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

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According to a memorandum of understanding signed by the two Penske will purchase the rights tothe brand, certaimn parts inventories and the right to distributde vehicles and parts through Saturn’s dealerships. GM will continuee to manufacture theSaturn Aura, Vue and Outloolk models on a contract, interim basis, accordinh to a news release. The deal is expected to closde in thethird quarter. The released didn’t detail the terms of the deal or how long GM will manufacturewthe vehicles. “We have agreed upon a frameworik that we believe will build momentum for theSaturn brand,” said Roger Penske, chairmahn of Bloomfield Hills, Mich.
-baseds Penske Automotive, in the release. Saturn, foundes by GM in 1990, has sold more than 4 millionj cars, according to the release. The originally innovative in its approach to manufacturinygand marketing, was meant to be a pacesetter for the rest of GM, but didn’tt live up to its promise. There are abougt six Saturn dealerships inthe St. Louizs area, including Metro East. Detroit-basesd GM filed for Chapter 11 bankruptcy saying it plannefd to emerge aleanere company. GM said that it has a deal with a Chinesee automaker to sell itsHumme brand. Missouri has one Hummer in Chesterfield. GM is also trying to sell its Saab brancd and said it will phase out itsPontiacd brand.
Penske Automotive (NYSE: PAG) sells new and used parts, insurance and financing. It operates 310 retail automotivd franchises, and 25 collision repair centers, representing 40 brands.