Penske Truck Leasing Co., L.P. is a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...

Penske Corporation Penske Corporation, Inc. () is an American diversified transportation services company based in Bloomfield Township, Oakland County, Michigan. Roger Penske is the founder and chairman of the privately held company, and Rob Kurnick is the pres ...

, Penske Automotive Group, and

Mitsui & Co is a Japanese general trading company (Sogo shosha, ''sogo shosha'') and a core member of the Mitsui, Mitsui Group. For much of the post-war period, Mitsui & Co. has been among the largest of the five great ''sogo shosha'' (Mitsui, Mitsubishi Co ...

. Headquartered in

Reading, Pennsylvania Reading ( ; ) is a city in Berks County, Pennsylvania, United States, and its county seat. The city had a population of 95,112 at the 2020 United States census, 2020 census and is the List of municipalities in Pennsylvania, fourth-most populous ...

, the company was founded by

Team Penske Team Penske (formerly Penske Racing) is an American professional auto racing organization, competing in the IndyCar Series, NASCAR Cup Series, IMSA SportsCar Championship and FIA World Endurance Championship. Debuting at the 1966 24 Hours of Day ...

owner

Roger Penske Roger Searle Penske (born February 20, 1937), also known as "the Captain", is an American auto racing team owner, businessman, and former professional driver. Penske is the owner of Team Penske, the Indianapolis Motor Speedway, IndyCar, and ...

on December 1, 1969. It is Penske’s flagship and best known division. The firm serves customers in

North America North America is a continent in the Northern Hemisphere, Northern and Western Hemisphere, Western hemispheres. North America is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the southeast by South Ameri ...

South America South America is a continent entirely in the Western Hemisphere and mostly in the Southern Hemisphere, with a considerably smaller portion in the Northern Hemisphere. It can also be described as the southern Subregion#Americas, subregion o ...

Europe Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south, and Asia to the east ...

Asia Asia ( , ) is the largest continent in the world by both land area and population. It covers an area of more than 44 million square kilometres, about 30% of Earth's total land area and 8% of Earth's total surface area. The continent, which ...

, and

Australia Australia, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller isl ...

; among its services are full-service commercial truck leasing, truck fleet maintenance, truck rentals, and used truck sales. The company currently employs more than 40,000 workers worldwide and operates and maintains a fleet of more than 450,000 vehicles. Brian Hard is the president and CEO of the company. Of note, Penske Truck Leasing has been investing in and expanding its fleet of commercial electric trucks and adding electric truck charging stations infrastructure to its locations. In September 2017,

General Electric General Electric Company (GE) was an American Multinational corporation, multinational Conglomerate (company), conglomerate founded in 1892, incorporated in the New York (state), state of New York and headquartered in Boston. Over the year ...

sold the last of its stake in Penske for $674 million. The 15.5% stake was purchased by Penske and a subsidiary of Mitsui. Isuzu Elf Penske Rental Truck in New York

Isuzu Elf Penske Rental Truck in New York

Subsidiaries and units

Penske Truck Rental

Penske Truck Rental is an operating unit of Penske Truck Leasing that has more than 2,500 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 85,000 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 2018 revenues of $2.3 billion and is ranked among the top 20 for-hire trucking companies by industry publication ''Transport Topics.'' This subsidiary is also headquartered in

. 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. Of note, Penske Logistics completed construction and opened a 606,000-square-foot refrigerated regional distribution center in Romulus, Michigan in June 2019.

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.

Sponsorship

In the 2009 IndyCar Series, Will Power drove four races for

with Penske Truck Leasing sponsorship. Teammate

Hélio Castroneves Hélio Castroneves (; born Hélio Alves de Castro Neves; 10 May 1975) is a Brazilian auto racing driver. He competes part-time in the IndyCar Series, driving the No. 06 Dallara-Honda for Meyer Shank Racing. He is one of four drivers to have w ...

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.

References

External links

Penske Truck Leasing website
{{Reading, Pennsylvania Truck Leasing Truck rental Companies based in Reading, Pennsylvania Transport companies established in 1969 1969 establishments in Pennsylvania Joint ventures General Electric Industrial subsidiaries Mitsui & Co.