penske truck leasing

Roger Penske, Founder and Chairman of Penske Corporation, was recently inducted into The Automotive Hall of Fame along with automaker Elwood Haynes, former Ferrari Chairman Luca di Montezemolo, and industrialist Ratan N. Tata.

“To me, it’s a real honor (to be inducted),” Mr. Penske told Mike Brudenell from The Detroit Free Press. … “But, most of all, it’s about the people who have supported me — my family, my business partners and all my employees. I think that is the most important thing.”

Mr. Penske was inducted for his accomplishments in building a leading international transportation services organization that includes: Penske Automotive Group, Penske Truck Leasing, Penske Logistics, and Team Penske, one of the most successful automotive sports teams in history.

Story Credits:
Video: The Automotive Hall of Fame | Article: Penske Truck Leasing | Quote: Detroit Free Press

Penske Truck Leasing has opened an 8,800-square-foot facility in Lowell, Ark., at 425 N. Bloomington St.

From this location, Penske will offer full-service truck leasing, commercial truck rental and contract maintenance services.

“This is a great opportunity for our company in Northwest Arkansas,” said Chip Jensen, Area Vice President – South Central Region, Penske Truck Leasing. “We are excited to be able to serve our Springdale and Lowell customers from this facility. We will now offer the enhanced services of fueling and washing for our customers and prospects.”

Housed on 6.2 acres, the building contains two service bays, a wash bay and a fuel island. It also has a wireless technology component that allows Penske service technicians to integrate various vehicle diagnostic and repair software.

Penske’s Lowell operations were previously located at 701 S. Bloomington St. For more information, please call 479-659-3051.

Penske Truck Leasing Co., L.P., headquartered in Reading, Pa., is a joint venture of Penske Corporation, Penske Automotive Group and General Electric Capital Corporation. A leading global transportation services provider, Penske operates more than 200,000 vehicles and serves customers from more than 1,000 locations in North America, South America, Europe and Asia. Product lines include full-service truck leasing, contract maintenance, commercial and consumer truck rentals, used truck sales, transportation and warehousing management and supply chain management solutions. To learn more about Penske’s products and services please visit www.GoPenske.com and our “Move Ahead” blog.

(Source: marketwatch.com)

Penske Truck Leasing Co., has announced completion of a series of transactions that include $700 million of new equity investments from its existing partners– Penske Corp., Penske Automotive Group and General Electric Capital Corp.– and a new $1.0 billion five-year unsecured senior credit facility established with a group of 17 financial institutions.

In addition to increasing their investment in PTL, the partners have agreed to extend the term of the partnership to 2023.

PTL stated that it expects to use the $700 million of equity proceeds to retire existing debt. In addition, it said capacity under the new bank credit facility will be kept available to finance working capital and support the future growth of the business. PTL will continue to retain a credit agreement with GE Capital which, if not earlier repaid, will continue until 2018.

“Over the last 40 years, including 24 years in partnership with GE Capital, we have built an outstanding brand in the transportation industry,” said Brian Hard, president & CEIO of PTL.

“We are excited that our partners have increased their commitment to us by investing significant capital and extending the term of the partnership,” he continued. “In addition, we are pleased that some of the leading financial institutions in the world have agreed to provide us with a new $1.0 billion unsecured credit facility which reflects their confidence in the strength of our business model.”

PTL also announced that it had received investment grade ratings from three major rating agencies: Fitch, Moody’s and Standard & Poor’s.

“We’re very pleased that the rating agencies have recognized our company’s financial strength and long history of consistent performance,” Hard noted. “These strong credit ratings will allow us to consider additional diversified sources of capital in the financial markets.”

[Source: Fleetowner.com]

Penske Truck Rental will again team up with NBC’s “Today” Show for its annual Lend a Hand charitable outreach series that will be held this coming June 21-25. This is the sixth consecutive year Penske has donated its rental trucks, staff and logistics support to assist in delivering much needed donated goods to worthy charities across the U.S. for the program.

Each year, Emmy award winning broadcaster Al Roker visits U.S. cities and delivers live on-air much-needed items to select charities. The cities and organizations selected by the show will be revealed to the nation live on-air each day.

“In these tough economic times, charities need more help than ever to assist people in need,” stated Penske’s Jim Feenstra, Senior Vice President – Marketing. “We’re glad to be able to team up with Al Roker and the ‘Today’ Show in giving back to our communities.”

Penske Truck Rental is a service of Penske Truck Leasing. With one of the newest fleets, Penske provides do-it-yourself movers with clean, safe and reliable trucks as well as moving equipment, packing supplies and accessories.

[Source: Penske Truck Leasing]