• Detroit Free Press, Thursday, April 16, 2009 10:45 AM

A group of Saturn dealers says it will adapt fuel-efficient and electric vehicles from other automakers to a Saturn style if General Motors sells them its brand name. Telesto Ventures would only keep a skeletal design crew and would not build vehicles, but says it could save about 10,000 jobs at 440 Saturn dealerships in the U.S. and Canada.

While such a business model would be novel, Justin Hyde reports, Telesto's backers say global overcapacity among automakers would give the reformulated Saturn several possible sources of new vehicles. And it would give foreign automakers an instant distribution network in the U.S.

John Pappanastos, a Telesto spokesman, says the group made a formal presentation to GM last week and expects to talk further next week. He says Telesto took the unusual step of going public with its bid so Saturn dealers "have a hope and see a future." GM says the bid is one of several it has received.

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