GM reaches deal to sell Saturn to Penske
Penske Automotive Group
General Motors Corp has a reached a preliminary agreement to sell its Saturn brand to Penske Automotive Group in a deal that could preserve more than 350 dealerships and 13,000 jobs, the companies said Friday.
The tentative deal for Saturn, which the companies hope to complete in the third quarter, would be the second sale of a brand announced by GM since it filed for bankruptcy on Monday in an effort to drop unprofitable lines and leave court protection as a leaner company. Penske, the No. 2 U.S. auto dealership group, would acquire rights to the Saturn brand and other assets, while bankrupt GM would continue production of the Saturn Aura, Vue and Outlook on a contract basis if the transaction were completed, GM and Penske said. Terms were not disclosed. More...