Penske Corporation Names Chief Financial Officer

DETROIT, Dec. 23, 2002; Penske Corporation announced today that effective January 1, 2003, J. Patrick Conroy will become Executive Vice President, Chief Financial Officer. Mr. Conroy joined Penske Corporation in 1999 and is currently Senior Vice President, Finance.

Prior to joining Penske, Mr. Conroy was a Senior Vice President in the Investment Banking division at McDonald & Company. He began his career in 1985 in the Corporate Banking department of Comerica Bank after graduating from the University of Notre Dame. Mr. Conroy is 39 years old and lives with his wife and two children in Birmingham, Michigan.

Penske Corporation is a closely-held diversified transportation services company which includes: Penske Truck Leasing Corporation; Penske Automotive Group, Inc; UnitedAuto Group, Inc.; Penske Capital Partners, LLC; Penske Transportation Components, LLC and Penske Performance, Inc. Penske Corporation and its subsidiaries manage and operate businesses with annual revenues approximating $11 billion and employ 32,000 people at more than 1,700 worldwide locations.