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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Flashback Friday: 1994 Saturn Cycling Calendar

Flashback Friday: 1994 Saturn Cycling Calendar

Saturn has long been a big proponent of an active lifestyle. Today, you'll find Saturn supporting marathons all over the country, but years ago Saturn sponsored a cycling team. According to the 1994 Saturn Cycling Calendar (cover pictured above), the team originally "came together in 1992" and was made up of "a collection of young amateur cyclists from around the country." By then end of their first year in competition, the team "competed in more than 100 races and compiled 53 wins."