A personal net worth of $7 billion and the signing authority of a company that generates a revenue of over $39 billion, Roger Penske is a true American business legend. And to think of it, he created all of this from scratch. What started in 1969 as a truck leasing company, is now a Multi-Billion dollar corporation, the foundation of which was laid on the back of sheer discipline and strong vision of one man, Mr Roger Penske.
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While attending the the NASCAR Annual Awards banquet, the 87-year-old credited the reason for his success to the work ethic he developed as a racer.
“It all started in 1951 when my dad took me to Indy,” Penske told the press. “I guess I got bitten by the racing bug and instead of going to parties at night I had an engine open in my mother’s wash tub with a gunk smell through the house.”
A decade later, in 1961, he was named by Sports Illustrated as the “Driver of the Year”. He continued to climb up the ranks, till 1965.
“When I became a Chevrolet dealer in February 1965, part of the agreement was that I had to stop racing,” Penske added.
“I had to go to the bank to get financing. I also had to get insurance. So, it was an easy step for me to go out of racing and then build it within the company.”
He chose the corporate world, and Penske Racing Corporation was born in 1966. Since then, Penske has focused on building his business empire, finding people with the right talent and approach to work for the company.
The rewards for his hard work are reflected in the portfolio of businesses he owns, ranging from the IndyCar Series to the Indianapolis Motor Speedway, Team Penske and the Penske Corporation.
How Penske set the golden standard for motorsports success
Penske has a penchant for hiring the perfect people for the right position. He believes that luck happens when preparation meets opportunity. His race team was forged with the same philosophy. And there are many who rose up the ranks in the company, proving their worth over the years.
One of the key people in his leadership team right now is Walt Czarnecki. The Team Penske Vice Chairman once ran the Michigan Speedway for Roger. He is also a member of the executive committee, and one of Penske Corporation’s directors.
Another long-term associate of Penske is Michael Nelson — the team’s president of NASCAR operations. He joined the fold in 1998 as a data acquisition engineer and became a crew chief in 2007 before taking on his current role.
The payroll of Team Penske is filled with many more bottom-to-top stories like these.
Longevity is a prevalent factor throughout the organization. It stands tall as the biggest factor in Penske’s success, and one of the reasons why the team has 19 Indianapolis 500s and 44 championships against its name.
