Roger Penske, the racecar driver turned business tycoon, will buy the Saturn brand and dealer network from GM. The deal will save 350-plus dealerships and some 13,000 jobs if it goes through, the bankrupt parent company said in confirming the tentative agreement. The price is between $100 million and $200 million, a source told Bloomberg.
Under the deal, which could close as soon as the third quarter of this year, GM will continue to supply vehicles to Saturn for 2 years, after which the Penske-owned company will import its stock, the Detroit News reports. The supplier isn't set yet, but the agreement won't be a long-term one, Penske vowed: "Our ultimate goal is to have those vehicles built in the US," he said.