Racing Legend Penske Will Buy Saturn From GM

By M. Morris,  Newser Staff
Posted Jun 5, 2009 10:19 AM CDT
Chrysler and Saturn dealerships are seen in Lowell, Mass. Thursday, Feb. 19, 2009.    (AP Photo/Winslow Townson)
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(Newser) – 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.