Detroit Auto Tycoon Roger Penske To Buy GM'S Saturn, Dealerships

Roger Penske, a Detroit auto tycoon has reached a deal to acquire the Saturn brand and dealer network.


Saturn of Fairfield

He wants to eventually build vehicles in the U.S. after initially importing from a foreign manufacturer.

Penske is the head of U.S. Penske Automotive Group Inc., which operates more than 300 franchises in the United States and internationally, selling 40 brands.

Penske has signed a memo of understanding to acquire Saturn and its dealer network and the due diligence period will take 60-90 days. The deal will preserve 13,000 jobs and could close in the late third quarter.

GM will supply vehicles on a contract basis for at least two years, at which point Saturn would import vehicles made by foreign automakers.

GM filed Chapter 11 bankruptcy Monday.

Penske, a racing legend obtained exclusive U.S. distribution rights for the Smart minicar.