Since 1969, Penske Truck Leasing has grown from a three-location rental and lease business to a multibillion-dollar transportation services company spanning the globe. We have led the industry with an unwavering commitment to customer service and innovation.
Roger Penske founded our company December 1, 1969, after purchasing a car and light-truck rental and leasing business serving eastern Pennsylvania, with just three locations. By 1981, the company 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 company acquired Goldston in 1983 and Leaseway Transportation's truck renting and leasing business in 1986. With 102 locations and 2,300 associates, the company generated annual revenues of $200 million.
In 1988, Hertz exited the business and Penske Corp. entered into a joint venture with GE Capital pursuant to which GE contributed its Gelco Truck Leasing business and the parties formed Penske Truck Leasing Co., L.P.
In 1995, Penske expanded its logistics business when it acquired the entire business of Leaseway Transportation Corp., and continued to expand internationally by establishing Penske Logistics Europe in 1997. 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.
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 and have conducted business as Penske Logistics Brasil since then. Also in 2005, we formed a joint venture with Victory Express to provide logistics services in China. In 2007, we bought Victory Express' remaining interest in the company. In 2015, Penske Logistics acquired Transfreight North America. This acquisition increased its supply chain solutions offerings and capabilities in the United States, Mexico and Canada.
The turn of the century saw Penske Truck Leasing develop fully into its role as a global transportation leader. We purchased Canada's Rentway Ltd. in 2000 and Wilmington, Delaware-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 2010, we continued our U.S. commercial truck leasing 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.
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. The truck rental venture operates under the brand name Penske Truck Rental. The collaboration combines Penske Truck Leasing's fleet operations expertise with the local market knowledge of Penske Commercial Vehicles.
In 2015, we welcomed new investment partners as Tokyo-based Mitsui & Co., Ltd. acquired a 20 percent limited partnership interest in Penske Truck Leasing from GE Capital. Similarly, in 2016, Penske Automotive Group increased its investment in Penske Truck Leasing by acquiring an additional 14.4% interest from GE Capital. We continue to benefit from strong, stable and long-term partners at Penske Corporation, Penske Automotive Group, and Mitsui & Co., Ltd.
In 2017, Penske Truck Leasing continued to grow and expand is truck rental, leasing and logistics operations both organically and with the acquisition of Richmond, Virginia-based Old Dominion Truck Leasing. Later in the year, Penske Automotive Group and Mitsui & Co., Ltd. once again showed confidence in Penske Truck Leasing by increasing their ownership positions in the company. These additional investments also marked the exit of General Electric from our business.
At Penske Truck Leasing and Penske Logistics, we move the things that move the world forward. We continue to invest, grow and provide the innovative transportation and supply chain solutions needed by our customers around the globe.
Today, Penske Truck Leasing is a leading transportation services provider that operates and maintains a fleet more than 260,000 vehicles in North America and Australia. We offer full-service truck leasing, contract fleet maintenance, commercial and consumer truck rentals, and used truck sales through a network of approximately 700 service locations and more than 2,300 truck rental locations.
Our subsidiary, Penske Logistics, operates over 360 locations across North America, South America, Europe, and Asia. Penske's supply chain solutions include dedicated carriage, distribution center and warehousing management, transportation management, lead logistics, freight brokerage, and other related supply chain and logistics solutions.
When combined, Penske Truck Leasing and Penske Logistics have revenues of approximately $6.4 billion and we employ more than 29,000 dedicated associates worldwide. We remain headquartered in the Greater Reading, Pennsylvania, metro area.
Last updated: Sept. 2017