Penske Automotive Inc buys GM’s Saturn, Penske Racing Saturn
Posted in Franchise, General News, Technology on June 5th, 2009 by IBN News
GM's Saturn
The deal will save almost 350 dealerships and on 13,000 jobs related to Saturn, said Jill Lajdziak, Saturn’s general manager.
“We expect to offer all 350 franchises a new franchise agreement,” Penske said in a conference call with Lajdziak today. “We expect to take this network, which to me is one of the best in the business, and give an opportunity to each retailer to go forward.”
The contract marks GM’s second agreement to sell a brand since its bankruptcy four days ago. On Tuesday, GM said it had a opening accord to sell Hummer to China’s Sichuan Tengzhong Heavy Industrial Machinery Co.