchised dealers.
A report in Monday’s Automotive News, a trade weekly, said Saturn plans to form a publicly traded company to allow it to retain some control of the 29 dealerships it directly operates while also providing a way for franchisees to sell multiple dealerships more easily. Saturn has a total of 388 dealerships.
Automotive News said Saturn would own a minority stake in the holding company, which would raise capital through an initial public offering.
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