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:
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).
- Detroit Diesel - A former GM subisdiary, Penske purchased a portion of the company in 1988 and, together with General Motors, spun the company off into a separate company. Later sold Detroit Diesel to DaimlerChrysler AG
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