Former racing driver Roger Penske has agreed to buy Saturn from General Motors.
The deal is expected to save many dealerships and around 13,000 jobs at Saturn.
“We expect to offer all 350 franchises a new franchise agreement," said Penske. "We expect to take this network, which to me is one of the best in the business, and give an opportunity to each retailer to go forward."
Saturn will be wholly owned by Penske Automotive, America’s second-largest auto dealership group.Penske has said he is in discussions with "a number of worldwide manufacturers" to increase the Saturn line-up.
If the deal proceeds according to plan, GM wil have off-loaded two brands within a week of filing for bankruptcy protection.
On Tuesday it announced a preliminary accord to sell Hummer to China's Sichuan Tengzhong Heavy Industrial Machinery Corporation.