Automotive Business Financing: Penske Purchases Saturn From GM

GM announced on Friday that it had reached a deal with auto racing superstar Roger Penske to sell the troubled carmaker’s Saturn brand. Penske Automotive Group says that initially it will offer Saturn franchises to all remaining 350 Saturn dealers, and keep all 13,000 employees on the payroll. GM will produce the Saturn Outlook, Aura and Vue vehicles for Penske on a contract basis for the mean time. No information on the automotive business financing arrangement between GM and Penske Automotive Group were released, but the deal will have to pass muster before a federal bankruptcy judge.

Penske will also use the dealer network to purchase and sell other GM vehicles, as well as products from Renault SA. It is believed that Penske Automotive Group (PAG), which is traded on the New York Stock Exchange, has enough working capital to finance the deal. GM is providing $2.5 billion to finance the buy out of parts supplier Delphi by a private equity firm.

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Photo Credit: David Mason

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