"We have agreed upon a framework that we believe will build momentum for the Saturn brand," said Penske Automotive Group Chairman Roger Penske in a released published on the Penske Automotive website. "Saturn has a passionate customer base and outstanding dealer network. For nearly 20 years Saturn has focused on treating the customer right. We share that philosophy, and we want to build on those strengths."

The terms of the deal would have Penske Automotive Group obtaining the rights to the Saturn brand, acquiring certain assets including the Saturn parts inventory, and Penske would have the right to distribute vehicles and parts through the Saturn Dealership network. General Motors would continue to provide Saturn Aura, Vue and Outlook vehicles, on a contract basis, for an interim period. All Saturn dealers would have the option to continue their business.

Few other details of the proposed transaction were released. The deal is expected to close during the third quarter of this year, but it is still subject to regulatory approval and other conditions outlined by the agreement.