Early Life and Education
Roger Searle Penske was born in Shaker Heights, Ohio, on February 20, 1937. His father, Jay Penske, was a successful corporate executive. Roger was encouraged to become an entrepreneur from a young age. He graduated from Shaker Heights High School in 1955 and attended Lehigh University.
Rise to Success
Penske began his career as a race car driver, earning the Sports Car Club of America Driver of the Year award in 1961. He competed in Formula One and NASCAR before retiring from driving in 1965 to focus on his first Chevrolet dealership in Philadelphia. This was the foundation for the Penske Corporation. He founded Penske Truck Leasing in 1969, which became a major contributor to his wealth. His company has made several strategic acquisitions, including the United Auto Group (later Penske Automotive Group).
Key Business Strategies
Penske's business acumen has been critical to his success, and is based on his business philosophy: “Effort Equals Results”. He is known for building high-performing teams and focusing on long-term relationships with both employees and customers, resulting in low turnover. His strategy included acquiring underperforming businesses and implementing operational efficiencies. He has built a diversified transportation services company, including automotive retail, truck leasing, transportation, logistics, and motorsports.
Philanthropy
Penske is known for his philanthropic efforts, supporting numerous charities, including Toys for Tots, Habitat for Humanity, and the American Red Cross. He has served on the boards of Delphi Automotive, General Electric, and The Home Depot.
