penske automotive group


General Motors has signed a memorandum of understanding to sell its Saturn brand to former race car driver and auto dealer Roger Penske.

Penske, who owns the Penske Automotive Group [PAG Loading... () ] dealership chain, told reporters on Friday that he plans to offer all 350 Saturn dealerships new franchise agreements. He says Saturn's 13,000 employees will stay on with the company for at least the immediate future.

He declined to name the price for the deal.

Penske Automotive Group also distributes Daimler's Smart subcompacts in the U.S., but Smart has its own dealership network and Saturn dealers would not distribute the tiny cars, a preson familiar with deal said ahead of the announcment.