Marc Althen Named President of Penske Logistics

READING, Pa., Sept. 15, 2010— Penske Logistics President Vincent Hartnett has announced his intention to retire in January 2011 after more than 38 years of service to the Penske organization. Penske Logistics is a wholly-owned subsidiary of Reading, Pa.-based Penske Truck Leasing.

In a joint statement, Messrs. Roger S. Penske, Founder and Chairman and Brian Hard, President and CEO of Penske Truck Leasing remarked, "Vince has made tremendous contributions to the growth and success of our businesses and established Penske Logistics as an industry leader, and for that we are sincerely grateful. We are happy for Vince and his wife as they begin a new chapter in their lives and we wish them much success and happiness."

Succeeding Mr. Hartnett as President of Penske Logistics is Mr. Marc Althen, a 22-year Penske veteran, who until this recent appointment served as Senior Vice President of Administration and Procurement with Penske Truck Leasing.

"I am very pleased to announce Marc is succeeding Vince as President of Penske Logistics," stated Mr. Hard. "I am confident he will lead Penske Logistics into its next successful chapter. Marc and Vince have worked closely to ensure a seamless transition."

Mr. Althen has been with Penske Truck Leasing for 22 years and has held several key executive leadership roles with responsibilities overseeing administration, procurement, facilities, real estate, vehicle remarketing, vehicle supply, energy and environmental services. Prior to joining Penske, he held positions with Chevron and GE's Gelco Truck Leasing. Mr. Althen holds a bachelor's degree in chemical engineering from the University of Kentucky and resides in suburban Reading, Pa. with his wife Jane and two daughters.

Penske Truck Leasing Co., L.P., headquartered in Reading, Pa., is a joint venture of Penske Corporation, Penske Automotive Group and General Electric. A leading global transportation services provider, Penske operates more than 200,000 vehicles and serves customers from more than 1,000 locations in North America, South America, Europe and Asia. Product lines include full-service truck leasing, contract maintenance, commercial and consumer truck rentals, transportation and warehousing management, and supply chain management solutions. Visit www.GoPenske.com to learn more about the company and its products and services.