Penske Automotive Group history

Under Kmart, the operation had lost $19 million on sales of $360 million in 1994.

In 1995, Penske acquired 860 Kmart Auto Centers for $112 million and renamed them Penske Auto Center Inc.

Penske took this division, including its Competition Tire businesses and racetracks, public as Penske Motorsports Inc. in 1996.

The company dramatically increased its presence in the European market with the 1998 purchase of Transportgroep van der Graaf, a Netherlands-based transportation and warehouse provider.

Roger Penske Jr., CEO of the new division, expected to double the business by 1999.

Recognizing potential opportunities in 2014, Penske Truck Leasing expanded its truck rental and leasing services in Australia through collaboration with Brisbane, Australia-based Penske Commercial Vehicles, which is a wholly owned subsidiary of Penske Automotive Group.

In 2015, Penske Logistics acquired Transfreight North America.

Similarly, in 2016, Penske Automotive Group increased its investment in Penske Truck Leasing by acquiring an additional 14.4% interest from GE Capital.

In 2017, Penske Truck Leasing continued to grow and expand its truck rental, leasing and logistics operations both organically and with the acquisition of Richmond, Virginia-based Old Dominion Truck Leasing.

In late 2018, Penske Truck Leasing became the first company ever in North America to put an electric commercial vehicle into its fleet by introducing the Freightliner eM2 medium-duty commercial electric vehicle.

The new facility opened for full operation in June 2019.