Although perhaps this is not the most "traditional" answer, I saw the following on Wikipedia under the entry "Shahar"
Shahar is the god of dawn in the pantheon of Ugarit. He is the twin
brother and counterpart of Shalim, son of El, and the god of dusk.
Both are gods of the planet Venus, and were considered by some to be a
twinned avatar of the god Attar (Athtar). As the markers of dawn and
dusk, Shahar and Shalim also represented the temporal structure of the
It also says there under the title of "Etymology":
The name is a cognate of the Hebrew word Shahar (שחר) meaning dawn
I believe this could all be understood in a number of ways
The Hebrew word "Shachar" is indeed derived from the name of this god of dawn. Which would perhaps leave us with a big question why is the name of a foreign god found in the Torah
The word "Shachar" literally means dawn and is a Hebrew word in it's origin. It was then borrowed by this other religion to be used as the name of their god of dawn.
The word is in fact from a different language that doesn't refer to the god itself but rather simply means dawn and is used to refer to the god and somehow found it's way into the Torah and Hebrew language.
We find a similar thing by the word "שמש" (Shemesh) Hebrew for Sun. See the wikipedia entry "Shamash"
All of this does lead me to another question which I plan on asking however if anyone has any supporting material on this (articles, etc) then please leave it in the comments or edit the answer.