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GM works on tentative deal to sell Saturn to Penske dealership group

2009-06-05 17:37:24 (GMT) (Caymanmama.com - Automotive Top Stories News)

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Baltimore, Maryland (CaymanMama.com) — General Motors Corp. is working on a tentative deal to sell its Saturn brand to former race car driver and dealership mogul Roger Penske, both companies confirmed Friday.

According to the AP, “Penske has signed a memorandum of understanding that would give his dealership chain, Penske Automotive Group, Saturn’s 350 dealerships, the companies said. Penske told reporters that he expects to offer all the dealers new franchise agreements and will retain all 13,000 Saturn employees for the immediate term.”

Neither parties would indicate the price tag Penske would pay for the brand. Penske said he thinks the finalized sale will close in the third quarter.

At the outset, General Motors will continue to manufacture vehicles for Saturn for two years, Penske said. But Penske noted that he is currently in discussions with global manufacturers about constructing Saturn cars going forward.

“We will be we’ll be selling as many GM cars — a many GM-produced cars — under the Saturn brand as possible,” Penske said.

Penske Automotive owns the second-largest American automobile retail chain by sales. It also owns engine manufacturer Detroit Diesel and has race teams in the IndyCar, NASCAR and Grand-Am series.



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