Roger Penske is betting that his now-famous last name will be the best bet for the Penske Corporation’s dealership arm. Formerly called United Auto Group, the chain of car dealerships will be renamed Penske Automotive Group effective Monday.
Penske Automotive Group, the world’s second largest dealership group, owns 311 retail franchises, primarily in the United States, Puerto Rico and the United Kingdom. Penske’s crown jewel is Longo Toyota , located in El Monte, Calif. Longo has held the title of largest Toyota dealership in the United States since 1967. Penske Copr. bought United Auto in 1999.
Penske Corp. is hoping that the rename will ring a bell with others familiar with chairman Roger Penske, who is best known for his auto racing endeavors with Penske Racing. Penske is heavily involved in the Indy Racing League, where his team has won 14 Indianapolis 500s. He also fields a NASCAR team and an American LeMans team.
The company’s New York Stock Exchange symbol will change from UAG to PAG.
