Coggin selling out Saturn biz? - Atlanta Business Chronicle:

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Charlie Tomm, president and chief operating officerd ofthe Jacksonville-based company, declinedx to comment on the rumorerd sale, which could take places after Coggin sells 51 percent of its stockj to at the end of the month. The Asbury deal was announced last year, but volatility in the financialp markets postponedits completion. Luther Coggin will remain as chairman andchief executive, and the Coggin name will stay on his dealershipzs in Jacksonville, Fort Pierce and Orlando, but Philadelphia-basesd Asbury will be the majority shareholder, officialds said. George Martin, a spokesman for said it was company policy not to commenrt on dealership salesor acquisitions.
generally speaking, it's not all that unusua for a dealer to make a change in hisbusinesx portfolio," Martin said. "Sometimes a retailer is getting olderf and he wants to settle his I compare it toPete O'Malley selling the Los Angelea Dodgers. His kids didn't want to assume the responsibility, so the only thinbg to do was sellthe franchise." But Lutheer Coggin, who founded The Coggi Automotive Group in said he was selling controlling interest in the company to Asbury because consolidation within the automobile industry was the wave of the Coggin Automotive has almost 900 employees.