Penske To Buy GM’ Saturn Brand
Published:08-June-2009
By Staff Reporter
General Motors has reached a tentative deal to sell its Saturn brand to Penske Automotive Group, a car-dealer chain led by racing-team owner Roger Penske.
Under the terms of the agreement, once the transaction is completed, Penske Automotive will obtain the rights to the Saturn brand and certain assets, including the Saturn parts inventory. General Motors would continue to provide Saturn Aura, Vue, and Outlook vehicles on a contract basis, for an interim period.
The companies said that the deal could preserve more than 350 dealerships and 13,000 jobs.
Roger Penske, Chairman, Penske Automotive Group, said: “Saturn has a passionate customer base and outstanding dealer network. For nearly 20 years Saturn has focused on treating the customer right. We share that philosophy, and we want to build on those strengths.”
