Investment group Telesto Ventures has announced it wants to acquire the retail operations of GM's US-only Saturn brand, selling GM models until 2011 and a variety of overseas brands thereafter.
Telesto spokesman John Pappanastos revealed the company is in discussions with several foreign manufacturers about supplying cars, but declined to name them.
Pappanastos added that Telesto would prefer to sell small, fuel-efficient vehicles, and that it would use the dealerships to sell a range of vehicles from different manufacturers, rather than being tied to one make.
GM spokesman Steve Janisse said: "I can tell you Telesto is one of the interested parties with Saturn, and we have been working with them throughout this process. There are other interested parties as well who we're working with. But I can't speculate on where all this will go."
While it is known that Telesto Ventures has venture capital backing, it is unclear what experience of the car industry any of its partners have.
Add your comment