Penske Automotive Group has signed a Memorandum of Understanding with General Motors to obtain the rights to the Saturn brand, acquire certain assets including the Saturn parts inventory, and have the right to distribute vehicles and parts through the Saturn Dealership network, if the transaction is completed which if all goes well is expected to occur during the third quarter of this year. General Motors would continue to provide Saturn Aura, Vue and Outlook vehicles, on a contract basis, for an interim period.
"We have agreed upon a framework that we believe will build momentum for the Saturn brand," said Penske Automotive Group Chairman Roger Penske
. "Saturn has a passionate customer base and outstanding dealer network. For nearly 20 years Saturn has focused on treating the customer right. We share that philosophy, and we want to build on those strengths."
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.
Penske Automotive Group operates 310 retail automotive franchises, representing 40 different brands and 25 collision repair centers. Penske is also the exclusive distributor of the smart fortwo through its wholly-owned subsidiary smart USA Distributor.
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