NEW YORK (CNNMoney.com) -- Bankrupt automaker General Motors Corp. announced Friday that it will sell its Saturn unit to car dealership operator Penske Automotive Group.
Penske (PAG, Fortune 500) is owned by former race car driver Roger Penske, who owns NASCAR and IndyCar racing teams.
The deal gives Penske the rights to the 19-year old brand including its five different models. GM would continue production of only the three highest-selling models: the Aura sedan, and the Vue and Outlook cross-over SUVs, for the next two years. The Saturn Sky and Astra models will be discontinued.
Penske, which has no Saturn dealerships in its network, will act only as a distributor for Saturn cars and parts to the brand's dealer network. Like almost all car dealerships in the U.S., Saturn dealerships are independently owned businesses.
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