How Did We Get Here?
The history of Penske.
Since 1969, Penske Truck Leasing 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, 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 the 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.
Logistics Business Expands Worldwide
In 1995, the company 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.
Penske Logistics acquired Transfreight North America from Mitsui & Co., Ltd., in 2015. This increased our supply chain service offerings in the United States, Mexico and Canada.
A New Century
The turn of the century saw us develop fully into our 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 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.
Finally, in 2015 Tokyo-based Mitsui & Co., Ltd., acquired a 20 percent limited partnership interest in Penske Truck Leasing from GE Capital.
Today, Penske Truck Leasing operates more than 226,000 vehicles across North America and we employ approximately 25,000 associates worldwide. Penske Logistics operates nearly 350 locations and manages an estimated 21 million square feet of warehousing space worldwide. Together, our annual revenue is approximately $5.6 billion.