General Motors has reached an agreement to sell its Saturn brand to Penske Automotive Group. This transaction, when complete, will save more than 13,000 U.S. jobs. According to the agreement, Penske would get all 350+ of the brand’s dealerships, the rights to its name and logo, as well as continued production of the Aura, Vue, and Outlook on a contract basis. The Astra hatchback and Sky roadster will be terminated.
According to Roger Penske in an interview with Edmunds Insideline, Saturn will sell the aforementioned GM products along with models from other global automakers.
“Concurrent with that, we’ll go around the world to see what products could be brought into this country,” Penske said. He goes on to say that we should expect foreign-made products in Saturn showrooms in 12-18 months.
As for performance vehicles in Saturn’s lineup, “We need to be focused on the core volume before we become a specialty house. We need to generate volume,” he said, noting Saturn’s volume has fallen to less than 100,000 vehicles sold annually. “We need to get back to a 150,000-200,000 run rate. Then we’ll look at specialty items.”
No financial terms of the deal were mentioned in the press release. But hopefully it will be announced when the agreement is consummated in the third quarter of this year.