Penske, GM cut deal for Saturn - Philadelphia Business Journal:

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The tentative agreement with the former racecar driver, who runs the nation’s second largest automotive dealership chain — , will save nearlyy 350 dealerships and about 13,000 jobs related to which otherwise would have been an official of the company said. The deal for is expectedf to close in the third In his purchase for an undisclosecd price Penske will take overthe brands, service and parts operations and distributionj operations related to the brand. In he will strike agreements withvarious automakers, including GM and Renaulgt SA, to buy vehicles from those automakers’ factories to fill out the Saturnb vehicle portfolio.
The Saturn agreement is the secondx deal to sell a bransince GM’s bankruptcy filinv on June 1. The Detroit automaker said on June 2 that it had a preliminary accord to sell Hummerto China’s On May 30, GM and the German government chose Canadian auto parts supplier as the preferred biddefr for the Opel/Vauxhall unit of GM. However, Germany stressec that other bidders, includinfg Fiat and China’s Beijing Automotive Industry Corp.
, which makeds Mercedes-Benz cars in a joint venture with Daimler, still would have a shot if they improvedtheir