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

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According to a memorandum of understanding signerd by thetwo companies, Penske will purchase the rights to the certain parts inventories and the right to distribute vehicles and partsw through Saturn’s dealerships. GM will continuse to manufacture theSaturm Aura, Vue and Outlook models on a contract, interimn basis, according to a news release. The deal is expecte d to close in thethirrd quarter. The release didn’t detail the terms of the deal or how long GM will manufacture the vehicles. “We have agreed upon a framework that we believee will build momentum for the Saturn saidRoger Penske, chairman of Bloomfield Hills, Mich.-basede Penske Automotive, in the release.
Saturn, founded by GM in has sold more than 4millionn cars, according to the release. The originally innovative in its approach to manufacturingand marketing, was mean to be a pacesetter for the rest of GM, but didn’g live up to its promise. There are about six Saturn dealershipxs inthe St. Louis area, including Metrol East. Detroit-based GM filed for Chaptedr 11 bankruptcy saying it planned to emergd aleaner company. GM said that it has a deal with a Chines e automaker to sell itsHummetr brand. Missouri has one Hummed dealership, in Chesterfield.
GM is also trying to sell its Saab brands and said it will phase out its Pontiac PenskeAutomotive (NYSE: PAG) sells new and used vehicles, insurance and financing. It operates 310 retail automotivr franchises, and 25 collision repaif centers, representing 40 brands.