Former race car driver Roger Penske, owner of a large group of auto dealerships, has reached an agreement with General Motors to buy the Saturn brand from them. AP reports:
General Motors Corp. has a tentative deal to sell its Saturn brand to former race car driver and dealership group owner Roger Penske, both companies said Friday.
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 Penske nor GM would say how much Penske is paying for the brand. Penske said he expects the deal to close in the third quarter.
GM will continue to make Saturn vehicles for the next two years, after which time Penske will need an agreement with another manufacturer to build the cars. He said he is in talks with manufacturers around the world to continue Saturn production after GM closes down their Saturn plants.