Score another one for GM's turnaround plan. Just days after moving to sell its Hummer brand to a Chinese construction equipment manufacturer, General Motors has reportedly reached an agreement to sell its Saturn brand.
CNN reports, "Bankrupt automaker General Motors Corp. will sell its Saturn unit to car dealership operator Penske Automotive Group."
Former race car drive Roger Penske's company is currently the second-largest publicly-traded automotive retailer in the U.S., operating more than 300 dealerships in nineteen states, Germany and Puerto Rico. The company sells cars manufactured by more than 30 automotive brands, from tiny Smart microcars to million-dollar Bugatti supercars.
It will also, apparently, continue to sell cars made by GM. CNN reports, "The deal would give Penske the rights to the 19-year old brand, but GM would continue production of the Saturn Aura, Vue and Outlook."
MarketWatch notes, "In addition, Penske will strike deals with various automakers, including GM and Renault SA, allowing him to buy vehicles from those companies' factories to fill out the Saturn vehicle portfolio, it said."
The Wall Street Journal explains, "Mr. Penske will initially buy Saturn vehicles from GM that are already part of the Saturn lineup but eventually will branch out to purchase vehicles from Renault and its Korea-based Samsung Motors unit. Other auto makers could also be part of the arrangement."
Penske's plan for the Saturn brand appears to resemble one a group of Saturn dealers discussed earlier this summer, which would see essentially turn Saturn dealerships into big-box style retailers for cars. It may be possible, in a few years time, to walk into a Saturn dealership and see a small car manufactured by a Chinese automaker, a midsize car made by a European brand, and an SUV built by GM - all sold as Saturns.
If you're in the market for a new car, check out the U.S. News rankings of this year's best cars as well as this month's best car deals.
