Penske Corporation

Penske Corporation is an American, Bloomfield Hills, Michigan-based, privately held, diversified transportation services company. Auto racing legend Roger Penske serves as chairman, and Rob Kurnick as president.

Acquisitions

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. Just three months later, on September 30, Penske announced it would no longer acquire Saturn from GM due to manufacturing uncertainties.

Subsidiaries

Penske's subsidiaries include:

Companies in which Penske Corporation owns a stake and performs a controlling role:

Penske Truck Leasing

Penske Truck Leasing Co., L.P. is a joint venture of Penske Corporation, Penske Automotive Group, Mitsui & Co., Ltd., and General Electric Capital. 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 26,000 workers worldwide. Brian Hard is the president and CEO of the company.

Subsidiaries and Units

Penske Truck Rental

Penske Truck Rental is an operating unit of Penske Truck Leasing that has more than 2,000 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.

Ford Motor Company

The Ford Motor Company (commonly referred to as simply Ford) is an American multinational automaker headquartered in Dearborn, Michigan, a suburb of Detroit. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand and most luxury cars under the Lincoln brand. Ford also owns Brazilian SUV manufacturer, Troller, and Australian performance car manufacturer FPV. In the past it has also produced tractors and automotive components. Ford owns a 2.1% stake in Mazda of Japan, an 8% stake in Aston Martin of the United Kingdom, and a 49% stake in Jiangling of China. It also has a number of joint-ventures, two in China (Changan Ford Mazda and Ford Lio Ho), one in Thailand (AutoAlliance Thailand), one in Turkey (Ford Otosan), and one in Russia (Ford Sollers). It is listed on the New York Stock Exchange and is controlled by the Ford family, although they have minority ownership.

Ford introduced methods for large-scale manufacturing of cars and large-scale management of an industrial workforce using elaborately engineered manufacturing sequences typified by moving assembly lines; by 1914 these methods were known around the world as Fordism. Ford's former UK subsidiaries Jaguar and Land Rover, acquired in 1989 and 2000 respectively, were sold to Tata Motors in March 2008. Ford owned the Swedish automaker Volvo from 1999 to 2010. In 2011, Ford discontinued the Mercury brand, under which it had marketed entry-level luxury cars in the United States, Canada, Mexico, and the Middle East since 1938.

Team Penske

Team Penske (formerly Penske Racing) is an American professional racing team that competes in the IndyCar Series and NASCAR. Debuting at the 1966 24 Hours of Daytona, the team has also competed in various other types of professional racing such as Can Am, Trans Am and Formula One. Team Penske is a division of Penske Corporation, and is owned and chaired by Roger Penske. The team president is Tim Cindric.

IndyCar Series

Penske has been involved with IndyCar racing since 1968, when they first fielded a stock block-powered Eagle with Mark Donohue. The team first competed at Indianapolis in 1969, and within three years had become the team to beat, winning the race with Donohue in 1972. In 1978, Roger Penske along with Pat Patrick, Dan Gurney, and several other team owners who had been participating in USAC events involving cars known as Champ Cars and IndyCars formed Championship Auto Racing Teams (CART). As of June 27, 2015, Penske Racing has won the Indianapolis 500 16 times, won the Indianapolis 500 pole position 17 times, as well as 177 open wheel IndyCar wins in USAC, CART and IRL, 29 of which are in 500-Mile Races and 13 open wheel championships. Penske Racing has 1,463 starts in IndyCar races, 231 pole positions, 71 wins from pole, 47 double wins of which 8 are 1–2–3 finishes from the Pocono race on June 26, 1977, to January 1, 2015.

Joey Logano

Joseph Thomas "Joey" Logano (born May 24, 1990) is an American professional stock car racing driver. He currently drives the No. 22 Ford Fusion in the NASCAR Sprint Cup Series for Team Penske. He also drives the No. 22 Ford Mustang in the Xfinity Series for Team Penske on a part-time basis. He previously drove the No. 20 Toyota Camry for Joe Gibbs Racing from 2008 to 2012, collecting two wins and 41 Top 10 finishes. In 2015, he became the second-youngest Daytona 500 Champion.

Logano's first major NASCAR win came during the Meijer 300 at Kentucky Speedway in just his third start in the 2008 Nationwide Series. Logano became the youngest driver to win a Nationwide Series race at 7008569851200000000♠18 years, 21 days old. The previous youngest was Casey Atwood in 1999 at 7008595080000000000♠18 years, 313 days. Logano became the youngest winner in Sprint Cup Series history when he won the 2009 Lenox Industrial Tools 301 at New Hampshire Motor Speedway at 7008602618400000000♠19 years, 35 days. The previous youngest was Kyle Busch in 2005 at 7008641952000000000♠20 years, 125 days. Logano is now the youngest winner in two of NASCAR's three top divisions. Logano was also the first NASCAR driver born in the 1990s that has competed in NASCAR's three major divisions. On September 25, 2014 it was announced that Logano had signed a multi-year contract extension with Team Penske that extends his tenure with the team through the 2018 season.