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Fri June 5, 2009
GM to sell Saturn brand to Penske dealership chain
NEW YORK (AP) – NEW YORK (AP) - General Motors Corp. strikes a tentative deal to sell its Saturn brand to former race car driver and auto dealer Roger Penske.
Penske, who owns the Penske Automotive Group dealership chain, told reporters on Friday that he plans to offer all 350 Saturn dealerships new franchise agreements. He says Saturn's 13,000 employees will stay on with the company for at least the immediate future.
He declined to name the price for the deal.
Penske says GM will continue to produce Saturn vehicles, though he is in discussions with manufacturers worldwide about building the vehicles going forward.