Roger Penske’s profile picture

Roger Penske

Roger Penske’s profile picture
Net worth 2018: $1.76 Billion
Industry: Automotive
Residence: Birmingham, Michigan
Country: United States
BirthDay: 20 February 1937
Sigh: Pisces
Children: 5
Education: Drop Out, Lehigh University
BIOGRAPHY

Roger Penske was bornon 20 February 1937 in Birmingham, Michigan, United States. Roger Penske is #1346 in List Billionaires People In The World. Roger Penske is the founder, chairman and CEO of transportation services company Penske Corp. The business is best known for its auto dealerships and its iconic yellow rental trucks. Penske started his career with one car dealership in 1965, opened with a $75,000 loan from his father. His businesses generate revenues of $26 billion per year and employ upwards of 50,000 people. Penske owns a racing team, Team Penske, which often dominates the professional motorsports circuit.

NET WORTH STATISTIC
2009

$1.3 Billion

2010

$1.4 Billion

2011

$1.4 Billion

2012

$1.1 Billion

2013

$1.3 Billion

2014

$1.35 Billion

2015

$2 Billion

2016

$1.4 Billion

2017

$1.6 Billion

2018

$1.76 Billion

Without a little risk in your life every day, you start to get sloppy, and that is something I don't want to be. I want to be on the leading edge with our people and the company.

Roger Penske
TIMELINE
Roger Searle Penske (born February 20, 1937) is an American entrepreneur involved in professional auto racing. He is most famous for his ownership of Team Penske, DJR Team Penske, the Penske Corporation, and other automotive-related businesses.Penske has the most victories as an owner in the Indianapolis 500 with 16 owner victories. He was named 1961's Sports Car Club of America Driver of the Year by Sports Illustrated. After retiring from driving a few years later, he created one of the most successful teams in IndyCar Series and NASCAR racing. He is also known by his nickname of "The Captain".Penske is one of the corporate directors at General Electric and was chairman of Super Bowl XL in Detroit, Michigan. He was previously on the board of The Home Depot and Delphi Automotive before resigning to chair the Detroit Super Bowl Committee. He has an estimated net worth of $1.95 billion as of September 2015.Born in Shaker Heights, Ohio, Penske's father was a corporate executive for a metal fabrication company and encouraged his son to become an entrepreneur. As a teenager he bought older cars, repaired them and sold them at a profit from his family's home in Cleveland, Ohio. In 10 years, Penske raced and sold about 32 cars. Penske dropped out of Lehigh University.Starting in 1958, Penske purchased, raced and sold race cars, and was successful both financially and on the track. Penske made his first professional racing start at the now-abandoned Marlboro Motor Raceway in Upper Marlboro, Maryland.By 1960, he was a well-known race car driver (Sports Illustrated SCCA Driver of the Year). He competed in two Formula One Grands Prix, and won a NASCAR Pacific Coast Late Model race at Riverside in 1963. He never ran the Indianapolis 500: he was offered a rookie test at Indianapolis, but turned it down for business reasons; rookie Mario Andretti stepped in for Penske to take that test.Penske continued racing until 1965, when he retired as a driver, to concentrate on his first Chevrolet dealership in Philadelphia, PA.Penske Racing debuted in 1966 at the 24 Hours of Daytona, after Penske had retired from race driving. His team first competed in the Indianapolis 500 in 1969, winning that event in 1972 with driver Mark Donohue, and their first NASCAR win was in 1973. His teams have won many races in the subsequent years. He closed his European-based Formula One business in 1977. In 1982, he became the Chairman of the Penske Truck Leasing business.Penske Racing now operates a NASCAR team with drivers Brad Keselowski, and Joey Logano. It also operates an IndyCar Series team composed of Hélio Castroneves, Juan Pablo Montoya, Josef Newgarden, Simon Pagenaud and Will Power. Previously, Penske Racing ran cars in the CART series that included some of the best drivers of the time, including Gary Bettenhausen, Tom Sneva, Mario Andretti, Bobby Unser, Al Unser, Al Unser, Jr., Emerson Fittipaldi, Rick Mears, Danny Sullivan, Paul Tracy and Gil de Ferran. After many years of trying, his team won the Daytona 500 in 2008 with Ryan Newman driving. Penske, would later win another Daytona 500 in 2015 with Logano behind the wheel.In 2005, Porsche set the stage to make a comeback in sports car racing in the United States and chose Penske Racing to run in the LMP2 class of the American Le Mans Series (ALMS). The Penske Porsches took center stage in 2006, winning immediately, including victories at Mid-Ohio finishing 1-2 ahead of Audi (competing in a higher classification) and the annual Petit Le Mans, a 10-hour showcase event held at Road Atlanta. His team scored an overall victory in the 12 Hours of Sebring in 2008.Penske also ran a Pontiac Riley Daytona Prototype in the 2008 Rolex 24 at Daytona, with Kurt Busch, Ryan Briscoe, and Hélio Castroneves driving. The car was run in conjunction with Wayne Taylor's SunTrust Racing. They finished third overall.In 2009, Penske suspended his participation in the ALMS, switching to ALMS's rival Grand-Am Rolex Sports Car Series for the full season. They used a Porsche-powered Riley with Timo Bernhard and Romain Dumas driving.Penske purchased the old Matsushita air conditioning plant in Mooresville, NC and reconditioned it to consolidate his racing business. All of Penske's racing operations are under one roof, with his IndyCar, NASCAR, and American Le Mans Series (through 2009) teams sharing over 424,000 square feet (39,400 m) of space encompassing 105 acres (42 ha).Penske won his first NASCAR Sprint Cup Championship with driver Brad Keselowski on November 18, 2012.In September 2013, Penske's Cup Series team was the center of controversy when driver Joey Logano made the Chase for the Cup. Radio communications showed everybody that Penske's team had tried to manipulate the finish of the Federated Auto Parts 400 like Michael Waltrip Racing did to help Logano earn his spot in the Chase. Penske's team was put on indefinite probation for their antics. Penske denies the allegations to this day.In late 2014, it was announced Penske would take a 51% stake in Australian V8 Supercars team Dick Johnson Racing, forming DJR Team Penske. The team entered one car in 2015, initially for Marcos Ambrose before he stepped aside to make way for Scott Pye. The team expanded to a second car for New Zealander Fabian Coulthard in 2016, before Pye was replaced with another Kiwi in Scott McLaughlin in 2017. Coulthard won the combined team's first championship race at the 2017 Tyrepower Tasmania SuperSprint.Penske has five children, two with first wife Lisa and three with second wife Kathy: Roger, Jr, Gregory, Blair, Mark, and Jay Penske.Penske, an avid car collector, owns many rare American and European automobiles, including a Ferrari FXX, of which only 30 were made.Penske Racing donated $500,000 to Restore Our Future, Mitt Romney's Super PAC. Penske was discussed as a potential candidate for Mayor of Detroit, but he declined to run.In 2016 a "Draft Roger Penske for US Senate (Michigan)" movement began.While CEO of Penske Automotive Group in 2008, Penske earned a total compensation of $2,706,388, which included a base salary of $1,000,000, no cash bonus, stocks granted of $1,680,005, and no options granted. He was involved in an attempt to purchase the Saturn Corporation, makers of Saturn cars. On September 30, 2009, his Penske Automotive Group announced the deal to purchase Saturn had fallen through.(key)
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