Automotive

Report: Penske to close Saturn deal soon

Wednesday, September 30, 2009

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Matt Franklin
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DETROIT (WJRT) -- (09/29/09)--The future of a General Motors Corp. Saturn division could be decided as early as Wednesday, according to the Detroit Free Press.

That is when reports say businessman Roger Penske will finalize plans to buy the brand.

GM and Detroit-based Penske Automotive have been in an agreement since this past summer.

GM has been looking to drop the Saturn line -- along with others -- since emerging from Chapter 11 bankruptcy.

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It's just another chapter as the automaker continues to form the New GM.

For the Saturn dealer ships in Mid-Michigan and nearby, this is a situation they are excited about.

That's because people know Roger Penske and say they believe he could take the Saturn brand in a new direction.

Saturn of Flint owner Pete Serra believes that's how much influence racing team owner Roger Penske could have on the Saturn brand if plans for Penske to buy it from GM are given the green light.

"We're pretty confident the deal is going to go through, but we didn't know when it was going to close," he said.

Saving about 350 dealerships across the country.

"We've known for a long time that Roger is looking to acquire the brand and that he's been pursing it quite aggressively," Serra said.

Penske expressed interest in Saturn back in June after GM decided it would phase out the brand if a buyer couldn't be found.

Penske is the driving force behind successful events like the Detroit Super Bowl festivities and the Detroit Grand Prix. He's also known for turning around several companies.

GM and Penske aren't commenting.

Local dealer Joe Serra told us last week that he signed and returned a sales agreement from Penske.