- Jul 31st 2009 at 10:00AM
REPORT: Penske to complete Saturn deal by September
Penske Automotive Group may have reached a tentative deal go acquire the Saturn brand from General Motors back in June, but the negotiations may take until the end of September to be finalized. PAG founder Roger Penske mentioned on a conference call that the deal had to take a back seat to GM's bankruptcy proceedings, but with chapter 11 out of the way, talks will likely pick back up.
Penske is looking to focus the Saturn brand on North America, with most attention on the US market. Penske further insists that the 350 Saturn dealerships will remain independently owned, saying "Saturn has a world-class dealership network and we hope that most of them will join the new company."
Part of the tentative deal between Penske and GM includes the General continuing to make Aura, Outlook and Vue models until at least 2011. Penske Automotive would also own the rights to service Saturn vehicles and will buy all existing replacement parts to service the 3.5 million Saturn vehicles still on the road.