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. Comment * document.getElementById("comment").setAttribute( "id", "adccea8f5ae02e3b47389d327007dcb0" );document.getElementById("c08a1a06c7").setAttribute( "id", "comment" ); Save my name, email, and website in this browser for the next time I comment. Penske Automotive Group, Inc., (NYSE: PAG) is a diversified international transportation services company and one of the worlds premier automotive and commercial truck retailers. While always at the forefront, health, safety and community support took on new dimensions in 2020 and an even greater importance to help our associates, customers and communities navigate unprecedented times. Penske Truck Rental operates one of the newest and most diverse truck rental fleets in North America. 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. Penske Truck Leasing is a leading transportation services provider that operates and maintains a fleet of approximately 418,000 vehicles. The acquisition added approximately 3,400 tractors, trucks and trailers to our fleet and several important truck leasing, truck rental and logistics customers. The joint venture focuses on contract logistics and operates primarily in Germany and the Netherlands. Penske and U-Haul also offer different varieties of services. Team Penske is one of the most successful teams in the history of professional sports. 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. In 1988, Hertz exited the business, and Penske Corp. entered into a joint venture with GE Capital pursuant to which GE contributed its Gelco Truck Leasing business, and the parties formed Penske Truck Leasing Co., L.P. In 2010, we continued our U.S. commercial truck leasing expansion efforts with the acquisition of Texas-based Bright Truck Leasing and Distribution, a privately owned full-service truck leasing, truck maintenance, rental and logistics services provider. U-Haul makes DIY moving more convenient and easier to schedule using its 24/7 Truck Share mobile app. Penske offers a wide selection of moving truck rental and moving labor services but also sells moving supplies. Also in 1998, we formed a joint venture with Cotia Trading to provide logistics services in South America. We continue to benefit from strong, stable and long-term partners at Penske Corporation, Penske Automotive Group and Mitsui & Co., Ltd. The mobile app makes DIY moving more convenient and user-friendly. Only a few major moving companies have stellar reviewsmuch of this may be because moving is a stressful and difficult process. th anniversary, the Pennsylvania State Senate declared Dec. 1, 2019, as Penske Truck Leasing Day. We have led the industry with an unwavering commitment to customer service and innovation. PPG will continue one of motorsports longest running sponsorships with a new contract extension between Team Penske and the Penske Corporation. Penske remained at the epicenter of the changes underway in the transportation and logistics industry. Roger Penske, founder and chairman of Penske Corporation, championed and invested in the races return to Detroit in 2007. Following the 2018 introduction of the Freightliner eM2 into its fleet, Penske added subsequent electric trucks in 2019, including additional eM2s, FUSO eCanter battery-electric work trucks, and the Kalmar Ottawa Electric Terminal Tractor (T2E). Penske Logistics believes it was the first truck fleet operator in the United States to achieve such a feat with a heavy-duty electric semi-truck. 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 Transportation Solutions is now the umbrella brand for Penske Truck Leasing, Penske Logistics, Epes Transport Systems and Penske Vehicle Services. Penske Transportation Solutions includes Penske Truck Leasing, Penske Logistics, Epes Transport Systems and Penske Vehicle Services. Thanks & Welcome to the Forbes Home Improvement Community! To help commemorate the company's 50 The new facility opened for full operation in June 2019. On Sunday, he finally gets to host the Indianapolis 500 that he has dreamed of with a full capacity crowd. Net income for the publicly held company fell 18.9 percent to . In 2019, Penske Truck Leasing marked its 50 Penske Automotive Group, Inc., (NYSE: PAG) is a diversified international transportation services company and one of the worlds premier automotive and commercial truck retailers. The business is best known for its auto dealerships, which. The truck rental venture operates under the brand name Penske Truck Rental. 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. The company acquired Goldston in 1983 and Leaseway Transportations truck renting and leasing business in 1986. Penske Logistics is a wholly owned subsidiary of Penske Truck Leasing with operations in North America, South America, Europe and Asia. The company also expanded its network of used commercial truck sales centers. 2023 Forbes Media LLC. To make trucks more accessible, Penske partners with some Home Depot branches that rent Penske trucks from additional locations. I want to be on the leading edge with our people and the company. This site does not include all companies or products available within the market. Penske Truck Leasing continued to provide essential and continuous transportation support services such as fleet maintenance, repairs, fuel, over-the-road support, and made sure trucks, semi-tractors and trailers remained available and ready to support business fleets, truck drivers and consumers on the move. 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. These efforts and other measures helped it once again earn EPAs SmartWay Excellence Award. He previously owned a same-named Lurssen yacht. At Penske Logistics, dedicated contract carriage, warehousing and transportation management were mission-critical functions for its supply chain customers. Privacy Policy | For additional information, visit the company's website at www.penskeautomotive.com. Penske Logistics' continued investments in sustainability related to its fleet continued to earn it accolades. As both can often seem to offer nearly the same services, weve put together a Penske vs. U-Haul guide to help you weigh the pros and cons of each company and compare their costs and services. Associates across our organization responded with incredible determination, grace, resiliency, and the unstoppable Visitwww.GoPenske.comto learn more. Executive Vice President Investor Relations, View original content to download multimedia:https://www.prnewswire.com/news-releases/penske-automotive-group-acquires-mccoy-freightliner-301425069.html, SOURCE Penske Automotive Group, Inc.; Premier Truck Group, Represents $200 Million in Annualized Revenues, Penske Automotive Group Acquires McCoy Freightliner, https://www.prnewswire.com/news-releases/penske-automotive-group-acquires-mccoy-freightliner-301425069.html. The venture builds on a history of successful cooperation between the two organizations serving shared customers in Europe. Penske Automotive Group (NYSE: PAG) is owned by 36.87% institutional shareholders, 166.00% Penske Automotive Group insiders, and 0.00% retail investors. A notable acquisition in 2018 supporting logistics and supply chain capabilities included the addition of Epes Transport System. 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. Now in its 57th season in 2023, 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. Penske operates in over 3,200 locations and employs more than 70,000 people globally. A Vision for Growth and Innovation In 1982, we joined with the Hertz Truck Division to form Hertz-Penske Truck Leasing. Shares of PAG opened at $138.58 on Monday. Penske Automotive was founded as United Automotive Group in 1990 by Marshall S. Cogan[1] and was later acquired by Penske Corporation and Roger Penske in May 1999. Its flagship dealership, Longo Toyota in El Monte, California is the worlds largest dealership and has been the #1 Toyota retailer in the United States since 1967. IMS Productions is a leading video services and production company. The Chevrolet Detroit Grand Prix presented by Lear is a professional auto race hosted annually in Detroit, Michigan. Customers shopping online can use the innovative digital tools available on www.carshop.com or www.carshop.co.uk to choose from thousands of vehicles, obtain financing, and schedule delivery. "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. CarShop offers high-quality used vehicles with up-front, no-haggle pricing and a money-back guarantee. 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. For do-it-yourself movers looking for an affordable moving truck rental, U-Haul may be a great choice. Commissions do not affect our editors' opinions or evaluations. Penske Truck Leasing continued its expansion and use of connected fleet solutions and remote diagnostics and implemented an industry-leading voice-directed preventive maintenance technology system and Dynamic PM process. The delivery of these heavy-duty electric vehicles was a significant milestone for both companies and marked the culmination of a period of co-creation, refinement and field-testing that kicked off nearly five years ago. Penske Automotive was founded as United Automotive Group in 1990 by Marshall S. Cogan [1] and was later acquired by Penske Corporation and Roger Penske in May 1999. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. Represents $200 Million in Annualized Revenues Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that it has acquired McCoy Freightliner ("McCoy"), a retailer of medium and heavy-duty commercial trucks, located in Oregon. 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. Team Penske currently fields four cars: the No. Since 1969, Penske Truck Leasing has grown from a three-location rental and lease business to a multibillion-dollar transportation services company spanning the globe. The Penske group of . Penske's new facility is responsible for bringing more than 400 new jobs to the region and was opened to serve the food distribution needs of its customer. In 2019, Penske Logistics also celebrated the grand opening of its new 606,000-square-foot build-to-suit standard freezer/cooler distribution center in Romulus, Michigan. Our fleet of well-maintained and reliable rental trucks, 24-hour roadside assistance, flexible reservation and cancellation policies, and commitment to customer service ensure our customers enjoy high quality vehicles, excellent service and peace of mind when renting trucks commercially or for a do-it-yourself household move. Team Penske. Premier Truck Group also carries an extensive inventory of parts and accessories for new and used trucks and offers a full suite of maintenance and repair services at several locations throughout Texas, Oklahoma, New Mexico, Tennessee and Georgia as well as Ontario, Canada. Penskes trucks feature traditional, four-foot decks so the trucks will sit level against a loading dock. Recognizing potential opportunities in 2014, Penske Truck Leasing expanded its truck rental and leasing services in Australia through collaboration with Brisbane, Australia-based Penske Commercial Vehicles, which is a wholly owned subsidiary of Penske Automotive Group. Penske operates in the automotive retail, truck leasing, transportation, logistics, and motorsports industries. The collaboration combines Penske Truck Leasing's fleet operations expertise with the local market knowledge of Penske Commercial Vehicles. Since its rebirth in the Motor City, the Detroit Grand Prix has generated over $45 million in total spending annually for the region. 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While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Home does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Making your reservation in advance will give you a better chance of getting a good deal and securing the size and type of truck you need. Also in 2005, we formed a joint venture with Victory Express to provide logistics services in China. Ilmor also designs, develops and produces industry-leading recreational marine engines for major manufacturers worldwide. Former race car driver Roger Penske is the founder, chairman and CEO of publicly-traded car and truck dealer Penske Automotive Group. Information provided on Forbes Home is for educational purposes only. Effort Equals Results spirit that runs deep within our organization. Additionally, we own 28.9% of Penske Transportation Solutions, a business that employs over 43,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in . By 1981, the company had grown to 33 facilities staffed by 420 employees and generating annual sales of more than $40 million. "At the time [Roger] Penske owned a company called Detroit Diesel that made diesel engines for boats, and he was also involved with a company that built turbine engines," current owner and. What sets U-Hauls services apart from many other moving companies is the huge selection of different types and sizes of moving vehicles. For additional information, visit the company's website at www.premiertruck.com, Caution Concerning Forward Looking Statements. Our businesses provide innovative transportation, supply chain and technology solutions to keep the world moving forward.

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