Penske Automotive Group, an international automotive retailer, has signed a Memorandum of Understanding with GM to purchase the Saturn brand. If the transaction is completed, Penske would get the Saturn parts inventory, and have the right to distribute vehicles and parts through the Saturn Dealership network.
General Motors would continue to provide Saturn Aura, Vue and Outlook vehicles, on a contract basis, for an interim period.
“We have agreed upon a framework that we believe will build momentum for the Saturn brand,” said Penske Automotive Group Chairman Roger Penske. “Saturn has 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.”
Saturn began selling cars in 1990 and has sold more than 4 million vehicles. More than 80 percent of those vehicles are still in operation, according to data from R.L. Polk. Saturn has regularly scored among the industry leaders for non-luxury brands in customer satisfaction surveys. Commenting on the proposed deal, Saturn GM Jill Lajdziak said, “This is the combination of two iconic teams: Saturn and Penske. GM had the vision to create Saturn and has the desire to see it succeed in the future.”
The closing of the transaction is expected to occur during Q3.