General Motors and Penske Automotive Group confirmed a deal under which Penske would acquire the Saturn brand. The deal would save more than 350 dealerships and 13,000 jobs at Saturn and its retailers in the United States, and would preserve the customer-focused Saturn brand after it leaves the GM stable.
The proposed transaction is part of GM’s rebuilding efforts outlined in the viability plan that was submitted to the U.S. government earlier this year. Under the terms in the memorandum of understanding, Penske would obtain the rights to the brand as well as certain other Saturn assets. GM would continue production, on a contract basis, of the Saturn Aura sedan, as well as the Vue crossover SUV and the Outlook midsize SUV.
Saturn began selling cars in 1990, and expanded to SUV models only in the past decade. Saturn has regularly scored among the industry leaders for non-luxury brands in customer satisfaction surveys due to their no-haggle policies.
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.
