Supriya Ghosh (Editor)

Penske Corporation

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Industry
  
Transportation

CEO
  
Roger Penske (1969–)

Founded
  
1969

Type of business
  
Privately held company

Website
  
www.penske.com

Founder
  
Roger Penske

Number of employees
  
5,000

Penske Corporation wwwpenskecomwpcontentthemespenskecorporatio

Key people
  
Roger Penske, Chairman Rob Kurnick, President

Products
  
Automotive, Truck Leasing, Motor Group, Logistics

Headquarters
  
Bloomfield Hills, Michigan, United States

Subsidiaries
  
Penske Truck Leasing, Penske Automotive Group, Penske Motor Group

Penske Corporation is an American, Bloomfield Township, Michigan-based, privately held, diversified transportation services company. Auto racing legend Roger Penske serves as chairman, and Rob Kurnick as president.

Contents

Acquisitions

In 1985, Penske acquired Hertz's Truck Rental division to form Hertz/Penske Truck Rental. In 1992, "Hertz" was dropped and it became Penske Truck Rental.

On June 5, 2009, it was announced that Penske would purchase the Saturn brand and its assets from the bankrupt General Motors. Just three months later, on September 30, Penske announced it would no longer acquire Saturn from GM due to manufacturing uncertainties.

Subsidiaries

Penske's subsidiaries include:

  • Team Penske (Motorsports team)
  • Penske Motor Group (retail automotive in California only)

    • Companies in which Penske Corporation owns a stake and performs a controlling role:

  • Penske Truck Leasing (joint venture between Penske Corp. and GE)
  • Penske Logistics (Supply chain management and logistics service, a subsidiary of Penske Truck Leasing)
  • Penske Automotive Group (PAG:NYSE – a 40+% stake)
  • Truck-Lite, and Davco (transportation component manufacturing)
  • DJR Team Penske (51%) (Australian V8 Supercars team)

    • Former subsidiaries:

  • Detroit Diesel – A former GM subsidiary, Penske purchased a portion of the company in 1988 and, together with General Motors, spun the company off into a separate company. Sold to DaimlerChrysler AG in 2000.
  • VM Motori S.p.A. – 50% was bought in 2003 and the rest in 2007, but a 51% stake was sold to Fiat S.p.A. in February 2011, and the remainder sold to Fiat in 2013.

    • References

    Penske Corporation Wikipedia
    (Text) CC BY-SA