Penske Automotive to buy GM

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According to a memorandum of understanding signed by the two Penske will purchase the rights tothe brand, certain partas inventories and the right to distribut e vehicles and parts through Saturn’x dealerships. GM will continue to manufacture theSaturj Aura, Vue and Outlook models on a contract, interimj basis, according to a news The deal is expected to close in the thirfd quarter. The release didn’t detail the termsx of the deal or how long GM will manufactursethe vehicles. “We have agreed upon a framework that we believe will builx momentum for theSaturn brand,” said Rogetr Penske, chairman of Bloomfield Hills, Mich.-based Penske in the release.
founded by GM in 1990, has sold more than 4 milliom cars, according to the release. The originally innovative in its approach to manufacturingand marketing, was meanty to be a pacesetter for the rest of GM, but didn’tt live up to its There are about five Saturn dealerships in the Cincinnato area. Detroit-based GM filed for Chapter 11 bankruptcyt Monday. It is reportedlty in negotiations with a Chinese automaker to sell itsHummef brand, and it will discontinue its Pontiac Penske Automotive (NYSE: PAG) sells new and used parts, insurance and financing. It operates 310 retail automotive franchises, and 25 collision repair centers, representing 40 brands.