Penske Corporation Explained

Penske Corporation
Type:	Private
Founder:	Roger Penske
Key People:	Roger Penske (Chairman) Brian Hard (President)
Location:	Bloomfield Township, Michigan, U.S.
Num Employees:	~65,000^[1]
Industry:	Transportation
Products:	Auto Racing, Truck Leasing, Retail, Logistics

Penske Corporation, Inc. 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]

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)
• 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 and NASCAR)
• 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]

Notes and References

1. Web site: Penske named Presidential Medal of Freedom recipient. IndyCar.com. 2019-07-02. 2021-01-13. https://web.archive.org/web/20210113160300/https://www.indycar.com/News/2019/06/06-20-Roger-Penske-Presidential-Medal-of-Freedom. live.
2. Web site: About Us . 2023-04-08 . 2023-04-08 . https://web.archive.org/web/20230408232218/https://www.penske.com/about-us/ . live .
3. News: Levin. Doron. Penske Wins Big at Detroit Diesel. The New York Times. May 25, 1989. October 3, 2013. October 5, 2013. https://web.archive.org/web/20131005023047/http://www.nytimes.com/1989/05/25/business/penske-wins-big-at-detroit-diesel.html. live.
4. Web site: People: Roger Penske...This Guy Should Run GM. Motor Trend. October 3, 2013. October 5, 2013. https://web.archive.org/web/20131005033634/http://www.motortrend.com/features/112_0508_roger_penske/viewall.html. dead.
5. Web site: Penske Corporation Announces Sale of Its Detroit Diesel Stake to DaimlerChrysler. The Auto Channel. July 20, 2000. October 3, 2013. May 31, 2019. https://web.archive.org/web/20190531190042/https://www.theautochannel.com/news/2000/07/20/005040.html. live.
6. News: Penske confirms 2015 V8 Supercar entry. Speedcafe. September 15, 2014. September 15, 2014. January 15, 2021. https://web.archive.org/web/20210115101113/https://www.speedcafe.com/2014/09/15/penske-confirms-2015-v8-supercars-entry/. live.
7. https://autoaction.com.au/2020/10/24/penske-finalises-exit-from-supercars-djr-reborn Penske finalises exit from Supercars, DJR reborn
8. News: Kmart Sells Money-Losing Auto Service Business : Divestiture: Roger Penske buys 860 centers for $112 million. Company to focus on retailing. . . September 26, 1995 . . 2018-01-23 . 2015-12-10 . https://web.archive.org/web/20151210072631/http://articles.latimes.com/1995-09-26/business/fi-50224_1_auto-service-centers . live .
9. News: Kmart To Sell Automotive-service Chain: Discounter Steers Focus Back To Retail . . September 26, 1995 . Genevieve . Buck . 2018-01-23 . 2018-01-24 . https://web.archive.org/web/20180124013516/http://articles.chicagotribune.com/1995-09-26/business/9509260154_1_kmart-penske-auto-center-penske-corp . live .
10. News: Penske Auto Centers close for good . . April 9, 2002 . . January 23, 2018 . January 23, 2018 . https://web.archive.org/web/20180123190608/https://www.upi.com/Penske-Auto-Centers-close-for-good/51201018375441/ . live .
11. News: Kmart and Penske Told to End Dispute Over Closing of Auto Centers . . April 9, 2002 . Constance L. . Hays . January 23, 2018 . January 24, 2018 . https://web.archive.org/web/20180124005808/http://www.nytimes.com/2002/04/09/business/kmart-and-penske-told-to-end-dispute-over-closing-of-auto-centers.html?pagewanted=all . live .
12. Web site: Sutton. Mike. GM, Penske Partner in VM Motori Stake. Ward's. July 16, 2007. October 3, 2013. October 4, 2013. https://web.archive.org/web/20131004232702/http://wardsauto.com/news-amp-analysis/gm-penske-partner-vm-motori-stake. dead.
13. Web site: Ganz. Andrew. Fiat to split VM Motori with GM after buying Penske's 50% share. LeftlaneNews. February 15, 2011. October 3, 2013. October 4, 2013. https://web.archive.org/web/20131004230653/http://www.leftlanenews.com/fiat-to-split-vm-motori-with-gm-after-buying-penskes-50-share.html. dead.