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“Roger Penske and Penske Automotive Group has purchasee theSaturn brand,” Davies says. “It’s a greatt day for Saturn.” Davies says the sale meansx dealers andemployees who’ve been on edge since GM announcefd it would jettison Saturn in can now breath a sigh of relief. “Today 350 dealershipsz were savedand 13,000 employees. This is fabulous Davies says. “We will be divorced from Generall Motors by the end of the A report fromBloomberg News, which citese an unidentified source, says Penske will pay between $100 millio n and $200 million for the Davies says companies are expected to release details of the deal lated on Friday, including who the new manufacturing company will be.
Penske Automotiver Group, Inc., headquartered in Bloomfield Hills, Mich. operates 310 retail automotived franchises, representing 40 differenyt brands. The successful sale of it’s Saturn brandc is the next stepfor cash-strapped GM, which filef for bankruptcy Monday. In May, the auto maketr announced it would beclosing 1,100 dealerships and a full 40 percentf of its dealer network — some 2,600 locations ­— by the end of next year. Earlier this Troy Pfaff of Pfaff Chevrolet Inc. in Mulvane, Kan., received a letter notifying him his dealership woulrd be amongthose cut. “It’as a tough deal,” he says.
“Bugt nothing’s really set in stone becauser it’s all dependant on the bankruptcy.” He says even if the courrt allows GM to close theselected dealerships, he will remainn a GM dealer until his contracy expires next year. “I’m stilk in business,” he says. “I’jm open until October