Penske Corporation Names New President

DETROIT, Dec. 20, 2002; Penske Corporation announced today that, effective January 1, 2003, Robert H. Kurnick, Jr. will become President and will be elected to the Company's Board of Directors. Mr. Kurnick will also continue as General Counsel of UnitedAuto Group, Inc. Penske Corporation is the largest shareholder of UnitedAuto.

Roger S. Penske will continue in his current positions of Chairman of Penske Corporation and Chairman and Chief Executive Officer of UnitedAuto. Richard J. Peters, the former President of Penske Corporation, will become the Managing Partner of Penske Corporation's newly-formed private equity business, Birmingham Capital Partners. Mr. Peters will continue to serve on the Board of Directors of Penske Corporation and will also continue as Chairman of Penske Corporation's transportation component business, Truck-Lite, Inc.

Mr. Kurnick, who is 41 years old and currently Executive Vice President, has been employed by Penske Corporation since January 1995. Prior to joining Penske Corporation, Mr. Kurnick was a partner at the Detroit law firm of Honigman Miller Schwartz and Cohn. He received his undergraduate degree from Michigan State University and his law degree from the University of Notre Dame, where he graduated Magna Cum Laude and served as the Executive Editor of the Notre Dame Law Review. Mr. Kurnick is married with three children and resides in Birmingham, Michigan.