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Penske Corporation Completes Sale of Detroit Diesel Stake To DaimlerChrysler AG

10 October 2000

Penske Corporation Completes Sale of Detroit Diesel Stake To DaimlerChrysler AG

    DETROIT, Oct. 10 Penske Corporation today announced the
completion of the sale of its 48.6% ownership in Detroit Diesel Corporation
(DDC) to DaimlerChrysler AG.  The sale was completed in connection with
DaimlerChrysler's $700 million acquisition of DDC which included a $23.00 per
share cash tender offer as well as assumption of debt.
    Roger S. Penske, Chairman and CEO of Penske Corporation, said "Over the
past 12 years, we have been proud to partner with DDC's shareholders,
employees, customers and suppliers in re-establishing DDC as an industry
leader in the manufacture of heavy duty and automotive diesel engines.  This
acquisition of DDC by DaimlerChrysler will strengthen its ability to compete
and excel in a global economy, and to reach its fullest potential."
    "For Penske Corporation, our ownership of DDC has been a tremendous
compliment to our transportation businesses, and on a personal level very
rewarding.  We are committed to assuring a smooth transition of ownership to
DaimlerChrysler."
    Penske Corporation is a closely-held, diversified transportation services
company whose operations include Penske Truck Leasing Corporation,
UnitedAutomotive Group, Inc., Penske Automotive Group, Inc., Penske Auto
Centers, Inc., Penske Transportation Components LLC and Penske Capital
Partners, L.L.C.  Penske Corporation and its subsidiaries manage and operate
businesses with annual revenues exceeding $9 billion and employs approximately
31,000 people at more than 3,000 worldwide locations.