How Roger built the fortune
Roger Penske moved from racing cars to selling them. In 1965, after several successful seasons as a driver, he gave up competition and bought a Chevrolet dealership in Philadelphia. Running the dealership taught him the economics of the car trade, and he used its profits to start a race team the following year and, in 1969, a truck leasing business. These three lines, retail, transport services and motorsport, remain the backbone of his group.
The largest source of value today is transport and logistics. Penske Truck Leasing rents and leases commercial trucks to businesses across North America, and Penske Logistics manages supply chains for large manufacturers and retailers. On the retail side, Penske gained control of United Auto Group in 1999 and later renamed it Penske Automotive Group, a publicly traded company that sells new and used vehicles and commercial trucks in the United States, the United Kingdom and other markets.
Penske has also made well timed industrial bets. In 1988 he bought Detroit Diesel from General Motors, turned around the engine maker and sold it to DaimlerChrysler in 2000.
Penske is known for an exacting management style built around detail and appearance, from spotless pit garages to uniform truck fleets. He applies the same standards across his businesses, and many executives in his companies have spent decades with him. That continuity has helped the group make acquisitions in automotive retail and logistics while keeping a consistent culture.
Companies and holdings
Penske Corporation, a privately held company based in Michigan, ties the businesses together. Major holdings include:
- A significant stake in Penske Automotive Group, where Penske is chairman and chief executive
- Penske Truck Leasing, a joint venture in which Penske Corporation holds a large interest
- Penske Logistics
- Team Penske, which races in IndyCar, NASCAR and sports car series
- Penske Entertainment, owner of the Indianapolis Motor Speedway and the IndyCar Series since 2020
The purchase of the Speedway and IndyCar from the Hulman family put the most famous race in American motorsport, the Indianapolis 500, under the control of a man whose team holds the record for wins there.
Penske Automotive Group operates hundreds of retail automotive franchises, including many premium brands, and it is one of the largest dealers of commercial trucks in North America through Premier Truck Group. It also holds an interest in Penske Transportation Solutions, the umbrella for the truck leasing and logistics businesses, which ties the listed company and the private group together.
Early life and career
Penske was born in 1937 in Shaker Heights, Ohio, a suburb of Cleveland. His father was a businessman, and he showed commercial instincts early, buying, repairing and reselling used cars as a teenager. He studied at Lehigh University in Pennsylvania, earning a degree in industrial management in 1959.
While working in sales after college, he raced sports cars and became one of the leading American drivers of the early 1960s, winning important events and earning wide recognition in the racing press. He combined racing with a sales job at Alcoa before deciding that a business career would be more durable than driving.
His transition from driver to owner shaped the way he runs businesses. He has said that racing taught him preparation, teamwork and the importance of reliable equipment, lessons he applies to everything from dealership service departments to logistics operations.
Philanthropy and public life
Penske has been heavily involved in Detroit's civic life. He led the host committee for the 2006 Super Bowl in Detroit, backed the QLine streetcar project downtown and has supported the restoration of Belle Isle, where his company organised the Detroit Grand Prix for years. He and his companies also support a range of health, education and community causes in Michigan and other markets where his companies operate.
He received the Presidential Medal of Freedom in 2019. Despite his age, he remains actively involved in his businesses and is a constant presence at his teams' races.
Within motorsport, he is regarded as one of the most successful team owners in American history, with championships in IndyCar, NASCAR and sports car racing, including victories in the Daytona 500 and the 24 Hours of Le Mans.