Penske Truck Leasing

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Penske Truck Leasing Co., L.P.
Joint Venture
IndustryRentals
FoundedDecember 1, 1969; 48 years ago (1969-12-01)
HeadquartersReading, Pennsylvania, U.S.
Key people
Roger Penske (Founder & Chairman)
Brian Hard (President & CEO)
ProductsTruck rentals and leasing, fleet maintenance, logistics, used truck sales
RevenueUS$7.1 billion
Number of employees
32,000
ParentPenske Corporation
Websitewww.gopenske.com

Penske Truck Leasing Co., L.P. is a joint venture of Penske Corporation, Penske Automotive Group, and Mitsui & Co., Ltd. Headquartered in Reading, Pennsylvania, the company was founded by Team Penske owner Roger Penske on December 1, 1969. The firm serves customers in North America, South America, Europe, Asia, and Australia; among its services are full-service commercial truck leasing, truck fleet maintenance, truck rentals, and used truck sales. The company employs more than 32,000 workers worldwide. Brian Hard is the president and CEO of the company.

In September 2017, GE sold the last of its stake in Penske for $674 million. The 15.5% stake was purchased by Penske and a subsidiary of Mitsui.[1]

Subsidiaries and units[edit]

Penske Truck Rental[edit]

Penske truck with loading ramp down

Penske Truck Rental is an operating unit of Penske Truck Leasing that has more than 2,300 consumer truck rental locations across the United States and Canada. Penske rents commercial semi-trucks, straight trucks and semi-trailers to businesses that haul freight. Its truck rental fleet has more than 50,000 units. In addition, the business unit also rents trucks ranging from 12 feet in length to 26 feet in length to consumers for do-it-yourself moves that are either local moves or one-way moves. Penske's commercial and consumer rental vehicles are typically branded bright yellow with black lettering and blue stripes.[citation needed]

Penske Logistics[edit]

Penske Logistics is a wholly owned subsidiary of Penske Truck Leasing that has operations in North America, South America, Europe, and Asia. Penske Logistics provides supply chain management and logistics services such as dedicated carriage, distribution center management, transportation management, lead logistics, supply chain consulting, and freight brokerage services. Penske Logistics had 2017 revenues of $1.7 billion and is ranked among the top 20 for-hire trucking companies by industry publication Transport Topics.[2] This subsidiary is also headquartered in Reading, Pennsylvania. Marc Althen is the president of Penske Logistics.[3]

Penske Logistics made two notable acquisitions in the last few years including that of Transfreight North America from Mitsui [4] in 2015 and the acquisition of Greensboro, N.C.-based EPES Transport Systems in 2018.[5] Both acquisitions were private transactions. A major notable investment for Penske Logistics was announced in 2017. The company is building a $98.5-million, 606,000-square-foot Midwest regional distribution center in Romulus, Michigan.[6]

Penske Used Trucks[edit]

Penske Used Trucks is an operating unit of Penske Truck Leasing that sells off-lease trucks, semi-trucks, trailers, and other trucking-related equipment directly to businesses and to the used truck wholesale marketplace. This unit sells semi-tractors, semi-trailers, straight trucks, and other equipment for light-, medium-, and heavy-duty transportation applications.[7]

Sponsorship[edit]

In the 2009 IndyCar Series, Will Power drove four races for Team Penske with Penske Truck Leasing sponsorship. Teammate Hélio Castroneves had Penske Truck Leasing sponsorship for three races in 2011 and seven races in 2012. Simon Pagenaud carried Penske Truck Leasing sponsorship for eight races in the 2015 IndyCar Series.[citation needed]

See also[edit]

References[edit]

  1. ^ Cara Lombardo (September 7, 2017). "GE Sells Penske Truck Leasing Stake for $674 Million". Wall Street Journal. New York City, New York, United States. Retrieved September 11, 2017.
  2. ^ "Top 100 | Penske Logistics". Transport Topics. Retrieved 2018-08-02.
  3. ^ "Penske Logistics - Logistics Planner Profiles - Inbound Logistics". www.inboundlogistics.com. Retrieved 2018-08-02.
  4. ^ "Penske Logistics to Acquire Transfreight North America". Retrieved 2018-08-02.
  5. ^ "Penske Logistics acquires Greensboro-based trucking firm". www.bizjournals.com. Retrieved 2018-08-02.
  6. ^ "Penske's latest deal is nearly $100M warehouse distribution center in Romulus". Detroit Free Press. Retrieved 2018-08-02.
  7. ^ "Penske Used Trucks Doubles Dealer Locations". Transport Topics. 2015-01-22. Retrieved 2018-08-02.

External links[edit]