The History of Penske Truck Leasing
Penske Truck Leasing began operations in 1969 when Roger Penske purchased MM Waterbor, Inc., based in Reading, Pennsylvania. Waterbor, Inc., established in 1927, provided car and light truck rental and leasing services throughout Eastern Pennsylvania. By 1981, Penske had grown from its initial three locations in Allentown, Pottsville and Reading, PA to 33 facilities staffed by 420 employees and generated annual sales of over US $40 million.
During the 1980s, Penske Truck Leasing continued to expand through strong internal growth combined with a series of strategic acquisitions. In 1982, the company joined forces with Hertz Truck Division and formed Hertz Penske Truck Leasing. The new alliance generated revenues of US $200 million from 102 locations and elevated employment to 2,300 associates. Penske also acquired Goldston Truck Rental later that year, adding 24 locations. Leaseway Truck Leasing was purchased in 1986, further strengthening Penske's nationwide service network with an additional 100 locations. In 1988, Penske purchased Hertz's remaining share of the company and formed a partnership with General Electric. The new entity consolidated the operations of Hertz Penske Truck Leasing and GE's Gelco Truck Leasing into one organization.
Expanding business globally, Penske began operations in Europe in 1997 and formed a joint venture with Cotia in South America in 1998. Penske became the industry leader in North America with the purchase of Rentway Truck Rental and Leasing in Canada in 2000. A merger with Wilmington, Delaware based Rollins Truck Rental and Leasing followed in 2001. In 2004 the company entered into an agreement with Ford Motor Credit Company to acquire the full service truck leasing, rental, maintenance and logistics operations of Auto Rental Corporation (ARC), known as AMI Leasing. August 2005, Penske assumed sole ownership and full operational control of Cotia Penske Logistics.
Today, Penske Truck Leasing operates more than 200,000 vehicles and employs approximately 20,000 associates worldwide serving customers from over 1,000 locations in North America, South America, Europe, and Asia. Product lines include
full-service leasing,
contract maintenance,
commercial and
consumer truck rental,
transportation and
distribution center management,
international transportation management, and
supply chain management solutions. The company's annual revenue is approximately $4 billion USD. As one of the largest transportation services companies, Penske is well positioned for continued long-term growth in its truck leasing, rental, contract maintenance, and
logistics businesses.
