Started as a business, Team Penske in many ways revolutionized motor sports. Sales climbed, helping to fuel expansion into other ventures. His nearly legendary attention to detail set the pace at the dealerships. The Penske Corporation was set up that year as a holding company for Roger Penske's automotive-related enterprises.īy 1971 Roger Penske had auto dealerships in Philadelphia and Allentown, Pennsylvania, and in Detroit. By 1969 Penske Leasing had 33 locations in the northeastern United States. The truck leasing business soon enjoyed spectacular growth as private fleet owners discovered the benefits of leasing versus buying their trucks-purchasing, fuel supply, scheduled maintenance, and repair were left in the hands of the lessor, allowing the fleet operator to focus on the distribution and routing of their products. In the middle and late 1960s, Roger Penske's Chevy dealership prospered such that it generated capital for acquisitions, including a pair of specialty tire distributorships, Competition Tire East and Competition Tire West, and a small truck leasing operation. The racing organization would go on to become the most successful in history.ĭiversifications Contribute to Growth in the 1960s and 1970s He returned to the sport in 1966 as the owner of Team Penske. Having won the NASCAR Grand National in 1965, Penske retired from racing and bought the dealership. Having won five races in 1964, he left Alcoa for a job as general manager of the McKean Chevrolet dealership in Philadelphia.
#Roger penske automotive driver
In 1962 Penske was voted Sports Car Driver of the Year by Sports Illustrated, The New York Times, and The Los Angeles Times.
His first win came in 1959, and over the next few years the accolades poured in.
#Roger penske automotive drivers
In the early 1960s, while still a sales representative for Alcoa, Roger Penske became one of the most successful race car drivers around, competing in sports car, endurance, and Formula One races on weekends. But the world of work did not keep him from the racetrack. Although he was "addicted to racing," Penske was also pragmatic after earning a degree in business administration from Pennsylvania's Lehigh University in 1959, he went to work at the Aluminum Company of America (Alcoa) as a sales representative. Roger Penske attended his first Indianapolis 500 race at age 14, and he bought his first car with money from a paper route. Origins in Founder's Successful Racing Career The Penske group's 1995 acquisition of more than 850 Kmart Auto Centers added service to its roster and made it the nation's largest independent tire dealer. Penske took this division, including its Competition Tire businesses and racetracks, public as Penske Motorsports Inc. The automotive performance group is built upon the highly successful Penske racing team and also runs the Michigan International Speedway and the Pennsylvania International Raceway. The retail automotive group includes six California car dealerships that collectively sell more than 35,000 Cadillacs, Chevrolets, Hondas, Lexuses, and Toyotas a year.
#Roger penske automotive full
The $1.8 billion (revenues) transportation services group includes the nation's second largest full service truck leasing and renting business, Penske Truck Leasing Co., L.P., and the diesel engine manufacturing company Detroit Diesel Corporation. The corporation operates in three distinct groups: transportation services, retail/service automotive, and performance automotive. Principal owner and CEO Penske has earned a reputation for building contenders on and off the racetrack with the simple business philosophy: "Effort Equals Results." His company's stunning turnaround of ailing businesses like General Motors' Detroit Diesel and Hertz's Truck Leasing is at least as impressive as his racing team's record ten Indianapolis 500 wins and nine national Ind圜ar championships. Founded by former Indianapolis 500 racer Roger Penske, the company has revenues approaching $5 billion. Ranked among America's 50 largest private companies, Penske Corporation is a transportation services firm with major interests in truck leasing, diesel engine manufacture, auto racing, and retail automobile sales. SICs: 7513 Truck Rental & Leasing Without Drivers 7948 Racing Including Track Operations 5511 New & Used Car Dealers
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