Official Announcement Expected Later Today
General Motors has reached an agreement with the Penske Automotive Group on the sale of its Saturn brand. An official announcement is expected to be made by both parties later today.
The Penske Automotive Group was thought to be one of the front-runners in the bidding war, which also reportedly included Nissan/Renault, Mitsubishi and investment firm Telesto Ventures.
The news comes just days after GM sold off its Hummer brand to Chinese industrial equipment manufacturer Tengzhong.
The Penske Automotive Group is comprised of several key automotive related companies and boasts the second largest dealer network in the U.S., accounting for sales of 171,872 vehicles in 2008.
Penske also distributes the SMART car throughout the United States under a deal with Mercedes parent company Daimler.
As a former race car driver, Roger Penske continues to be involved in motorsports, and currently runs teams in three major racing series: the NASCAR Sprint Cup, the American Le Mans Series (ALMS) and the Indy Racing League (IRL).
The sale of Saturn would leave GM with just the Swedish brand Saab to dispose of. It has been reported that buyers for Saab have been narrowed down to just two: Swedish supercar maker Koenigsegg and the U.S.-based Renco Group.
The news was reported this morning in the New York Times, which also said that after an initial contract with GM runs out, the Penske operated Saturn brand is expected to sell Renault vehicles in the United States. Does this mean North America will finally get cars like the Clio and Megane…. or even the Megane R.S.? (pictured above)
[Source: New York Times]