How Did We Get Here?
The history of Penske.
In just 40 years, Penske has gone from a three-location rental and lease business to a multibillion-dollar transportation services company with more than 1,000 locations spanning the globe.
We have led the industry with an unwavering commitment to customer service and innovation.
A Growing Vision
Roger Penske founded our company on December 1, 1969, after purchasing a car and light-truck rental and leasing business serving eastern Pennsylvania. We started with just three locations but, by 1981, had grown to 33 facilities staffed by 420 employees and generating annual sales of more than $40 million.
In 1982, we joined with the Hertz Truck Division to form Hertz-Penske Truck Leasing. The joint partnership acquired Goldston in 1983 and Leaseway Transportation's truck renting and leasing business in 1986. With 102 locations and 2,300 associates, our company generated annual revenues of $200 million.
In 1988, we purchased Hertz's remaining share of the joint venture and formed a partnership with General Electric that folded GE's Gelco Truck Leasing into Penske Truck Leasing Co., L.P.
Logistics Business Expands Worldwide
In 1995, we expanded our logistics business with the complete acquisition of Leaseway Transportation Corp. We began logistics operations in Europe in 1997 and delved further into that market with the 1998 purchase of Transportgroep van der Graaf. Also in 1998, we formed a joint venture with Cotia Trading to provide logistics services in South America. We acquired Cotia Trading's remaining interest in that company in 2005, when we also formed a joint venture with Victory Express to provide logistics services in Asia. In 2007, we bought Victory Express' remaining interest in the company.
A New Century
The turn of the century saw us develop fully into our role as a global industry leader. We purchased Canada's Rentway Ltd. in 2000 and Wilmington, Del.-based Rollins Truck Leasing in 2001. In 2004, we acquired the full-service truck leasing, rental, maintenance and logistics operations of AMI Leasing from Ford Motor Credit.
In early 2010, we continued our U.S. expansion efforts with the acquisition of Texas-based Bright Truck Leasing and Distribution, a privately owned full-service truck leasing, truck maintenance, rental, and logistics services provider. The acquisition added approximately 3,400 tractors, trucks and trailers to our fleet and several important truck leasing, truck rental and logistics customers.
Today, Penske Truck Leasing operates more than 200,000 vehicles across North America and we employ approximately 18,000 associates worldwide. Penske Logistics operates more than 275 locations and manages an estimated 15 million square feet of warehousing space worldwide. Together, our annual revenue is approximately $4 billion.