Penske Automotive Buys Penske Truck Leasing Stake
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.
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.
More Leasing
Union Leasing Rebrands as Moventum Fleet Management
The name Moventum reflects the company’s position at the intersection of movement and momentum, with the guiding principle "Keep Work Moving."
Read More →
How Does a Mid-Major FMC Compete? Ask BBL Fleet
This Pittsburgh-based FMC built a technology-first culture, sustained double-digit organic growth, and expanded its Midwest footprint through a recent acquisition. How did it happen?
Read More →
What’s Really Happening in Fleet Supply Right Now
Fleet supply has improved, but not everywhere. Merchants Fleet’s Charles Matthew explains where constraints still exist, what risks are emerging, and why fleets shouldn’t wait to place orders.
Read More →
These Edges Are Measured in Inches — Matt Dyer on Fleet’s New Normal
The Merchants Fleet CEO contends that fleets that drive the business win the inches. In 2026, every one of them counts.
Read More →
Who Gets a Company Car? (In 2026 and Beyond)
As costs rise and scrutiny increases, fleets are refining criteria that govern eligibility for company-owned vehicles.
Read More →
DriveItAway Holdings, Free2move Launch Operations In Nine Cities
The co-branded program with Stellantis’ mobility division scales up leasing and financing options nationwide with more cities to come online in 2026.
Read More →
AFLA 2025 Conference in Pictures
Drawing over 640 attendees, the 2025 AFLA Annual Conference was held Sept. 14-17 at the JW Marriott Marco Island Beach Resort in Florida.
Read More →
DriveItAway, Free2move Partner to Expand Vehicle Access for Dealers
The arrangement enables franchise dealers to offer flexible lease-to-own programs with no credit checks, no down payments, and no long-term commitments.
Read More →
New Survey: How Well Are FMCs Serving Fleets? We Want Your Input
Fleet managers: Share your experience to help benchmark fleet management companies’ service, strategy, and support.
Read More →
Enterprise Fleet Management Enters Its Next Leadership Chapter
With Brice Adamson’s retirement, EFM hands the reins to Bryan Taylor. How will the company sustain its momentum in a changing fleet landscape?
Read More →