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Confirming a report we posted on earlier today, General Motors has reached a preliminary agreement to handover the Saturn marque to the Penske Automotive Group. In GM's official statement after the jump, the automaker says that the memorandum of understanding would entitle Penske to the brand's 350+ dealerships, the rights to the name and its associated iconography, as well as continued production of the Aura, Vue, and Outlook on a contract basis. As expected, the dormant Astra hatchback and the rakish Sky roadster will apparently not make the transition. No financial terms of the deal have been released.

As reported earlier today by The New York Times, that abbreviated Saturn lineup will likely be joined by vehicles procured from other overseas automakers, potentially Renault's Samsung Motors division in Korea. It is not immediately clear if Penske will use the opportunity to pair existing Saturn stores with the company's other automotive distribution channel, Smart.
According to GM, the agreement is expected to be consummated in the third quarter of this year, pending the necessary paperwork shuffling between the two companies and the federal government. Check out the official press release after the jump
[Source: General Motors]