BREAKING: GM Confirms Penske as Saturn Buyer, Says Production of Aura, Vue and Outlook Will Continue - Automotive News

Confirming an in advance file this morning, General Motors has introduced that it has reached a initial agreement with Penske Automotive Group for the sale of the Saturn logo. The financial terms of the deal had been not disclosed however GM said that it expects the close the transaction inside the third region of this yr. The American automaker stated that if completed, the deal will keep more than 350 dealerships and thirteen,000 jobs at Saturn and its shops in the United States.

Under the agreement, Penske, the second one-biggest store within the States, might attain the rights to the emblem in addition to positive different Saturn assets while GM might continue production, on a agreement basis, of the Saturn Aura sedan, Vue SUV and Outlook SUV - sure, the Astra and Sky Roadster are 'useless'.

"This is the aggregate of iconic groups: Saturn and Penske," stated Saturn popular supervisor Jill Lajdziak. "GM had the vision to create Saturn and has the preference to see it succeed in the destiny. There has been a groundswell of support for Saturn, with our stores and owners urging us to save the logo," Lajdziak continued. "We heard their name loud and clear, and it inspired us as we labored to stable Saturn's future.""Saturn has a passionate client base and excellent dealer community," said Roger Penske, chairman of Penske Automotive Group. "For almost twenty years Saturn has centered on treating the consumer right. We percentage that philosophy, and we need to build on the ones strengths."