Penske Corporation

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"Penske" redirects here. For other uses, see Penske (disambiguation).
Penske Corporation
Type Private
Industry Transportation
Founded 1969
Headquarters Bloomfield Hills, Michigan, U.S.
Key people Roger Penske, Chairmain
Rob Kurnick, President
Products Automotive, Truck Leasing, Motor Group, Logistics
Employees 5000+
Website www.penske.com

Penske Corporation is a Bloomfield Hills, Michigan-based, closely held, diversified transportation services company. Auto racing legend Roger Penske serves as Chairman, and Rob Kurnick as President.

Acquisitions[edit]

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.[1]

Subsidiaries[edit]

Penske's subsidiaries include:

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)

Former subsidiaries:

References[edit]

  1. ^ Johnson, Kimberly (September 30, 2009). "Penske Saturn Deal Falls Apart: GM To Shut Down Brand". The Huffington Post. Retrieved October 3, 2013. 
  2. ^ Levin, Doron (May 25, 1989). "Penske Wins Big at Detroit Diesel". The New York Times. Retrieved October 3, 2013. 
  3. ^ "People: Roger Penske...This Guy Should Run GM". Motor Trend. Retrieved October 3, 2013. 
  4. ^ "Penske Corporation Announces Sale of Its Detroit Diesel Stake to DaimlerChrysler". The Auto Channel. July 20, 2000. Retrieved October 3, 2013. 
  5. ^ Sutton, Mike (July 16, 2007). "GM, Penske Partner in VM Motori Stake". Ward's. Retrieved October 3, 2013. 
  6. ^ Ganz, Andrew (February 15, 2011). "Fiat to split VM Motori with GM after buying Penske's 50% share". LeftlaneNews. Retrieved October 3, 2013. 

External links[edit]