Penske Automotive Group, Inc., headquartered in
Bloomfield Hills, Michigan
Bloomfield Hills is a small city (5.04 sq. miles) in Oakland County in the U.S. state of Michigan. It is a northern suburb of Metro Detroit and is approximately northwest of Downtown Detroit. Except a small southern border with the city of Bir ...
, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. Penske Automotive Group employs more than 27,000 people worldwide and is a member of the
Fortune 500
The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...
, Russell 1000, and Russell 3000 indexes.
History
Penske Automotive was founded as United Automotive Group in 1990 and was acquired by
Penske Corporation
Penske Corporation, Inc. () is an American diversified transportation services company based in Bloomfield Township, Oakland County, Michigan. Roger Penske is the chairman of the privately held company, and Rob Kurnick is the president.
Holding ...
and
Roger Penske
Roger Searle Penske (born February 20, 1937) is an American businessman and entrepreneur involved in professional auto racing and a retired professional auto racing driver. He is most famous for his ownership of Team Penske, DJR Team Penske, t ...
in May 1999. On July 2, 2007, United Automotive Group changed its corporate name to Penske Automotive Group, Inc; and changed its ticker symbol on the NYSE to PAG.
On June 5, 2009, it was announced that Penske Automotive would purchase the
Saturn
Saturn is the sixth planet from the Sun and the second-largest in the Solar System, after Jupiter. It is a gas giant with an average radius of about nine and a half times that of Earth. It has only one-eighth the average density of Earth; h ...
brand and its assets from the bankrupt
General Motors
The General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. It is the largest automaker in the United States and ...
. Less than four months later, on September 30, Penske announced it would no longer acquire Saturn from GM due to manufacturing uncertainties.
External links
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See also
*
Sytner Group
*
Penske Corporation
Penske Corporation, Inc. () is an American diversified transportation services company based in Bloomfield Township, Oakland County, Michigan. Roger Penske is the chairman of the privately held company, and Rob Kurnick is the president.
Holding ...
References
Auto dealerships of the United States
Companies based in Oakland County, Michigan
Bloomfield Hills, Michigan
Companies listed on the New York Stock Exchange
AutomotiveGroup
1990 establishments in Michigan
American companies established in 1990
Retail companies established in 1990
Transport companies established in 1990
Automotive websites
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