Penske Corporation Announces New Executive Vice President, Chief Financial Officer at Penske Automotive Group

BLOOMFIELD HILLS, Mich., Sept. 11 -- Penske Corporation announced today that Gregory J. Houfley, CPA, has been appointed Executive Vice President, Chief Financial Officer of Penske Automotive Group, (PAG) located in El Monte, California. Mr. Houfley will relocate from Penske Corporation's corporate headquarters in Michigan to assume the new position at PAG effective September 15, 2003.

Mr. Houfley joined Penske Corporation in September 1994 as Corporate Tax Director and was promoted to Vice President, Finance in October 2000. Prior to joining Penske Corporation, he was Senior Manager, Tax Services at Deloitte & Touche in Detroit. Mr. Houfley, who is 42 years old, received his BA degree from Western Michigan University in 1983.

Penske Corporation is a closely-held diversified transportation services company which includes: Penske Truck Leasing Corporation; Penske Automotive Group, Inc; UnitedAuto Group, Inc.; Penske Transportation Components, LLC; Transportation Resource Partners, LLC; and Penske Performance, Inc. Penske Corporation and its subsidiaries manage and operate businesses with annual revenues approximating $11 billion and employ 35,000 people at more than 1,700 worldwide locations.