Penske Corporation
 | |
| Company type | Private |
|---|---|
| Industry | Transportation |
| Founded | 1969 |
| Headquarters | Bloomfield Township, Michigan, U.S. |
Key people | Roger Penske, Chairman Rob Kurnick, President |
| Products | Automotive, Truck Leasing, Motor Group, Logistics |
Number of employees | 5000+ |
| Website | www |
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.
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.[1]
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)[2]
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.[3][4] Sold to DaimlerChrysler AG in 2000.[5]
- VM Motori S.p.A.[6] – 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.[7]
References
- ^ Johnson, Kimberly (September 30, 2009). "Penske Saturn Deal Falls Apart: GM To Shut Down Brand". The Huffington Post. Retrieved October 3, 2013.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "Penske confirms 2015 V8 Supercar entry". Speedcafe. September 15, 2014.
- ^ Levin, Doron (May 25, 1989). "Penske Wins Big at Detroit Diesel". The New York Times. Retrieved October 3, 2013.
- ^ "People: Roger Penske...This Guy Should Run GM". Motor Trend. Retrieved October 3, 2013.
- ^ "Penske Corporation Announces Sale of Its Detroit Diesel Stake to DaimlerChrysler". The Auto Channel. July 20, 2000. Retrieved October 3, 2013.
- ^ Sutton, Mike (July 16, 2007). "GM, Penske Partner in VM Motori Stake". Ward's. Retrieved October 3, 2013.
- ^ Ganz, Andrew (February 15, 2011). "Fiat to split VM Motori with GM after buying Penske's 50% share". LeftlaneNews. Retrieved October 3, 2013.