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Penske Vehicle Services history
Penske Vehicle Services company history timeline
By 1986 the share was upped to 50 percent, and Hertz-Penske acquired the heavy-duty truck leasing business of another major company, Leaseway Transportation, for $94 million.
In December 1987 Penske Corporation made its biggest acquisition ever and plunged into the large-scale manufacturing sector at the same time with the purchase of 60 percent of General Motors' $900-million-in-sales Detroit Diesel Allison division.
Penske was approached in late 1987 by GM's investment banking firm, Salomon Brothers, with the possibility of a deal.
In June 1988 Penske Corporation bought Hertz's half of Hertz-Penske Leasing.
In August 1988, several months after he began running Detroit Diesel, Roger Penske invited his 3,000 Detroit Diesel employees to the Michigan International Speedway for the Marlboro 500.
In 1988, Longo Toyota moved into a brand new facility in El Monte, California.
Penske initially owned 69 percent of the partnership and GE purchased another three percent in January 1989.
The company was founded in October 1992 and is headquartered in Bloomfield Hills, MI.“
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.
In 1996, the spin-off earned $10.9 million on revenues of $55.2 million.
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.
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.”
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.
A notable acquisition in 2018 supporting logistics and supply chain capabilities included the addition of Epes Transport System.
In 2018, notable efforts for Penske Logistics included the addition of onboard cameras in its trucking fleet, expanding the capabilities of its ClearChain® technology suite.
The new facility opened for full operation in June 2019.
By December 2019, Penske Logistics had successfully logged more than 10,000 over-the-road miles making multiple, daily store deliveries on dedicated routes in Southern California for a leading quick service restaurant chain with two Freightliner Innovation Fleet eCascadias.
In 2019, Penske Logistics made history for being one of the first truck fleets to ever use commercial heavy-duty electric semi-trucks for over-the-road store deliveries as well as testing electric terminal yard tractors.
In 2019, Penske Truck Leasing marked its 50 th anniversary in business.
To better represent the breadth of its capabilities and to position the organization for the future development and the potential acquisition of new product and service offerings, the company introduced a new umbrella brand name in 2019: Penske Transportation Solutions
Finally, in late 2020, Penske Logistics made a significant investment in the future of its dedicated contract carriage business by completing its acquisition of Black Horse Carriers.
Penske Logistics catapulted in 2021 to become the second largest provider of dedicated contract carriage services in North America according to industry analysts.
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Penske Vehicle Services competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Metro Transmission and Automotive | 1982 | $18.0M | 175 | - |
| Sierra Corporation | 2005 | $19.0M | 500 | 43 |
| Hoover | 1907 | $750.0M | 14 | 1 |
| Fifth Sun | 1995 | $147.4M | 150 | 2 |
| Masons | 2006 | $25.0M | 350 | 14 |
| Records | 2009 | $8.3M | 25 | - |
| Tonka United | 1983 | $999,999 | 14 | - |
| Buell's Landscape Center | - | $620,000 | 10 | - |
| UST | 1986 | $1.5B | 4,610 | - |
| Ad Art | 1958 | $8.5M | 90 | - |
Penske Vehicle Services history FAQs
Zippia gives an in-depth look into the details of Penske Vehicle Services, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Penske Vehicle Services. The employee data is based on information from people who have self-reported their past or current employments at Penske Vehicle Services. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Penske Vehicle Services. The data presented on this page does not represent the view of Penske Vehicle Services and its employees or that of Zippia.
Penske Vehicle Services may also be known as or be related to Penske Vehicle Services and Penske Vehicle Services, Inc.