GM to sell Saturn brand to Penske dealership chain

WKAR Public Media

Published June 5, 2009 at 10:44 AM EDT

By AP

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.

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