Penske Automotive to buy GM

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According to a memorandum of understandinf signed by the two Penske will purchase the rights to the certain parts inventories and the right to distributew vehicles and partsthrough Saturn’s dealerships. GM will continus to manufacture theSaturn Aura, Vue and Outlook models on a contract, interinm basis, according to a news The deal is expected to close in the third The release didn’t detail the termss of the deal or how long GM will manufacturs the vehicles. “We have agreed upon a frameworlk that we believe will build momentumk for theSaturn brand,” said Roger Penske, chairman of Bloomfield Mich.
-based Penske Automotive, in the Saturn, founded by GM in 1990, has sold more than 4 milliob cars, according to the release. The brand, originallty innovative in its approach to manufacturingand marketing, was meant to be a pacesetter for the rest of GM, but didn’rt live up to its promise. Therw are about five Saturn dealerships in theCincinnati Detroit-based GM filed for Chapter 11 bankruptcuy Monday. It is reportedly in negotiations with a Chinesd automaker to sell itsHummer brand, and it will discontinuee its Pontiac brand. Penske Automotive PAG) sells new and used parts, insurance and financing.
It operates 310 retaip automotive franchises, and 25 collisiojn repair centers, representing 40