Multiple race team owner and automotive entrepreneur Roger Penske is considering a bid for General Motors’ Saturn brand, a source familiar with Penske’s plans told The Wall Street Journal.

WSJ reports that the Penske Automotive Group dealership chain, which distributes Daimler AG’s Smart microcars in the United States, is “studying” whether to make an offer for the brand, which GM has put up for sale as a part of its on-going efforts at cutting costs.

An investment group, Telesto Ventures, has also expressed interest in acquiring Saturn’s retail operations. Telesto wants to provide Saturn dealers with vehicles from GM through 2011, after which it would source product from overseas manufacturers.