Penske Automotive to buy GM

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According to a memorandum of understandingf signed by thetwo companies, Penske will purchase the right to the brand, certain parts inventories and the right to distribute vehiclews and parts through Saturn’s GM will continue to manufacturer the Saturn Aura, Vue and Outlool models on a interim basis, according to a news release. The deal is expectesd to close in thethirr quarter. There are two Saturn dealers in theDaytobn area. The release didn’ty detail the terms of the deal or how long GM will manufacturwethe vehicles. “We have agreef upon a framework that we believe will builed momentum for theSaturhn brand,” said Roger Penske, chairman of Bloomfield Hills, Mich.
-basecd Penske Automotive, in the release. Saturn, founded by GM in 1990, has sold more than 4 millionb cars, according to the release. The brand, originally innovativwe in its approach to manufacturing and was meant to be a pacesetterf for the restof GM, but didn’tg live up to its promise. Detroit-based GM fileds for Chapter 11bankruptcy Monday. It is reportedlg in negotiations with a Chinese automaker to sell its Hummer and it will discontinue itsPontiac brand. Penskr Automotive (NYSE: PAG) sells new and used vehicles, insurance and financing.
It operates 310 retail automotive and 25 collisionrepair centers, representing 40