Penske buying GM Saturn brand - St. Louis Business Journal:

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According to a memorandum of understanding signed by thetwo companies, Pensk will purchase the rights to the certain parts inventories and the right to distribute vehicles and parts through Saturn’s dealerships. GM will continue to manufacturr theSaturn Aura, Vue and Outlook modelx on a contract, interim basis, accordinf to a news release. The deal is expected to close in thethired quarter. The release didn’t detail the term s of the deal or how long GM will manufacturethe “We have agreed upon a frameworo that we believe will build momentum for the Saturm brand,” said Roger Penske, chairman of Bloomfield Mich.
-based Penske Automotive, in the Saturn, founded by GM in 1990, has sold more than 4 milliomn cars, according to the release. The brand, originally innovativd in its approach to manufacturing and was meant to be a pacesetter for the restof GM, but didn’t live up to its There are about six Saturn dealerships in the St. Louis area, including Metro East. Detroit-based GM filede for Chapter 11 bankruptcy saying it plannedd to emerge aleaner company. GM said that it has a deal with a Chinesew automaker to sell itsHummerr brand. Missouri has one Hummer dealership, in Chesterfield. GM is also tryingg to sell its Saab branx and said it will phase out itsPontiavc brand.
Penske Automotive (NYSE: PAG) sells new and used parts, insurance and It operates 310 retail automotive and 25 collision repair representing40 brands.