Penske Corporation

Not to be confused with Penske Media Corporation.

"Penske" redirects here. For other uses, see Penske (disambiguation).

Penske Corporation, Inc. (/pɛn.skiː/) is an American diversified transportation services company based in Bloomfield Township, Oakland County, Michigan. Roger Penske is the founder and chairman of the privately held company, and Rob Kurnick is the president. Penske operates in the automotive retail, truck leasing, transportation, logistics, and motorsports industries. Penske operates in over 3,200 locations and employs more than 70,000 people globally.^[2]

Penske Corporation

Company type	Private
Industry	Transportation
Founded	1969; 56 years ago (1969)
Founder	Roger Penske
Headquarters	Bloomfield Township, Michigan, U.S.
Key people	Roger Penske (Chairman) Brian Hard (President)
Products	Auto Racing, Truck Leasing, Retail, Logistics
Number of employees	~65,000[1]
Website	www.penske.com

Holdings

Current

• DAVCO Technology (transportation component manufacturing)
• Ilmor Engineering (high performance motorsport engines)
• Penske Automotive Group (a 40+% stake)
• Penske Entertainment Corporation, parent company of:
  • INDYCAR, LLC (Motorsports sanctioning body; parent company of the IndyCar Series)
  • Indianapolis Motor Speedway (2.5-mile race track in Speedway, Indiana)
  • IMS, LLC (Operators of the race track)
  • IMS Productions, Inc. (broadcast television production company with satellite trucks, TV trucks and audio/visual editing facilities)
  • Grand Prix Association of Long Beach (Runs and organizes the Grand Prix of Long Beach in downtown Long Beach, California.
• Penske Logistics (supply chain management and logistics service)
• Penske Motor Group (retail automotive in California and Texas)
• Premier Truck Group (commercial vehicle dealerships)
• Penske Truck Leasing (joint venture with Penske Corp. and Mitsui & Co., Ltd)
• Penske Truck Rental (truck rental services)
• Team Penske (Motorsports team that enters teams in the IndyCar Series, IMSA SportsCar Championship, NASCAR and World Endurance Championship)
• Truck-Lite (transportation component manufacturing)
• Carshop (certified used vehicle dealer)

Former

• 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]
• DJR Team Penske (51% stake) (Australian V8 Supercars team)^[6] sold in 2020^[7]
• Penske Auto Centers – A former subsidiary that had operated auto repair centers within selected Kmart stores from 1995^[8][9] until 2002.^[10][11]
• VM Motori S.p.A.^[12] – 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.^[13]

References

1. "Penske named Presidential Medal of Freedom recipient". IndyCar.com. Archived from the original on 2021-01-13. Retrieved 2019-07-02.
2. "About Us". Archived from the original on 2023-04-08. Retrieved 2023-04-08.
3. Levin, Doron (May 25, 1989). "Penske Wins Big at Detroit Diesel". The New York Times. Archived from the original on October 5, 2013. Retrieved October 3, 2013.
4. "People: Roger Penske...This Guy Should Run GM". Motor Trend. Archived from the original on October 5, 2013. Retrieved October 3, 2013.
5. "Penske Corporation Announces Sale of Its Detroit Diesel Stake to DaimlerChrysler". The Auto Channel. July 20, 2000. Archived from the original on May 31, 2019. Retrieved October 3, 2013.
6. "Penske confirms 2015 V8 Supercar entry". Speedcafe. September 15, 2014. Archived from the original on January 15, 2021. Retrieved September 15, 2014.
7. Penske finalises exit from Supercars, DJR reborn Archived 2020-11-01 at the Wayback Machine Auto Action October 24, 2020
8. "Kmart Sells Money-Losing Auto Service Business : Divestiture: Roger Penske buys 860 centers for $112 million. Company to focus on retailing". Los Angeles Times. September 26, 1995. Archived from the original on 2015-12-10. Retrieved 2018-01-23.
9. Buck, Genevieve (September 26, 1995). "Kmart To Sell Automotive-service Chain: Discounter Steers Focus Back To Retail". Chicago Tribune. Archived from the original on 2018-01-24. Retrieved 2018-01-23.
10. "Penske Auto Centers close for good". United Press International. April 9, 2002. Archived from the original on January 23, 2018. Retrieved January 23, 2018.
11. Hays, Constance L. (April 9, 2002). "Kmart and Penske Told to End Dispute Over Closing of Auto Centers". New York Times. Archived from the original on January 24, 2018. Retrieved January 23, 2018.
12. Sutton, Mike (July 16, 2007). "GM, Penske Partner in VM Motori Stake". Ward's. Archived from the original on October 4, 2013. Retrieved October 3, 2013.
13. Ganz, Andrew (February 15, 2011). "Fiat to split VM Motori with GM after buying Penske's 50% share". LeftlaneNews. Archived from the original on October 4, 2013. Retrieved October 3, 2013.

External links

• Official website