Penske Truck Leasing Co., L.P. is a joint venture of Penske Corporation, Penske Automotive Group, and Mitsui & Co., Ltd. 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 32,000 workers worldwide. Brian Hard is the president and CEO of the company.
In September 2017, GE sold the last of its stake in Penske for $674 million. The 15.5% stake was purchased by Penske and a subsidiary of Mitsui.
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Subsidiaries and units
Penske Truck Rental
Penske Truck Rental is an operating unit of Penske Truck Leasing that has more than 2,300 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.
Penske Logistics
Penske Logistics is a wholly owned subsidiary of Penske Truck Leasing that has operations in North America, South America, Europe, and Asia. Penske Logistics provides supply chain management and logistics services such as dedicated carriage, distribution center management, transportation management, lead logistics, supply chain consulting, and freight brokerage services. Penske Logistics had 2017 revenues of $1.7 billion and is ranked among the top 20 for-hire trucking companies by industry publication Transport Topics. This subsidiary is also headquartered in Reading, Pennsylvania. Marc Althen is the president of Penske Logistics.
Penske Logistics made two notable acquisitions in the last few years including that of Transfreight North America from Mitsui in 2015 and the acquisition of Greensboro, N.C.-based EPES Transport Systems in 2018. Both acquisitions were private transactions. A major notable investment for Penske Logistics was announced in 2017. The company is building a $98.5-million, 606,000-square-foot Midwest regional distribution center in Romulus, Michigan.
Penske Used Trucks
Penske Used Trucks is an operating unit of Penske Truck Leasing that sells off-lease trucks, semi-trucks, trailers, and other trucking-related equipment directly to businesses and to the used truck wholesale marketplace. This unit sells semi-tractors, semi-trailers, straight trucks, and other equipment for light-, medium-, and heavy-duty transportation applications.
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Sponsorship
In the 2009 IndyCar Series, Will Power drove four races for Team Penske with Penske Truck Leasing sponsorship. Teammate Hélio Castroneves had Penske Truck Leasing sponsorship for three races in 2011 and seven races in 2012. Simon Pagenaud carried Penske Truck Leasing sponsorship for eight races in the 2015 IndyCar Series.
See also
- Penske Corporation
- List of assets owned by General Electric
- Joint venture
References
External links
- Penske Truck Leasing website
Source of article : Wikipedia
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