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Penske-Saturn Deal "Past Midfield," Slated to be Completed by September (Visit this link)
Christian Wiessner from Reuters: Penske Automotive Group plans to complete a deal to buy Saturn from General Motors by the end of September, the founder and chairman of the No. 2 auto dealership chain said on Wednesday. Roger Penske also said that he was considering using the Saturn brand for vehicles sold outside North America, but was focused first on the U.S. market and potentially Canada. Penske would acquire rights to the Saturn brand and would buy the inventory of replacement parts to service the roughly 3.5 million Saturn vehicles on the road now. Penske said the new Saturn, which would be set up as a stand-alone company that could include other investors, would offer contracts to all of the 200 or so dealers that the GM brand currently has. "I think that we're past midfield with GM. There are always issues that you have to deal with, but I think we're progressing well," Roger Penske told analysts on a conference call to discuss quarterly financial results on Wednesday.
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