Say goodbye to another American car brand - "Saturn". Car dealership operator Penske Automotive Group announced today that they cancelled plans to acquire General Motors' Saturn unit. This means that GM will will wind down the brand and dealer network.

Four years ago, Penske had announced its plans to acquire the brand. Initially they had plan to let GM to keep manufacturing three of its successful models - the Aura sedan, and the Vue and Outlook cross-over SUVs. But later Penske changed the plan to let a third party manufacturer to make the cars. After the manufacturer said "NO", Penske had no choice but to walk off the deal.

"Without that agreement, the company has determined that the risks and uncertainties related to the availability of future products prohibit the company from moving forward with this transaction," the company said in a statement.

As a result, GM said it would begin to wind down the brand and its roughly 350 dealerships nationwide.

Penske's deal with GM, which was expected to be completed in October, would have saved more than 13,000 jobs at Saturn.

GM called the news "very disappointing." The automaker said Saturn owners will still be able to have their cars serviced at GM dealerships after Saturn is shuttered.

A spokesman for GM said the broken negotiations with Penske would have "no anticipated impact on plants or related losses."

Source: money.cnn.com

Seems like finding a good American car might be a thing of the past? Should I move to a Honda too now?