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Penske Truck Leasing Acquires AMI Truck Portfolio

August 17, 2004

Penske Truck Leasing Co. has signed an agreement with Ford Motor Credit Company to buy the truck leasing, rental, maintenance, and logistics operations of Auto Rental Corporation, known as AMI Leasing, according to the Associated Press on August 10. AMI, a subsidiary of Ford Credit, is headquartered in Worcester, Mass., and serves more than 1,500 customers at 26 locations in the Northeastern United States. The acquisition, expected to close by the end of the month, will add about 14,000 tractors, trucks, and trailers to Penske Truck Leasing's fleet. Penske Truck Leasing, headquartered in Reading, is a joint venture of Penske Corporation and General Electric. The company has about 200,000 vehicles and nearly 1,000 locations worldwide.
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