For any business mind entering the world of motorsports there is one benchmark – Roger Penske. The icon began his career as an SCAA driver in the middle of the 20th century and stands atop numerous accolades and wealth today at age 86. With a net worth of $3.9 billion at his disposal, how might a possible retirement play out for him?
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In a 2020 interview, Penske mentioned that a strong succession plan has already been laid out for Team Penske and his other companies in the event of his retirement. Though picking future leadership is crucial for a private organization like his, he does not want to be the one to worry about it.
In his words, “I’ll let someone else figure that out. I’m going to go as long as I can, while I can. I’m going to try to be part of building a culture within the company, within the family that understands the transparency, integrity, and hard work that’s got me where I am.”
The Penske Corporation operates in over 3000 locations worldwide and employs over 70,000 people. The consolidated revenue of all its subsidiaries falls at a figure upwards of $40 billion. As big as these numbers seem in 2024, it all began with a $75,000 loan from Penske’s father that helped start a Philadelphia Chevrolet dealership in 1965.
The four main pillars of the Penske Corporation
Penske Corporation is a privately held company with a highly diverse portfolio across the automotive industry. But these are the four major pillars of the organization.
Penske Transportation Solutions is one of the world’s top logistics providers with over 430,000 vehicles and a client base spread across 3000 locations in five continents.
Penske Automotive Group is a Fortune 500 company that is involved in international transportation and automotive retail. Its core operations are in the United States, the United Kingdom, Germany, Italy and Japan.
Penske Entertainment Corporation holds the Indianapolis Motor Speedway (IMS), the IndyCar Series, and IMS Productions to its name. The IMS hosts the annual Indy500 race and has been doing so for over 100 years. It is also an acclaimed venue across NASCAR, Formula 1, and other racing series.
Penske Performance, Inc. is where all the action is stored for Roger Penske. The organization operates teams in the IndyCar Series and NASCAR under the name of Team Penske. Team Penske is one of the world’s strongest faces in motorsports and has delivered over 620 major wins and 44 championships over the last 57 years.
