General Motors is to sell its Saturn marque to the Penske Automotive Group, the second largest publicly-traded automotive retailer in the United States, saving 350 dealerships and 13,000 jobs in the United States.
Penske is set to obtain the rights to the brand and other Saturn assets. GM will continue to produce Saturn cars on a contract basis for an interim period.
The value of the deal, which is expected to be completed in the third quarter, has not been disclosed.
Source: Financial Times