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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: GM to sell Saturn brand to Penske AFP - Saturday, June 6 WASHINGTON (AFP) - - General Motors has reached a deal to sell its Saturn brand to the Penske Automotive Group in a move saving some 350 dealerships and 13,000 jobs in the United States, GM said Friday. ADVERTISEMENT The deal comes just days after General Motors filed for bankruptcy protection as it struggles to overcome enormous debt and slumping sales. The Saturn deal would grant Penske, a big auto dealership operator, the rights to the Saturn brand and its distribution network and assets including its inventory. GM said a memorandum of understanding calls for the automaker to continue to produce Saturn cars on a contract basis, including the Saturn Aura sedan, and the Vue and Outlook sport utility vehicles. That contract would last at least two years and then Penske would begin importing vehicles produced by a foreign automaker, the Detroit News reported. Penske is rumored to have plans to import vehicles made in South Korea by Renault Samsung Motors but he said Thursday his "ultimate goal is to have those vehicles built in the US." Penske has not yet determined how many Canadian dealers will be part of the network, the News reported. If completed, GM said, "the deal would save more than 350 dealerships and 13,000 jobs at Saturn and its retailers in the United States, and would preserve the customer-focused Saturn brand." It is expected to close in the third quarter of this year. Financial terms were not disclosed. "This is the combination of two iconic teams: Saturn and Penske," said Saturn general manager Jill Lajdziak. "GM had the vision to create Saturn and has the desire to see it succeed in the future." Penske chairman Roger Penske, an ex-race car driver, said Saturn had a "passionate customer base and outstanding dealer network." "For nearly 20 years Saturn has focused on treating the customer right. We share that philosophy, and we want to build on those strengths," he said in a statement. Saturn began selling cars in 1990 and has sold more than four million vehicles. More than 80 percent of those vehicles are still in operation, GM said citing data from RL Polk. Its 2008 US sales fell 22 percent to 188,000 vehicles. GM is in the process of eliminating or selling four of the eight brands it markets in the United States, part of a massive restructuring plan. It hopes to emerge from bankruptcy protection as a new, leaner company in 30 to 60 days. GM announced the sale of its hulking Hummer brand to Chinese industrial machinery firm Sichuan Tengzhong earlier this week and has also reached a deal to sell its European brand Opel to a Canadian-Russian consortium. It is also in the process of finding a buyer for Swedish marque Saab, which is currently under bankruptcy protection, and plans to phase out its Pontiac brand by the end of 2010. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo The Chevrolet-Saturn of Harlem car dealership, a dealership that General Motors had taken over, is seen June 1, 2009 in New York City. General Motors has reached a deal to sell its Saturn brand to the Penske Automotive Group in a move saving some 350 dealerships and 13,000 jobs in the United States, GM said Friday. Most Popular – Top Stories Viewed Carradine may have died from sex act: Thai police US actor Carradine dead, suicide suspected: Thai police Black boxes may never be found: crash investigators World 'getting closer' to swine flu pandemic: WHO Pandemic warnings as swine flu spreads to Africa View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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