Roger Penske, owner of the second-largest U.S. auto retail chain by revenue, has emerged as a potential buyer for General Motors Corp.'s Saturn brand, people familiar with the situation said.
Mr. Penske is chief executive of Bloomfield Hills, Mich.-based Penske Automotive Group, which operates 300 dealerships in the U.S., U.K. and Germany. It is second in revenue in the U.S. to AutoNation Inc. A Penske spokesman declined to comment.
GM on Monday said it hired Stephen Girsky, a former Morgan Stanley analyst and one-time adviser to departed Chief Executive Rick Wagoner, to review offers from potential buyers.
The auto maker, which has said it will abandon Pontiac, is working to sell Saturn, along with its Hummer and Saab brands, while surviving on federal loans.
It has until June 1 to convince the Obama administration it can survive without seeking bankruptcy protection under a Chapter 11 filing.Click here for more on this story from The Wall Street Journal