On Friday, GM has confirmed the negociation with Penske Automotive Group over the sale of its Saturn brand. The move will be part of GM’s restructuring plan and, if completed, it would save more than 350 dealerships and 13,000 jobs at Saturn and its retailers in the United States. Through this deal, Penske would obtain the rights to the brand as well as certain other Saturn assets, but no factories. However, GM would continue production, on a contract basis, of the Saturn Aura, Vue and Outlook.
Penske Automotive Group is a part of Penske Corporation, a Bloomfield Hills, Michigan-based, closely-held, diversified transportation services company led by auto racing legend Roger Penske, who’s the company’s Chairman. PAG is the world’s second largest automotive dealership group, with 15,000 employees and operating 253 retail automotive franchises, representing 40 different brands. In the United States, PAG has 152 franchises in 19 states, selling new and previously owned vehicles, finance, insurance products, replacement parts, and offers maintenance and repair services on all brands it represents.
“This is the combination of two iconic teams: Saturn and Penske,” said Saturn general manager Jill Lajdziak. “GM had the vision to create Saturn and has the desire to see it succeed in the future. [..] There has been a groundswell of support for Saturn, with our retailers and owners urging us to save the brand,” said Lajdziak. “We heard their call loud and clear, and it inspired us as we worked to secure Saturn’s future.”
“Saturn has a passionate customer base and outstanding dealer network,” said Roger Penske, chairman of Penske Automotive Group. “For nearly 20 years Saturn has focused on treating the customer right. We share that philosophy, and we want to build on those strengths.”
According to GM, the transaction is expected to close in the third quarter of this year and is subject to customary closing conditions and regulatory approvals. Financial terms of the agreement will not be disclosed at this time.
[Source:GM]
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