Penske Truck Leasing: Difference between revisions

Penske Truck Leasing Co., L.P.
Company type	Joint Venture
Industry	Rentals
Founded	December 1, 1969; 54 years ago
Headquarters	Reading, Pennsylvania, U.S.
Key people	Roger Penske (Founder & Chairman); Brian Hard (President & CEO)
Products	Truck rentals and leasing, fleet maintenance, logistics, used truck sales
Revenue	US$8.4 billion
Number of employees	40,000
Parent	Penske Corporation (70%); Mitsui & Co (30%)
Website	www.gopenske.com

Browse history interactively

← Previous edit

Content deleted Content added

VisualWikitext

Inline

Latest revision as of 05:49, 27 June 2024

Penske Truck Leasing Co., L.P. is a joint venture of Penske Corporation, Penske Automotive Group, and Mitsui & Co. Headquartered in Reading, Pennsylvania, the company was founded by Team Penske owner Roger Penske on December 1, 1969. It is Penske’s flagship and best known division. The firm serves customers in North America, South America, Europe, Asia, 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 40,000 workers worldwide and operates and maintains a fleet of more than 450,000 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^[1] and adding electric truck charging stations infrastructure to its locations.^[2]

In September 2017, General Electric sold the last of its stake in Penske for $674 million. The 15.5% stake was purchased by Penske and a subsidiary of Mitsui.^[3]

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.^[4]

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.^[5] This subsidiary is also headquartered in Reading, Pennsylvania. Marc Althen is the president of Penske Logistics.^[6]

Penske Logistics made two notable acquisitions in the last few years including that of Transfreight North America from Mitsui ^[7] in 2015 and the acquisition of Greensboro, N.C.-based EPES Transport Systems in 2018.^[8] 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.^[9]

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.^[10]

Sponsorship

In the 2009 IndyCar Series, Will Power drove four races for Team Penske with Penske Truck Leasing sponsorship. Teammate Hélio Castroneves 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.^{[citation needed]}

References

^ Mitchell, Russ. "Penske starts running Freightliner electric trucks in California – hoping someday they'll make economic sense". latimes.com. Retrieved 2019-06-25.
^ "Penske debuts fast charging stations for electric delivery trucks". Engadget. Retrieved 2019-06-25.
^ Cara Lombardo (September 7, 2017). "GE Sells Penske Truck Leasing Stake for $674 Million". Wall Street Journal. New York City, New York, United States. Retrieved September 11, 2017.
^ "Penske Truck Leasing Debuts First National B-to-B Campaign". adage.com. 2015-03-16. Retrieved 2019-06-25.
^ "2019 Top 100 | Penske Logistics". Transport Topics. June 24, 2019.
^ "Penske Logistics - Logistics Planner Profiles - Inbound Logistics". www.inboundlogistics.com. Retrieved 2018-08-02.
^ "Penske Logistics to Acquire Transfreight North America". Retrieved 2018-08-02.
^ "Penske Logistics acquires Greensboro-based trucking firm". www.bizjournals.com. Retrieved 2018-08-02.
^ "Penske Logistics opens 606,000-square-foot food distribution warehouse in Romulus for Kroger". Crain's Detroit Business. 2019-06-04. Retrieved 2019-06-25.
^ "Penske Used Trucks Doubles Dealer Locations". Transport Topics. 2015-01-22. Retrieved 2018-08-02.

External links

Penske Truck Leasing website

[1] Mitchell, Russ. "Penske starts running Freightliner electric trucks in California – hoping someday they'll make economic sense". latimes.com. Retrieved 2019-06-25.

[2] "Penske debuts fast charging stations for electric delivery trucks". Engadget. Retrieved 2019-06-25.

[wsj-penske-3] Cara Lombardo (September 7, 2017). "GE Sells Penske Truck Leasing Stake for $674 Million". Wall Street Journal. New York City, New York, United States. Retrieved September 11, 2017.

[4] "Penske Truck Leasing Debuts First National B-to-B Campaign". adage.com. 2015-03-16. Retrieved 2019-06-25.

[5] "2019 Top 100 | Penske Logistics". Transport Topics. June 24, 2019.

[6] "Penske Logistics - Logistics Planner Profiles - Inbound Logistics". www.inboundlogistics.com. Retrieved 2018-08-02.

[7] "Penske Logistics to Acquire Transfreight North America". Retrieved 2018-08-02.

[8] "Penske Logistics acquires Greensboro-based trucking firm". www.bizjournals.com. Retrieved 2018-08-02.

[9] "Penske Logistics opens 606,000-square-foot food distribution warehouse in Romulus for Kroger". Crain's Detroit Business. 2019-06-04. Retrieved 2019-06-25.

[10] "Penske Used Trucks Doubles Dealer Locations". Transport Topics. 2015-01-22. Retrieved 2018-08-02.

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

@@ Line 1: / Line 1: @@
+{{Short description|American company}}
-{{unref|date=April 2015}}
-{{Infobox company|
+{{Infobox company
-  name   = Penske Truck Leasing Co., L.P.|
+| name = Penske Truck Leasing Co., L.P.
-  logo   = [[File:Penske Logo.jpg|150px]]|
+| logo = Penske Logo.svg
-  type   = [[Joint Venture]]|
+| type = [[Joint Venture]]
-  caption         = Dedication at Every Turn.|
+| caption =
-  foundation     = 1969|
+| foundation = {{start date and age|1969|12|1}}
-  location       = [[Reading, Pennsylvania]], [[United States|U.S.]]|
+| location = [[Reading, Pennsylvania]], [[United States|U.S.]]
-  key_people     = [[Roger Penske]] (Founder & Chairman)<br>Brian Hard (President & CEO)|
+| key_people = [[Roger Penske]] (Founder & Chairman)<br>Brian Hard (President & CEO)
-  num_employees  = 26,000|
+| num_employees = 40,000
-  parent         = [[Penske Corporation]]|
+| parent = [[Penske Corporation]] (70%)<br>[[Mitsui & Co]] (30%)
-  industry       = [[Rentals]]|
+| industry = [[Rentals]]
-  products       = Truck rentals and leasing, fleet maintenance, logistics, used truck sales|
+| products = Truck rentals and leasing, fleet maintenance, logistics, used truck sales
-  revenue        = [[United States dollar|US$]]5.6 billion |
+| revenue = [[United States dollar|US$]]8.4 billion
-  homepage       = [http://www.GoPenske.com/ www.gopenske.com]
+| homepage = [http://www.GoPenske.com/ www.gopenske.com]
 }}
-[[Image:PenskeTruck.jpg|thumb|250px|A 22-foot diesel Penske rental truck]]
+'''Penske Truck Leasing Co., L.P.''' is a [[joint venture]] of [[Penske Corporation]], [[Penske Automotive Group]], and [[Mitsui & Co]]. Headquartered in [[Reading, Pennsylvania]], the company was founded by [[Team Penske]] owner [[Roger Penske]] on December 1, 1969.  It is Penske’s flagship and best known division. The firm serves customers in [[North America]], [[South America]], [[Europe]], [[Asia]], 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 40,000 workers worldwide and operates and maintains a fleet of more than 450,000 vehicles. Brian Hard is the president and CEO of the company.
-[[File:PenskeRamp.jpg|thumb|Penske truck with loading ramp down]]
-'''Penske Truck Leasing Co., L.P.''' is a [[joint venture]] of [[Penske Corporation]], [[Penske Automotive Group]], Mitsui & Co., Ltd., and [[General Electric]] Capital. Headquartered in [[Reading, Pennsylvania]], the company was founded by [[Team Penske]] owner [[Roger Penske]] on December 1, 1969.  The firm serves customers in [[North America]], [[South America]], [[Europe]], [[Asia]], and [[Australia]]; among its services are full-service commercial truck leasing, truck fleet maintenance, truck rentals, and used truck sales. The company employs more than 26,000 workers worldwide. 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<ref>{{Cite web|url=https://www.latimes.com/business/autos/la-fi-hy-daimler-penske-electric-truck-20181220-story.html|title=Penske starts running Freightliner electric trucks in California – hoping someday they'll make economic sense|last=Mitchell|first=Russ|website=latimes.com|access-date=2019-06-25}}</ref> and adding electric truck charging stations infrastructure to its locations.<ref>{{Cite web|url=https://www.engadget.com/2019/04/24/penske-fast-charging-stations-electric-trucks/|title=Penske debuts fast charging stations for electric delivery trucks|website=Engadget|language=en|access-date=2019-06-25}}</ref>
-==Subsidiaries and Units==
-===Penske Truck Rental===
+In September 2017, [[General Electric]] sold the last of its stake in Penske for $674 million. The 15.5% stake was purchased by Penske and a subsidiary of Mitsui.<ref name=wsj-penske>{{cite news |author=Cara Lombardo |title=GE Sells Penske Truck Leasing Stake for $674 Million |url=https://www.wsj.com/articles/ge-sells-penske-truck-leasing-stake-for-674-million-1504796266?tesla=y | work=[[Wall Street Journal]] |location= New York City, New York, United States|date= September 7, 2017|access-date=September 11, 2017}}</ref>
-'''Penske Truck Rental''' is an operating unit of Penske Truck Leasing that has more than 2,000 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 50,000 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.
+[[File:Isuzu Elf Penske Rental Truck in New York.jpg|thumb|261x261px|Penske Truck Leasing Isuzu Elf in New York]]
+==Subsidiaries and units==
+===Penske Truck Rental===
+[[File:PenskeRamp.jpg|thumb|262x262px|Penske truck with loading ramp down]]
+'''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.<ref>{{Cite web|url=https://adage.com/article/btob/penske-truck-leasing-debuts-national-b-b-campaign/297595|title=Penske Truck Leasing Debuts First National B-to-B Campaign|date=2015-03-16|website=adage.com|language=en|access-date=2019-06-25}}</ref>
 ===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 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. This subsidiary is also headquartered in [[Reading, Pennsylvania]]. Marc Althen is the president of 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.''<ref>{{Cite news|url=https://www.ttnews.com/top100/companies/penske/2019|title=2019 Top 100 {{!}} Penske Logistics|last=|first=|date=June 24, 2019 |work=Transport Topics|language=en}}</ref> This subsidiary is also headquartered in [[Reading, Pennsylvania]]. Marc Althen is the president of Penske Logistics.<ref>{{Cite web|url=http://www.inboundlogistics.com/cms/planner/2018/penske-logistics/|title=Penske Logistics - Logistics Planner Profiles - Inbound Logistics|website=www.inboundlogistics.com|access-date=2018-08-02}}</ref>
+Penske Logistics made two notable acquisitions in the last few years including that of Transfreight North America from Mitsui <ref>{{Cite news|url=http://www.dbusiness.com/daily-news/Annual-2015/Warren-Based-Penske-Logistics-to-Acquire-Transfreight-North-America/|title=Penske Logistics to Acquire Transfreight North America|access-date=2018-08-02|language=en}}</ref> in 2015 and the acquisition of Greensboro, N.C.-based EPES Transport Systems in 2018.<ref>{{Cite web|url=https://www.bizjournals.com/triad/news/2018/07/25/penske-ogistics-acquires-greensboro-based-trucking.html|title=Penske Logistics acquires Greensboro-based trucking firm|website=www.bizjournals.com|access-date=2018-08-02}}</ref> 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.<ref>{{Cite web|url=https://www.crainsdetroit.com/services/penske-logistics-opens-606000-square-foot-food-distribution-warehouse-romulus-kroger|title=Penske Logistics opens 606,000-square-foot food distribution warehouse in Romulus for Kroger|date=2019-06-04|website=Crain's Detroit Business|language=en|access-date=2019-06-25}}</ref>
 ===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.
+'''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.<ref>{{Cite news|url=http://www.ttnews.com/articles/penske-used-trucks-doubles-dealer-locations|title=Penske Used Trucks Doubles Dealer Locations|date=2015-01-22|work=Transport Topics|access-date=2018-08-02|language=en}}</ref>
+==Sponsorship==
+In the [[2009 IndyCar Series]], [[Will Power]] drove four races for [[Team Penske]] with
+Penske Truck Leasing sponsorship. Teammate [[Hélio Castroneves]] 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.{{citation needed|date=September 2017}}
+==See also==
+*[[Penske Corporation]]
+*[[List of assets owned by General Electric]]
+*[[Joint venture]]
+==References==
+{{reflist}}
 ==External links==
 {{Commonscat|Penske Truck Rental}}
+*[http://www.GoPenske.com/ Penske Truck Leasing website]
+{{renters}}
 {{General Electric}}
+{{The Hertz Corporation}}
+{{Mitsui}}
 {{Reading, Pennsylvania}}
-{{renters}}
-[[Category:Joint ventures]]
+[[Category:Penske Corporation|Truck Leasing]]
-[[Category:General Electric Industrial subsidiaries]]
 [[Category:Truck rental]]
 [[Category:Companies based in Reading, Pennsylvania]]
-[[Category:Companies established in 1969]]
+[[Category:Transport companies established in 1969]]
-[[Category:Penske|TruckLeasing]]
+[[Category:1969 establishments in Pennsylvania]]
+[[Category:Joint ventures]]
+[[Category:General Electric Industrial subsidiaries]]
+[[Category:Mitsui & Co.]]

v t e Vehicle rental brands
Car rental	24Rent ACE Advantage Alamo Auto Europe Avis Europe South Africa Budget Carzonrent Dollar Enterprise Europcar Firefly First Car Rental Fox Rent a Car Hertz JUCY Kemwel Localiza National Payless Rent-a-Wreck Sixt Thrifty
Carsharing	List of carsharing organizations BlueSG Cambio CarSharing Car Next Door Carzonrent Cityhop Communauto/Vrtucar Delimobil Enjoy Enterprise Car Club EvCard Evo Car Share Flexicar Flinkster Getaround GetGo (carsharing company) Gig Car Share GoCar GoGet Greenwheels Modo Momo Car-Sharing MylesCar Revv Cars Share Now Sixt Stadtmobil Sunfleet Turo Uhaul Car Share Yandex.Drive Zipcar Zoomcar
Recreational vehicles	Cruise America Indie Campers JUCY Motorhome hire agency Wicked Campers
Truck rental	Budget Truck Rental Enterprise Rent-a-Truck Hertz Moving Truck Rental Penske Truck Rental Ryder Sixt TR Group U-Haul United Rentals Zigup
Holding companies	Avis Budget Group Combined Motor Holdings Enterprise Holdings Hertz Global Holdings Shlomo Group Tourism Holdings
Defunct	Autolib' Bluecity Citer City CarShare Community CarShare Dollar Thrifty Automotive Group DriveNow Flexcar Hertz 24/7 I-GO JustShareIt Maven PhillyCarShare ReachNow Streetcar Tilden Rent-a-Car Whizzgo Yourdrive
Category Commons

v t e Hertz Global Holdings
Current subsidiaries	Dollar Thrifty Automotive Group Dollar Rent A Car Thrifty Car Rental Firefly Car Rental Hertz Car Sales
Former subsidiaries	Advantage Rent a Car Donlen Hertz Penske Truck Leasing
People	Henry Caruso John D. Hertz Kathryn V. Marinello Paul Stone David Wickins
Related	The Omnibus Corporation

v t e Mitsui
Subsidiaries	Greater Anglia (40%) Japan Steel Works Mitsui & Co Mitsui Chemicals Mitsui Engineering & Shipbuilding Mitsui Fudosan Mitsui OSK Lines Mitsui Sumitomo Insurance Group Amlin Cholamandalam MS General Insurance Oji Paper Company Penske Truck Leasing (30%) Sapporo Breweries Anchor Brewing Company Sleeman Breweries Sumitomo Mitsui Banking Corporation Daiwa Securities Capital Markets Sakura Bank SMBC Aviation Capital SMBC Nikko Securities Sumitomo Bank Sumitomo Mitsui Construction Sumitomo Mitsui Trust Holdings TBS Holdings West Midlands Trains (15%)
Related	Mitsui family Mitsui Golden Glove Award Mitsui Takatoshi