Official: Penske buys Saturn brand
By Andrew C., 30 Aug, 2010. 0 Comments
There are reports emerging saying that a deal has been reached, Roger Penske, ex-racing driver and owner of the second largest dealership in the US, has agreed to purchase the Saturn brand from GM. The purchase will be saving lots of dealerships and as many as 13,000 positions in the ailing brand.
Penske said that he will be giving the 350 franchises a new franchise deal. The aim of Penske is to provide every retailer a change to move forward, saying that the Saturn network is one of the best in the industry. Penske Automotive will be the sole proprietor of Saturn and Penske is currently in league with some global manufacturers discussing plans to boost the line-up of Saturn. If the deal with Penske moves according to plan GM would have succeeded in selling two of its brands just several days after it filed Chapter 11 bankruptcy protection. Beside the Saturn brand GM is also trying to sell Hummer. It announced last Tuesday that they have struck an initial agreement with Sichuan Tengzhong Heaven Industrial Machinery Corporation, a Chinese company, concerning the sale of their Hummer brand.
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