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Richard J. Peters Named President of Penske Corporation

3 January 2000

Richard J. Peters Named President of Penske Corporation

    DETROIT, Jan. 3 -- Richard J. Peters has been named President
of Penske Corporation according to an announcement today by Roger S. Penske,
Chairman.  Mr. Peters has been a member of Penske Corporation's Board of
Directors since 1988 and also currently serves as a Director of United Auto
Group, Inc. of which the Corporation's affiliate, Penske Capital
Partners, L.L.C., is the largest shareholder.
    Mr. Peters rejoins Penske Corporation having been a member of its senior
management team for eleven years prior to leaving in 1997 to form R. J. Peters
& Company, L.L.C., a private investment company.  During his previous tenure,
Peters was Executive Vice President and Chief Financial Officer of Penske
Corporation and President and Chief Executive Officer of its former publicly-
held subsidiary, Penske Motorsports, Inc. .
    "Mr. Peters' history with Penske Corporation and his continuing
involvement with our board makes him uniquely qualified to assume our
Presidency," said Roger S. Penske.  "He will oversee several of our staffs as
well as the Penske Automotive Group, Inc. and Penske Auto Centers, Inc.  We
will expand Rich's board memberships and look forward to his insight and
innovation being part of the company on a day to day basis."
    Mr. Peters is a member of the Boards of Aon Funds, CAPTEC Net Lease
Realty, Inc. and several non-profit organizations.
    Penske Corporation is a closely-held diversified transportation services
company managing businesses with annualized revenues exceeding $10 billion
with operations carried out by more than 34,000 employees at over 3,600
facilities worldwide.  It is comprised of four business groups:
Transportation Services, Penske Capital Partners, Automotive, and Performance.