Confirming what TheDetroitBureau.com earlier reported, General Motors has announced that it has concluded negotiations on a proposed sale of its Saturn brand to Penske Automotive Group.
The deal must still be finalized – a matter complicated by GM’s current bankruptcy status – but if approved, the ailing automaker said, in a statement, that it would “save more than 350 dealerships and 13,000 jobs at Saturn and its retailers in the United States, and would preserve the customer-focused Saturn brand.”
“Saturn has a passionate customer base and outstanding dealer network,” said Roger Penske, racing legend, mega-entrepreneur and chairman of Penske Automotive Group. “For nearly 20 years Saturn has focused on treating the customer right. We share that philosophy, and we want to build on those strengths.” (more…)