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Penske Corporation Names J. Patrick Conroy Senior Vice President - Corporate Finance

5 January 1999

Penske Corporation Names J. Patrick Conroy Senior Vice President - Corporate Finance

    DETROIT -- J. Patrick Conroy has been appointed to
the newly-created position of Senior Vice President - Corporate Finance of
Penske Corporation, according to an announcement today by Roger S. Penske,
Chairman.
    Mr. Conroy's responsibilities will include assisting in the development
and execution of Penske Corporation's strategic plans, with a focus on merger
and acquisition opportunities.  In addition, Mr. Conroy will be Penske
Corporation's primary contact with the capital markets and support public
company initiatives.
    "Pat brings a wealth of knowledge and experience to our company, which
will further enhance our ability to expand our business and strategically
position our enterprise," Mr. Penske said.
    Mr. Conroy, 35, comes to Penske Corporation after seven years at McDonald
and Company where he was Senior Vice President of Investment Banking.
Previously, he spent approximately five years with Comerica Bank after his
graduation from Notre Dame University with a degree in Economics.
    Penske Corporation is a closely held, diversified transportation services
company which conducts its business through a number of wholly- or
partially-owned companies.  Those companies include Detroit Diesel
Corporation, Penske Truck Leasing Company, Diesel Technology Company, Penske
Automotive Group, Inc., Penske Auto Centers, Inc., Penske Capital Partners,
L.L.C. and Penske Motorsports, Inc.  Penske Corporation manages businesses
with annual revenues exceeding $6 billion and employs more than 28,000 people
around the world.