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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.
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. On 9/30/2009 Penske announced that it would no longer acquire Saturn from GM due to manufacturing uncertainties.
Penske's subsidiaries include:
- Penske Racing (high-performance racing)
- 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)
- VM Motori S.p.A. (a 51% stake), Truck-Lite, and Davco (transportation component manufacturing).
External links
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