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.

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Last Chance to Win a Hybrid Saturn Vue in TotalBeauty.com's Totally Green Sweepstakes

Totally Green Sweepstakes

Who says you can't change the world? You can. According to TotalBeauty.com: "We and our partners are committed to highlighting products and actions that can help you reduce your carbon footprint while still looking beautiful and feeling great." Part of their effort is to spread the word through a contest they call the "TotalBeauty.com Totally Green Sweepstakes." Grand prize is a new 2008 Saturn Vue Green Line hybrid filled with green and organic beauty products. The contest ends June 5, 2008.