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Penske in talks with GM to buy Saturn brand

Penske Automotive Group announced today that is has signed an agreement with General Motors to buy the Saturn brand.

Penske Automotive Group announced today that is has signed an agreement with General Motors regarding the Saturn brand.

Under the terms of the agreement, if the transaction is completed, Penske Automotive Group would obtain the rights to the Saturn brand, acquire certain assets including the Saturn parts inventory, and have the right to distribute vehicles and parts through the Saturn Dealership network. General Motors would continue to provide Saturn Aura, Vue, and Outlook vehicles, on a contract basis, for an interim period.

Further details of the transaction are not being released at this time. The closing of the transaction is expected to occur during the third quarter of 2009.

(Source: Penske Automotive Group)