Roger Penske is a well-known figure in motorsports, leading his eponymous team to tremendous success over the decades. Beyond the racing world, “The Captain” is also a business magnate with a net worth of $3.9 billion, according to Forbes.
Early Life and Beginnings
Penske was born in Shaker Heights, Ohio, and grew up repairing and selling old cars for profit as a teenager. His father, Jay Penske, a successful corporate executive, encouraged him to pursue entrepreneurship. After graduating from Lehigh University and a brief yet successful stint as a racing driver, Penske shifted his focus to his business ventures.
Building the Penske Business Empire
Chevrolet Dealership and Truck Leasing
Roger Penske’s modern-day empire traces its roots to a Chevy dealership in Philadelphia, Pennsylvania, which he started with a $75,000 loan from his father. After announcing his retirement from racing in 1965, Penske dedicated himself to growing and expanding his dealership.
A few years later, in 1969, Penske sold the Chevy dealership to buy a truck leasing business in Reading, Pennsylvania. This marked the birth of Penske Truck Leasing, which started with a modest fleet of 150 cars and 150 trucks. Today, the company operates a massive fleet of 440,000 vehicles worldwide.
Acquisitions and Expansion
In an interview with Jason Stein, Roger Penske said that his truck rental business has been the cornerstone of the Penske empire’s growth. Although the company has made numerous acquisitions, the 84-year-old emphasized that organic internal growth has been the key to scaling the company to great heights.
Another strategic acquisition came in 1999, when Penske bought United Automotive Group, later rebranded as Penske Automotive Group in 2007. The company, headquartered in Bloomfield Hills, Michigan, operates automotive and commercial truck dealerships in North America and Western Europe, generating a total revenue of $29.6 billion, according to Forbes.
Penske Corporation: A Business Giant
All of Roger Penske’s ventures fall under the Penske Corporation umbrella, which manages businesses with consolidated revenues of more than $39 billion, employing over 70,000 people worldwide. Penske’s portfolio includes:
- Penske Automotive Group
- Penske Truck Leasing
- Penske Logistics
- Penske Carshop
- Ilmor Engineering
- Indianapolis Motor Speedway
- IndyCar Series
- Team Penske (Motorsports)
Roger Penske’s Motorsports Legacy
Racing Career and Early Success
Before starting his business ventures, Roger Penske was a racer and a member of the Philadelphia Region of the Sports Car Club of America. He competed in two F1 Grands Prix and a NASCAR Late Model race in 1963. Penske never made an Indy 500 start, opting instead to shift his focus to his business ventures.
However, Penske couldn’t stay away from motorsports for long. Penske Racing debuted in 1966, entering the 24 Hours of Daytona. His IndyCar team began with Mark Donohue in 1968, who secured the team’s first win in 1971.
Team Penske’s Dominance
Team Penske made its NASCAR debut in 1972, with Mark Donohue behind the wheel of a Matador at Riverside International Raceway. After running part-time for a few years, the team returned as a full-time competitor with Rusty Wallace in 1991.
In its 58-year history, Team Penske has accumulated 44 championships across open-wheel, stock car, and sports car series. Some of the team’s most notable achievements include:
- 20 Indy 500 victories (a record in the series)
- Three Daytona 500 wins
- One Formula 1 victory
- Victories in the 24 Hours of Daytona and Bathurst 1000
Ownership of Indianapolis Motor Speedway
In 2020, Penske made one of the most historic acquisitions in motorsports history by purchasing the Indianapolis Motor Speedway (IMS), home of the Indianapolis 500. Along with IMS, he also acquired the IndyCar Series and IMS Productions, ensuring that he remains a dominant force in motorsports.
Family and Personal Life
Roger Penske is married to Kathy Penske, and together they have five children, including Jay Penske, who has pursued his own business ventures. Despite his vast empire, Penske remains actively involved in his companies and motorsports activities.
