Roger Penske Net Worth: $3.2 Billion
Category: Richest Business › Richest Billionaires
Birthdate: February 20, 1937 (87 years old)
Birthplace: Shaker Heights, Ohio, USA
Gender: Male
Profession: Race Car Driver, Entrepreneur, Businessperson
Nationality: United States of America
Roger Penske is an American businessman, entrepreneur, and retired auto racing driver with a net worth of $3.2 billion. He is best known for creating one of the most successful teams in NASCAR and IndyCar Series racing. Penske owns numerous automotive-related businesses, including Team Penske, IndyCar, and the Indianapolis Motor Speedway. He has also been a race strategist for his own IndyCar team. Penske has served on the boards of General Electric, The Home Depot, and Delphi Automotive. He was awarded the Presidential Medal of Freedom in 2019.
Early Life and Education
Roger Penske was born on February 20, 1937, in Shaker Heights, Ohio. Inspired by his father Jay, who was a corporate executive, Penske started buying, fixing, and selling cars as a teenager. After graduating from Shaker Heights High in 1955, he attended Lehigh University in Bethlehem, Pennsylvania.
Career Beginnings in Racing
Penske began his racing career in hillclimbing and road course racing, driving Porsches. He made his professional debut at the Marlboro Motor Raceway in Maryland and competed in Formula One Grands Prix and NASCAR races. Penske retired from driving in 1965 to focus on his first Chevrolet dealership in Philadelphia.
Team Ownership
In 1966, Penske established Penske Racing, which debuted at the 24 Hours of Daytona. The team competed in the Indianapolis 500 in 1969 and won the event in 1972 with driver Mark Donohue. Penske Racing has competed in various series, including the NTT IndyCar Series, NASCAR Cup Series, and FIA World Endurance Championship. The team has accumulated over 500 victories and more than 40 championships.
In 2005, Porsche selected Penske Racing to run in the American Le Mans Series, achieving significant victories. In 2009, Penske joined the Grand-Am Rolex Sports Car Series. Penske won his first NASCAR Sprint Cup Championship in 2012 with driver Brad Keselowski and acquired a 51% stake in Dick Johnson Racing in 2014, renaming it DJR Team Penske. The team won the Tyrepower Tasmania SuperSprint in 2017 and the Bathurst 1000 in 2019.
Accolades and Honors
Penske, nicknamed the “Captain,” is the most successful owner in Indianapolis 500 history, with 18 victories. He has also won multiple NASCAR Xfinity Series Championships and IndyCar Series Championships, as well as two NASCAR Cup Series Championships and three Daytona 500 titles. Penske has been inducted into the International Motorsports Hall of Fame, the Motorsports Hall of Fame of America, the Indianapolis Motor Speedway Hall of Fame, the Automotive Hall of Fame, the Sports Car Club of America Hall of Fame, and the NASCAR Hall of Fame. He received the Presidential Medal of Freedom in 2019.
Penske Corporation
Founded in 1969, Penske Corporation is a transportation services company headquartered in Bloomfield Hills, Michigan. Its holdings include Penske Automotive Group, Penske Motor Group, Penske Truck Leasing, Penske Logistics, and Ilmor Engineering. Penske Entertainment Corporation, the parent company of the Indianapolis Motor Speedway, was acquired by Penske in 2019.
Other Ventures
Penske has served as a corporate director at General Electric and on the boards of The Home Depot and Delphi Automotive. He chaired the Detroit Super Bowl Committee for Super Bowl XL in 2005. A Republican, Penske donated $500,000 to Mitt Romney’s Super PAC Restore Our Future in 2012 and endorsed Donald Trump in the 2020 presidential election.
Personal Life
Penske has five children: Roger Jr., Gregory, Mark, Blair, and Jay. Two of his children are from his first marriage to Lissa, and three are with his second wife, Kathy. Gregory is the chairman and CEO of Penske Motor Group. Jay Penske is the chairman and CEO of Penske Media Corporation, which owns The Hollywood Reporter, Rolling Stone, Variety, and Women’s Wear Daily.
