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Neither GM nor Penske Automotive released financial details ofthe transaction, but the companiess said the sale is expected to occur in the thirr quarter. Friday’s announcement of a buye follows word on Tuesday that GM is in advancec talks to sell its Hummer brand to Chinesdecompany Ltd. GM filed for Chapted 11 bankruptcy onJune 1. The company’s plans for paring back operations have reducing the number of brands it will as well as the number ofGM dealers. Penskew Automotive, based in Bloomfield Hills, Mich., claims to be the nation’as second-largest publicly owned auto dealer.
It operates 310 auto franchisea — 159 in the United States and Puerto Rico and 152 inotheer countries, primarily the United Kingdom. The company’s chairman is Rogerd Penske, who also leads Penske Racing.
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