General Motors announced this morning that it will sell its Saturn franchise to Penske Automotive.

GM and Penske did not disclose how much Penske is paying for the brand.

GM said the deal will save more than 13,000 jobs, preserve the "renowned brand" and keep Saturn's 350 dealers in business.

On a contract basis, GM will continue manufacturing the Saturn Aura, Vue and Outlook.

"Saturn has a passionate customer base and outstanding dealer network," said Roger Penske, chairman of Penske and its famed racing team, in a statement. "For nearly 20 years Saturn has focused on treating the customer right. We share that philosophy, and we want to build on those strengths."

"There has been a groundswell of support for Saturn, with our retailers and owners urging us to save the brand," said Saturn general manager Jill Lajdziak in a statement. "We heard their call loud and clear, and it inspired us as we worked to secure Saturn's future."

The deal is expected to close in the third quarter of the year.