Saturn to be purchased by Penske?

As long as Saturn lives, I'm not sure that I care who buys it. The first car I bought was a 1997 Saturn SC1, and I loved her. Harriet (Sweet, Harriet) was a great car who got me through my move to Chicago. So, I'll always have a soft spot here. Not to mention the fact that I love the new Astra and Aura ... Saturn has a great lineup that deserves to live on.

Oh, and as an FYI, the release below doesn't say this, but Penske also owns Smart USA.

So, below is the press release GM sent out regarding a potential deal:


Detroit -- General Motors Corp. and Penske Automotive Group today confirmed details of a proposed transaction under which Penske would acquire the Saturn brand. If completed, the deal would save more than 350 dealerships and 13,000 jobs at Saturn and its retailers in the United States, and would preserve the customer-focused Saturn brand.

The proposed transaction is part of GM’s rebuilding efforts outlined in the viability plan that was submitted to the U.S. government earlier this year. Under the terms in the memorandum of understanding, Penske would obtain the rights to the brand as well as certain other Saturn assets. GM would continue production, on a contract basis, of the Saturn Aura, Vue and Outlook.

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.

The transaction is expected to close in the third quarter of this year and is subject to customary closing conditions and regulatory approvals. Financial terms of the agreement will not be disclosed at this time.