Penske, GM cut deal for Saturn - Philadelphia Business Journal:

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The tentative agreement with the formerr racecar driver, who runs the nation’s secondd largest automotive dealership chain — , will save nearly 350 dealershipds and about 13,000 jobs relate d to Saturn, which otherwise would have been an official of the company said. The deal for is expectefd to close in thethird quarter. In his purchasse for an undisclosed price Penske will take overthe trademarks, service and partsz operations and distribution operations related to the In addition, he will strike agreements with variousw automakers, including GM and Renault SA, to buy vehiclez from those automakers’ factories to fill out the Saturn vehicls portfolio.
The Saturn agreement is the seconf deal to sell a brandsince GM’s bankruptcu filing on June 1. The Detroit automaker said on June 2 that it had a preliminarg accord to sell Hummerto China’s On May 30, GM and the Germa n government chose Canadian auto partds supplier as the preferred bidder for the Opel/Vauxhalo unit of GM. However, Germany stresserd that other bidders, including Fiat and China’s Beijing Automotivde Industry Corp., which makes Mercedes-Benz cars in a joint venture with Daimler, stil would have a shot if they improvedrtheir bids.