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GM Agrees to Sell Saturn Brand to Penske

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Filed under Automotive, Featured, GM, News, Saturn

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Saturn owners are some of the most loyal automotive consumers that you will find. The initiation of that same type of loyalty was rolled out in a car company that was just “different” as their slogan stated at one time, “Saturn: A Different Kind of Car Company”.

Current owners of Saturn vehicles begged and pleaded for General Motors not to sell the brand off but despite all of the efforts and GM’s current bankruptcy status, the Saturn brand has to find a new owner. Since the bankruptcy status of General Motors has taken first place in recent news headlines, we witness massive changes in what was one of the biggest automotive companies around. General Motors has said today that they will agree to sell the Saturn brand to Penske. As you may already know, Penske is owned and run by entrepreneur Roger Penske, who seeks to purchase Saturn for $100 to $200 million.

Roger Penske, the owner of the automobile racing team Penske Racing / The Penske Corporation, has a long racing heritage and history behind it. Just laster year the team ran the 3rd place Pontiac Riley Daytona Prototype in the 2008 Rolex 24 at Daytona with Ryan Briscoe, Helio Castroneves and Kurt Busch.

We are certain Penske will feel right at home with ownership of Saturn as well as the owner loyalty that they will untimely obtain.

Auto entrepreneur Roger Penske’s Penske Automotive Group has signed an agreement to purchase Saturn Corp. from General Motors by the end of the third quarter.

The deal will save nearly 350 dealerships and about 13,000 jobs related to Saturn, said Jill Lajdziak, Saturn’s general manager.

“We expect to offer all 350 franchises a new franchise agreement,” Penske said in a conference call with Lajdziak today. “We expect to take this network, which to me is one of the best in the business, and give an opportunity to each retailer to go forward.”

[source: autonews]

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