More details on Penske Saturn Purchase...

from Dealers Edge:

Penske's Deal To Buy Saturn Confirmed
Saturn dealers exhale then celebrate

In what has to be very good news for about 350 of the remaining Saturn dealerships, the man with the Midas touch has signed a memorandum of understanding with GM; agreeing to acquire the Saturn brand, the right to distribute vehicles to the Saturn dealer network and their inventory of parts. A third-quarter closing is expected; the selling price has not yet been disclosed.

The Penske Automotive Group already has a network of franchised auto dealerships totaling 310 locations around the world, according to a report in The New York Times. In addition the Penske Group is the sole distributor for Smart cars in the U.S. In a statement from Penske, there is no plan to distribute Smart cars from the Saturn locations. Penske also controls Detroit Diesel along with several IndyCar, NASCAR and Grand-Am racing teams.

According to an Associated Press report, while talking to reporters, Penske indicated that he expects to offer new franchise agreements to the existing Saturn dealers.

For the next two years, the new Saturn will have access to GM-built vehicles. According to a Penske quote, he said, "We will be selling as many GM cars -- a many GM-produced cars -- under the Saturn brand as possible."

He also indicated that they are in talks with vehicle manufacturers from around the world about building new Saturn models in the future. One such proposed deal would have Saturn models being build by Renault's Samsung manufacturing unit in Korea.

According to a statement released by Penske, "We have agreed upon a framework that we believe will build momentum for the Saturn brand. 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."

So while GM will be shedding a brand and some 350 dealers, as decreed by the Treasury Department, albeit indirectly, at least this group not only gets to keep their franchises, but get to do business with Roger Penske who had demonstrated repeatedly that he knows how to win. A good deal for existing Saturn dealers.