Roger S. Penske

Roger Penske was born in 1937, in Shaker Heights, Ohio. His father worked for a metal distributorship for 30 years, and eventually became its vice president and general manager. "My father, who was born in 1900, taught me about the importance of loyalty," says Penske. "Later in my business life, I came to see loyalty as an important asset, both for me and my dealings with my employees as well as for the employees who work so hard to make the company a success."

Penske's mother, whom he describes as the heart of the household, stayed home to care for the family. His father worked hard to provide for the family. "My parents were a great team," he says. "They taught me to be truthful and to help others. We didn't have a lot, but my parents always shared with others."

Religion was a regular part of life for the Penske family. Penske sang in the church choir and served as an acolyte. "My parents were people of high integrity," he says, "and they expected me to learn that value."

At age 11, Penske was sent for a summer program at the Culver Military Academy. He credits that experience with teaching him leadership and self-discipline.

As a boy, Penske was encouraged to work for the things he wanted. "Usually my parents would pay half for my extras, and I would work to pay the other half," says Penske. "That pact between us taught me patience. There was no instant gratification. I believe the way I was raised served me well throughout my life."

From an early age, Penske loved sports and cars. When Penske was 14, his father took him to the Indianapolis 500 race, which had a profound effect on him. "I knew immediately that the race track was a place where I wanted to be," he says. "I told my father that day I wanted to be a race-car driver."

As a teenager, Penske bought, repaired, and sold old cars. He studied business at Lehigh University and began his career as a race-car driver. Penske quickly found success in sports car and stock car competition and was named Sports Illustrated's 1961 Sports Car Club of America Driver of the Year.

For three summers during college, Penske worked in an Alcoa plant. In 1959, he became a sales engineer. At the same time, he continued his professional car racing and participated the 24 Hours of Le Mans, the 12 Hours of Sebring, and the 24 Hours of Daytona. During these events, Penske developed relationships with Chevrolet executives.

In 1963, at the age of 26, he left Alcoa to work as the general manager of a Chevrolet franchise in Philadelphia. He later borrowed $50,000 from his father to purchase the dealership. "I was focused on making the dealership successful so that I could pay back my father," he says. "I was determined not to let down his faith in me."

In 1963, Penske received an invitation for a rookie test in the Indianapolis 500, which was the ultimate opportunity for him as a race-car driver. Because Chevrolet was not comfortable with him dividing his time between business and racing, Penske decided to focus on his dealership. "I never regretted my decision," he says. "Racing was special, but business was something I knew I wanted to pursue. Later in life, I formed a racing team that has won the Indianapolis 500 16 times, so I feel like I ended up with the best of both worlds."

The Chevrolet dealership became the cornerstone of Penske's various business enterprises. He founded his career on the principles of ethics and integrity and a realization that human capital is the most important asset on his balance sheet. He founded Penske Corporation, a diversified transportation services company that grew to manage several enterprises, including Penske Truck Leasing and Penske Automotive Group. Team Penske, the professional stock car racing and open wheel racing team, became one of the most successful teams in the history of professional sports.

"I've come a long way from Shaker Heights," says Penske. "Looking back, I can see that it's my relationships with people and interests that led me from one business to another. I had a love of cars and went into racing; through racing, I met people who could put me into managing and then owning a dealership, which included a car rental franchise that I developed. I returned to racing as an owner, and that led to a diesel engine distributorship for GM. Money was never the motivator for me, however. As you succeed, you want to build more. You begin to build a group of associates and team members, and to see them grow in their positions is very rewarding. We have a saying at Penske, that it should be a place that is hard to join and hard to leave. We don't have a lot of turnover. I came from an environment where my dad had one job his whole life. I want the same thing for my employees."

When defining success, Penske thinks of his family first. "My first focus was always to provide well for my family," he says. "I've been able to do that and I feel very fortunate."

Penske advises youth to set goals, and emphasizes the importance of team spirit. "I would hope young people would develop some loyalty, rather than going from job to job every few years. They should figure out their interests and then plug into a good company. The great thing about America is that there is always a job for the person who wants to work. If you are a loyal, honest, and a hard worker, you will be successful."

Honored by his Horatio Alger Award, Penske says, "When I look at the list of members, it's amazing that I would be included in such an impressive group. I hope that I will represent the award in a way that is respectful of all those who have come before me."

In 2006, Penske served as chairman of the host committee for the Super Bowl, which was held in Detroit. "That was a great opportunity for me to give back time and effort to my community," he says "but it was a challenge. We started a project called Clean Downtown where we supplied trucks and cleaning equipment for 30 volunteers to clean 200 blocks of the city each day. Hosting the Super Bowl reignited interest in revitalizing Detroit, and I'm proud to have been a part of that. I want Detroit to become a great city again, and I think we're on our way."

Penske also offers his customers opportunities to donate to help paralyzed veterans. The donations are then matched by his company. "I think it's important for each of my enterprises to give something back," Penske says. "I've discovered that what is true in business is also true in philanthropy: Effort Equals Results."