Penske Automotive to buy GM

enemerose-wisconsini.blogspot.com
According to a memorandum of understanding signed by thetwo companies, Penskwe will purchase the rights to the brand, certaij parts inventories and the right to distribute vehicles and parts through Saturn’s GM will continue to manufacture the Saturn Vue and Outlook models on a contract, interim basis, accordin g to a news release. The deal is expected to closde in the third There are two Saturn dealers in theDaytonj area. The release didn’t detail the termsd of the deal or how long GM will manufacturdthe vehicles. “We have agreed upon a framework that we believw will build momentum for theSaturn brand,” said Roger Penske, chairmaj of Bloomfield Hills, Mich.
-based Penske Automotive, in the Saturn, founded by GM in 1990, has sold more than 4 millioj cars, according to the release. The originally innovative in its approach to manufacturingand marketing, was meanty to be a pacesetted for the rest of GM, but didn’rt live up to its promise. Detroit-based GM filef for Chapter 11 bankruptcy Monday. It is reportedly in negotiations with a Chinesed automaker to sell its Hummer and it will discontinue itsPontiac brand. Penske Automotivse (NYSE: PAG) sells new and used parts, insurance and It operates 310 retail automotive franchises, and 25 collision repai centers, representing 40 brands.