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Neither GM nor Penske Automotive releasec financial details ofthe transaction, but the companiez said the sale is expected to occur in the thirr quarter. Friday’s announcement of a buyet follows word on Tuesday that GM is in advanced talksw to sell its Hummer brand to Chinesecompany Ltd. GM filef for Chapter 11 bankruptcy onJune 1. The company’s plans for paring back operations have reducing the numberf of brands itwill offer, as well as the number of GM Penske Automotive, based in Bloomfield Mich., claims to be the nation’s second-largest publicly owned auto dealer.
It operatesa 310 auto franchises — 159 in the United States and Puerto Rico and 152 inothef countries, primarily the United Kingdom. The company’s chairmam is Roger Penske, who also leads Penske
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