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Penske Automotive was founded as United Automotive Group in 1990 by Marshall S. Cogan [3] and later came under the control of Penske Corporation and Roger Penske in May 1999. Several years later, on July 2, 2007, United Automotive Group changed its corporate name to Penske Automotive Group, Inc; and changed its ticker symbol on the NYSE to PAG. [4]
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Penske Auto Centers – A former subsidiary that had operated auto repair centers within selected Kmart stores from 1995 [8] [9] until 2002. [ 10 ] [ 11 ] VM Motori S.p.A. [ 12 ] – 50% was bought in 2003 and the rest in 2007, but a 51% stake was sold to Fiat S.p.A. in February 2011, and the remainder sold to Fiat in 2013.
As of October 2023, Penske's estimated net worth is $3.8 billion. [16] Penske (right) with President Donald Trump (center) and racing driver Joey Logano (left) on the White House south lawn in 2019. Penske Racing donated $500,000 to Restore Our Future, Mitt Romney's Super PAC. [17]
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As of 2022, the mean net worth of U.S. households was $1,063,700, according to the Federal Reserve. If your net worth isn’t close to that number, don’t panic: as per the Fed data, the median ...
On 1 July 2011 Mercedes-Benz USA took over the distribution, sales and marketing of the Smart brand from Penske Automotive Group. Smart is owned and produced by Mercedes' parent, Daimler AG. The third generation Smart Fortwo coupe (C453) was introduced in the United States as a 2016 model in September 2015. [50]
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