It Is Official: Penske to Buy Saturn, Transform it Into a Larger Global Brand

Roger Penske

Sharon Terlep and John Stoll from the Dow Jones Newswires: Each of General Motors' 350 US Saturn dealerships will receive offers to continue selling the vehicles under a tentative deal announced Friday to sell the brand to mega dealer Roger Penske. Penske, who runs the Penske Automotive Group chain of dealers, will take over the brands, trademarks, service and parts operations and distribution operations related to the Saturn. "We will have a completely independent company, and it will be lean," Penske said in a conference call with reporters Friday. In addition to taking over the retail network, Penske will strike deals with various auto makers, including GM and Renault, allowing him to buy vehicles from those auto makers' factories to fill out the Saturn vehicle portfolio. GM and Penske have a memorandum of understanding signed, and the deal is considered tentative at this point. Penske declined to disclose the price tag of the Saturn deal. He said the sale is expected to preserve around 13,000 jobs. Saturn, he said, would eventually grow to a global brand with more vehicles in its lineup. Short-term plans call for keeping the Outlook crossover, Aura sedan and Vue SUV. The Saturn Sky roadster won't continue.

Random Article from the SaturnFans.com Archives

Lajdziak: Saturn Optimistic about Future as Fuel Efficiency Takes Center Stage

Despite all of the negative rumors and predictions in the media, Saturn is upbeat about its future. While no all-new products are currently slated for the brand during the next two years, Saturn should still be well positioned for the future, as its lineup was just completely overhauled from top to bottom.