Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and . In June 2019, President Trump announced that Penske will be awarded a Presidential Medal of Freedom, the highest civilian award in the U.S. $2.5 billion, according to our most recent tally. In late 2018, Penske Truck Leasing became the first company ever in North America to put an electric commercial vehicle into its fleet by introducing the Freightliner eM2 medium-duty commercial electric vehicle. PPG will continue one of motorsports longest running sponsorships with a new contract extension between Team Penske and the Penske Corporation. Since its rebirth in the Motor City, the Detroit Grand Prix has generated over $45 million in total spending annually for the region. Roger S. Penske is the largest individual Penske Automotive Group shareholder, owning 76.23M shares representing 110.36% of the company. The Indianapolis Motor Speedway has hosted the worlds largest single-day sporting event the Indianapolis 500 Mile Race for more than 100 years. Penske Transportation Solutions is now the umbrella brand for Penske Truck Leasing, Penske Logistics, Epes Transport Systems and Penske Vehicle Services. In 2022, Penske Transportation Solutions continued to deliver record performance driven by strong demand for vehicles coupled with a robust freight environment as the economy continued to rebalance supply chains. One of those cars will carry the number 75 to commemorate "75 Years of Porsche Sports Cars" in the 100th anniversary of the famed international motorsports event. On July 2, 2007, United Automotive Group changed its corporate name to Penske Automotive Group, Inc; and changed its ticker symbol on the NYSE to PAG. Operating from over 50 locations across the United States and Canada, Penske Vehicle Services effectively manages and delivers the right solution for a broad spectrum of needs including vehicle management, fleet analysis, fleet tracking, process design, fleet maintenance, vehicle customization, and vehicle event services. In 2023, the event returns to its original home on the Streets of Downtown Detroit. 2023 Forbes Media LLC. Accessibility | Penske Companies - Penske Roger Penske founded our company Dec. 1, 1969, after purchasing a car and light-truck rental and leasing business serving eastern Pennsylvania, with just three locations. th anniversary, the Pennsylvania State Senate declared Dec. 1, 2019, as Penske Truck Leasing Day. In its 56-year history, the team has also earned 18 Indianapolis 500 victories, three Daytona 500 Championships, a Formula 1 win, overall victories in the 24 Hours of Daytona and the 12 Hours of Sebring, along with a win in Australias legendary Bathurst 1000 race. Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s growth plans and expected revenue. Without a little risk in your life every day, you start to get sloppy, and that is something I don't want to be. The pandemic of 2020 forever changed the way we work, live and operate. Penske operates in over 3,200 locations and employs more than 70,000 people globally. These efforts and other measures helped it once again earn EPAs SmartWay Excellence Award. Dedicated operations Epes Transport Freight logistics Penske Logistics truckload Brian Straight Penske advertises emission-controlling technologies including speed-limiting its trucks. Less than four months later, on September 30, Penske announced it would no longer acquire Saturn from GM due to manufacturing uncertainties.[2]. Roger Penske is the first team owner in auto racing history to win the Nascar Cup Series championship and the NTT IndyCar Series championship in the same season after Joey Logano won the Nascar title and Will Power won the IndyCar title in 2022. Penske is a solid good option for those who want a quality vehicle with plenty of insurance protection options. In 2019, Penske Logistics made history for being one of the first truck fleets to ever use commercial heavy-duty electric semi-trucks for over-the-road store deliveries as well as testing electric terminal yard tractors. The constant changing of managers in the English Premier League reflects a wider problem of lack of succession planning. Penske Logistics will acquire Epes Transport System, a Greensboro, N.C., dry-van truckload and dedicated contract carriage provider, with more than 1,100 drivers. He previously owned a same-named Lurssen yacht. Visit Indianapolis Motor Speedway Website. I want to be on the leading edge with our people and the company. As a group, the Penske Corporation was a closely held diversified transportation-services company that directed, through its . Penske Truck Leasing is a leading global transportation services provider, operating and maintaining more than 390,000 vehicles and serving customers from more than 3,000 locations in North America, South America, Europe, Australia and Asia. Roger Penske is the founder and chairman of Penske Corporation, a closely-held, diversified, on-highway, transportation services company whose subsidiaries operate in a variety of industry segments, including retail automotive, truck leasing, transportation logistics and professional motorsports. His company has more than 1,350 . U-Haul is available in all 50 states and has more than 20,000 locations. Renewable diesel provides a realistic pathway for fleets to further reduce emissions from well to wheel as the industry continues to decarbonize. PAG operates dealerships principally in the United States, the United Kingdom, Germany, Italy, and Japan and is one of the largest retailers of commercial trucks in North America for Freightliner. Penske Corporation is a closely-held, on-highway diversified transportation services company, whose subsidiaries operate in a variety of segments, including retail automotive, truck leasing, logistics, transportation component manufacturing and professional motorsports. Vox Media, owner of publications including New York Magazine and tech site The Verge, is raising $100 million from Penske Media, the owner of . The company continued its industry-leading position in 2021 by testing commercial electric vehicles. This site does not include all companies or products available within the market. [1] Roger Penske, founder and chairman of Penske Corporation, championed and invested in the races return to Detroit in 2007. Founded by Roger Penske in 1966, Team Penske is one of the most successful teams in the history of professional sports. Additionally, PAG owns 28.9% of Penske Transportation Solutions (PTS), a business that manages one of the largest, most comprehensive and modern trucking fleets in North America and provides innovative transportation, supply chain, and technology solutions to its customers. In addition, Penske offers four insurance plans with comprehensive coverage and it regularly changes out its rental vehicles. Our Companies - Penske Corporation Penske Automotive Group, Inc. (NYSE:PAG) Holdings Cut by Zurcher Penske Logistics is a wholly owned subsidiary of Penske Truck Leasing with operations in North America, South America, Europe and Asia. 2023 Knowledge WOW - All Rights Reserved Penske Automotive Q1 earnings drop on record revenue 12 Verizon Dallara/Chevrolet driven by Will Power, and the No. Penske Truck Leasing further continued various previous deployments and tests of vehicles such as Kalmar electric yard tractors, and its ongoing testing and deployment of Freightliners eCascadia and eM2 vehicles with customers. Penske History - Penske PAG employs nearly 27,000 people worldwide and is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes, and is ranked among the Worlds Most Admired Companies by Fortune Magazine. Year-to-date, Penske Automotive Group has added approximately $1.1 billion in expected annualized revenue through the completion of retail automotive and commercial truck dealerships. The group have been involved in the ABB FIA Formula E Championship since the 2014/15 season via Dragon Racing, and have since become a manufacturer in the Series through the combined efforts of Dragon, Team Penske, and, initially, Faraday Future. The joint venture focuses on contract logistics and operates primarily in Germany and the Netherlands. Notable items included its continued introduction and real-world testing of new commercial electric vehicles within its fleet operations, new commercial electric vehicle charging and related technologies, and investing in new and upgraded facilities to meet customer needs. The truck rental venture operates under the brand name Penske Truck Rental. Additional charging station capabilities are planned. In 2015, Penske Logistics acquired Transfreight North America. In addition to its print version in the United States, it publishes content through Rollingstone.com and numerous international editions. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.25 and a current ratio of 1.01. In 2023, Team Penske competes in the NTT INDYCAR SERIES and the NASCAR Cup Series. Additionally, Premier Truck Group also offers a large selection of used trucks and offers full-service parts and service operations conveniently open extended hours, with some open 24 hours every day. 2023 Forbes Media LLC. Company to focus on retailing", "Kmart To Sell Automotive-service Chain: Discounter Steers Focus Back To Retail", "Kmart and Penske Told to End Dispute Over Closing of Auto Centers", "Fiat to split VM Motori with GM after buying Penske's 50% share", https://en.wikipedia.org/w/index.php?title=Penske_Corporation&oldid=1149741163, Auto Racing, Truck Leasing, Retail, Logistics, DAVCO Technology (transportation component manufacturing). While Penske has four different insurance and protection plan options compared to U-Hauls two, U-Haul has a much longer list of moving supplies, storage solutions and other options to help cover all its customers needs. Penske makes second acquisition this year | Commercial Carrier Journal Information provided on Forbes Home is for educational purposes only. Later in the year, Penske Automotive Group and Mitsui & Co., Ltd. once again showed confidence in Penske Truck Leasing by increasing their ownership positions in the company. To make trucks more accessible, Penske partners with some Home Depot branches that rent Penske trucks from additional locations. Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. Roger Penske is the chairman of the privately held company, and Rob Kurnick is the president. "History of United Auto Group, Inc. FundingUniverse", "Penske Saturn Deal Falls Apart: GM To Shut Down Brand", https://en.wikipedia.org/w/index.php?title=Penske_Automotive_Group&oldid=1137753682. Required fields are marked *. PAG operates dealerships principally in the United States, the United Kingdom, Germany, Italy and Japan and is one of the largest retailers of commercial trucks in North America for Freightliner. The company has four different levels of insurance plans to cover equipment damage, third-party damage and injury claims, cargo accident damage and personal accident injury. Penske Media Corporation is the current owner of Rolling Stone, purchasing 51 percent of the magazine in 2017 and the remaining 49 percent in 2019. Penske Automotive Group Acquires McCoy Freightliner - PR Newswire PAG operates dealerships principally in the United States, the United Kingdom, Germany, Italy and Japan and is one of the largest retailers of commercial trucks in North America for Freightliner. When it comes to round-trips, Penske charges 99 cents per mile. With a new Team Penske global partnership, Porsche Penske Motorsport competes in the IMSA WeatherTech SportsCar Championship and the World Endurance Championship this season. PTG now operates thirty-seven North American commercial truck locations in Texas, Oklahoma, Oregon, Tennessee, Georgia, Utah, Idaho and Ontario, Canada, which we expect to generate $2.5 billion in annual revenue. Delivering on its previous commitments to develop electric vehicle charging infrastructure at its facilities, Penske Truck Leasing opened commercial heavy-duty electric vehicle charging stations with 14 high-speed chargers at four of its existing facilities in Southern California. Profile of Rolling Stone Magazine Owner Jay Penske - Business Insider Plus: The United Arab Emirates wants to shake up cricket globally. Penske Vs. Uhaul: Major Differences, Pros And Cons - Forbes At Penske Transportation Solutions, we move the things that move the world forward. Penske Truck Leasing is a leading transportation services provider that operates and maintains a fleet of approximately 418,000 vehicles. Penske Truck Leasing History: Founding, Timeline, and Milestones - Zippia The company acquired Goldston in 1983 and Leaseway Transportations truck renting and leasing business in 1986. About Us - Penske Corporation It does not provide services in Alaska. Additionally, U-Haul offers an extensive network of storage facilities and additional service options, such as loading and unloading assistance or car trailers and other types of moving apparatus. Penske comes well-reviewed for its customer support and relatively affordable prices. These risks and uncertainties include, among others: the satisfaction of customary closing conditions, the duration, severity and resolution of the COVID-19 pandemic, government mandated restrictions on our business in light of COVID-19 or otherwise, economic conditions generally, conditions in the credit markets, changes in interest rates and foreign currency exchange rates, changes in tariff rates, new rules in place after the recent Brexit accord between the European Union and the U.K. could slow parts originating in the U.K. or Europe for distribution to our dealerships, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to the COVID-19 pandemic, the shortage of automotive semiconductor chips or other components, natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. Penske Motor Group. Ilmor Engineering is a globally recognized provider of high performance motorsport engines for the top levels of racing, including IndyCar, NASCAR, and ARCA. In recognition of its continued fleet sustainability efforts the Environmental Protection Agencys SmartWay program recognized Penske Logistics as a top performer. Penske also introduced new and enhanced digital tools for its private fleet customers and their truck drivers, including new mobile phone applications and a newly updated customer website portal. Feb. 6, 2023. Penske Corporation - Wikipedia The products and services we review may not be right for your individual circumstances. Penske serves clients . In addition to several small tuck-in acquisitions in 2022, Penske Truck Leasing also expanded its service offering into Indonesia by forming IndoPenske and an innovative collaboration with Mitsui & Co., Ltd. and IndoRent. Roger Penske - Wikipedia Penske Corporation manages businesses with . Porsche Penske Motorsport wrapped up the six-hour race at Spa-Francorchamps in fourth place with the Porsche 963. If you want more protection and insurance options and quality moving vehicles, consider Penske. Penske Automotive reveals record revenue and sliding profits in Q1
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