GM has announced it will sell its almost 20-year old Saturn brand (4 million Saturn cars have been sold aggregately since its inception) to Penske Automotive Group as part of the bankruptcy-restructuring plan.

GM said today that the sale would ultimately save up to 13,000 jobs and save 350 U.S. dealers from closing (Canadian Saturn dealers are not part of the deal).

Reports indicate Penske could pay up to $200 million for Saturn.

Very little information about the deal has been disclosed. What we do know is under the deal Penske would acquire all Saturn assets, and GM will continue to manufacture three of the top selling Saturn vehicles that include the Vue, Aura, and Outlook, in the U.S. The deal is expected to close by the end of Q3 2009.

Saturn general manager Jill Lajdziak said, “GM had the vision to create Saturn and has the desire to see it succeed,”

Saturn is the second GM brand to go, after GM announced it would sell its Hummer brand to Chinese firm Sichuan Tengzhong on June 2, 2009.

GM has confirmed it would also sell three other non-core brands that include the Saab and Pontiac brands. It is unclear when this will occur or who will possibly buy the brands.