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 economic risk, risks, and shared governance. Companies typically pursue joint ventures for one of four rea ...

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

, Penske Automotive Group, and

Mitsui & Co is one of the largest ''sogo shosha'' (general trading companies) in Japan; it is part of the Mitsui Group. History The company was established in 1876 with 16 members including the founder, Takashi Masuda. As Japan's international trading w ...

. Headquartered in Reading, Pennsylvania, the company was founded by

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

owner

Roger Penske Roger Searle Penske (born February 20, 1937) is an American businessman and entrepreneur involved in professional auto racing and a retired professional auto racing driver. He is most famous for his ownership of Team Penske, DJR Team Penske, t ...

on December 1, 1969. The firm serves customers in North America,

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Europe Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a subcontinent of Eurasia and it is located entirel ...

Asia Asia (, ) is one of the world's most notable geographical regions, which is either considered a continent in its own right or a subcontinent of Eurasia, which shares the continental landmass of Afro-Eurasia with Africa. Asia covers an are ...

, and Australia; among its services are full-service commercial truck leasing, truck fleet maintenance, truck rentals, and used truck sales. The company currently employs more than 36,000 workers worldwide and operates and maintains a fleet of more than 300,000 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) is an American multinational conglomerate founded in 1892, and incorporated in New York state and headquartered in Boston. The company operated in sectors including healthcare, aviation, power, renewable en ...

sold the last of its stake in Penske for $674 million. The 15.5% stake was purchased by Penske and a subsidiary of Mitsui.

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 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. 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 The 2009 IndyCar Series was the 14th season of the IndyCar Series. The 17-race season began on April 5, and its premier event, the 93rd Indianapolis 500 was held May 24. All races were broadcast on ABC or Versus in high-definition. It represe ...

Will Power William "Will" Steven Power (born 1 March 1981) is an Australian motorsports driver who currently competes in the IndyCar Series, driving for Team Penske. He is the 2014 and 2022 IndyCar Series champion and the 2018 Indianapolis 500 champion. ...

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 has won the Indianapolis 500 a record-equalling four times: in 2001, 2002, 2009, and 2021. He won the 2021 24 Hours of Daytona with Wa ...

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.