Penske Automotive Group, Inc. (PAG) is an American transportation services company headquartered in

Bloomfield Hills, Michigan Bloomfield Hills is a city in Oakland County, Michigan, Oakland County in the U.S. state of Michigan. A northern Metro Detroit, suburb of Detroit on the Woodward Corridor, Bloomfield Hills is located roughly northwest of downtown Detroit, and is ...

. It operates automotive and commercial truck dealers principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, engines, power systems, and related parts and services principally in Australia and New Zealand. Additionally, PAG owns 28.9% of Penske Transportation Solutions, a business that manages a fleet of over 400,000 trucks, tractors, and trailers. PAG is a member of the Fortune 500,

Russell 1000 The Russell 1000 Index is a U.S. stock market index that tracks the highest-ranking 1,000 stocks in the Russell 3000 Index, which represent about 93% of the total market capitalization of that index. , the stocks of the Russell 1000 Index had ...

, and Russell 3000 indexes.

History

Penske Automotive was founded as United Automotive Group in 1990 by Marshall S. Cogan and later came under the control of

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 ...

and

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 ...

in May 1999. Several years later, 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. In February 2009,

General Motors General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. The company is most known for owning and manufacturing f ...

declared its intent to part with the

Saturn Saturn is the sixth planet from the Sun and the second largest in the Solar System, after Jupiter. It is a gas giant, with an average radius of about 9 times that of Earth. It has an eighth the average density of Earth, but is over 95 tim ...

brand by closing or selling the division, either to investors or to dealers, as part of restructuring plans dependent upon the receipt of a second round of government loans ("

bailout A bailout is the provision of financial help to a corporation or country which otherwise would be on the brink of bankruptcy. A bailout differs from the term ''bail-in'' (coined in 2010) under which the bondholders or depositors of global syst ...

" funding). In June 2009, it was announced with much fanfare that Penske Automotive Group would purchase Saturn and its assets from General Motors. Less than four months later, on September 30, the deal collapsed as Penske announced it would terminate the deal with GM blaming manufacturing uncertainties with certain models.

External links

References

Auto dealerships of the United States Companies based in Oakland County, Michigan Bloomfield Hills, Michigan Companies listed on the New York Stock Exchange AutomotiveGroup 1990 establishments in Michigan American companies established in 1990 Retail companies established in 1990 Transport companies established in 1990 Automotive websites Companies in the S&P 400 {{US-company-stub

History

External links

See also

References