Racing Legend Penske Will Buy Saturn From GM

Roger Penske, the racecar driver turned business tycoon, will buy the Saturn brand and dealer network from GM. The deal will save 350-plus dealerships and some 13,000 jobs if it goes through, the bankrupt parent company said in confirming the tentative agreement. The price is between $100 million and $200 million, a source told Bloomberg.

Under the deal, which could close as soon as the third quarter of this year, GM will continue to supply vehicles to Saturn for 2 years, after which the Penske-owned company will import its stock, the Detroit News reports. The supplier isn't set yet, but the agreement won't be a long-term one, Penske vowed: "Our ultimate goal is to have those vehicles built in the US," he said.
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