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Penske Corp Plans to Buy Penske Motorsports Shares

8 September 1998

Penske Corporation Announces Plan to Acquire Shares Of Penske Motorsports, Inc.

    DETROIT, Sept. 8 -- Penske Corporation today announced its
intention to purchase, from time to time, up to $5 million worth of shares of
Penske Motorsports, Inc., (PMI) in open market transactions.
Penske Corporation believes that recent stock market conditions have presented
an opportunity to acquire additional ownership in PMI at an attractive price.
The timing and volume of purchases under this program will depend upon market
conditions.  The stock purchase program confirms Penske Corporation's
confidence in its future growth prospects.
    Penske Corporation is a closely held, diversified transportation services
company which conducts its business through a number of wholly- or
partially-owned companies, including Penske Motorsports, Inc., Penske Truck
Leasing Company, Detroit Diesel Corporation, Diesel Technology Company, Penske
Automotive Group, Inc., Penske Auto Centers, Inc., and Penske Capital
Partners.  The Penske group of businesses has annual revenues exceeding $6
billion and employs more than 28,000 around the world.