The Car and Truck Fleet and Leasing Management Magazine

Penske Automotive Buys Penske Truck Leasing Stake

July 08, 2008

BLOOMFIELD HILLS, MI – Auto retailer Penske Automotive Group Inc. bought a nine-percent limited partnership interest in Penske Truck Leasing Co. LP from GE Capital for $219 million, according to Forbes. Penske Truck Leasing is a joint venture between privately held Penske Corp. and GE Capital, and it manages Penske Automotive's 24-hour roadside assistance program. Transportation and racing magnate Roger Penske is CEO of both Penske Automotive Group and Penske Corp.

Penske Automotive expects the deal to add two to four cents per share to its 2008 earnings, and anticipates updating its third-quarter and 2008 outlook during its second-quarter earnings conference call at the end of July. The company financed the deal with borrowings from its U.S. credit agreement, which was expanded due to the deal and now includes an additional $219 million in non-amortizing term loans.

Twitter Facebook Google+

Comments

Please note that comments may be moderated. 
Leave this field empty:
 
 

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.

FleetFAQ

Fleet Tracking And Telematics

Todd Ewing from Fleetmatics will answer your questions and challenges

View All

 

Fleet Management And Leasing

Merchants Experts will answer your questions and challenges

View All

 

Sponsored by

Hydrogen is a renewable fuel that can be derived from water through electrolysis, and it can be extracted from petroleum or natural gas.

Read more

Up Next

More From The World's Largest Fleet Publisher