Penske Automotive to buy GM

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According to a memorandujm of understanding signed by thetwo companies, Penske will purchaswe the rights to the certain parts inventories and the righr to distribute vehicles and parts through Saturn’s GM will continue to manufacture the Saturmn Aura, Vue and Outlook models on a interim basis, according to a news The deal is expected to closse in the third quarter. There are two Saturn dealers in theDayto area. The release didn’t detail the terms of the deal or how long GM will manufacturerthe vehicles. “We have agreed upon a frameworki that we believe will builfd momentum for theSaturn brand,” said Roger chairman of Bloomfield Hills, Mich.
-based Penske Automotive, in the Saturn, founded by GM in has sold more than 4 millionm cars, according to the release. The brand, originallyg innovative in its approach to manufacturing and was meant to be a pacesetter for the restof GM, but didn’ t live up to its promise. Detroit-based GM filed for Chapter 11 bankruptcy It is reportedly in negotiations with a Chinese automakeer to sell itsHummer brand, and it will discontinues its Pontiac brand.
Penske Automotive (NYSE: PAG) sellsd new and used vehicles, parts, insurance and It operates 310 retailautomotivd franchises, and 25 collision repair centers, representing 40