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Penske Truck Leasing Co., L.P., headquartered in Reading, Pa., is a joint venture of Penske Corporation and General Electric. A leading global transportation services provider, Penske operates over 216,000 vehicles and serves customers from over 1,000 locations in North America, South America, Europe, and Asia. Product lines include full-service leasing, contract maintenance, commercial and consumer rental, transportation and warehousing management, and supply chain management solutions. Visit GoPenske.com to learn more about the company and its services.
Penske Truck Rental, a service of Penske Truck Leasing, provides do-it-yourself movers with trucks, moving equipment, packing supplies, accessories and Penske’s exclusive Travelcare Guarantee and Rate Protections Plus Programs. Penske Truck Rental also provides businesses with straight trucks, tractors, flatbeds, refrigerated vans, trailers and specialized equipment. Penske’s high-quality truck rental fleet enables customers to be certain they will always have the vehicles they need to deliver on time to their customers. Visit PenskeTruckRental.comfor more information.
Penske Logistics is a wholly owned subsidiary of Penske Truck Leasing. Penske Logistics provides supply chain management and logistics services to leading companies throughout the world. Penske Logistics delivers value through design, planning and execution in transportation warehousing, international forwarding and carrier management. Visit PenskeLogistics.com to learn more about the company and its services.
Roger Penske (born February 20, 1937 in Shaker Heights, Ohio) is the owner of a very successful automobile racing team Penske Racing, the Penske Corporation, and other automotive related businesses.
Starting in 1958, Penske purchased, raced and sold race cars, and was very successful both financially and on the track.
Penske Racing now operates a NASCAR team comprising Kurt Busch and Ryan Newman.
Defendant and third-party plaintiff, Chemetco, Inc., appeals from a judgment of the circuit court of Madison County in favor of plaintiff, PenskeTruckLeasing, Co., L.P., in the amount of $200,478.15, consisting of $53,514.76 for a lease-payment delinquency, $88,216 for liquidated damages, $32,598.07 for interest, and $26,149.32 for attorney fees.
All amounts to be retained by PENSKETRUCKLEASING and any balance to be paid by CUSTOMER under this lease shall not be construed as a penalty, but as liquidated damages for the breach of this lease, and as PENSKETRUCKLEASING's reasonable return for the use of the Vehicles and for their depreciation.
The lease provides for a formula, as opposed to a specific amount, which begins with an agreed-upon original amount and takes into consideration the amount of depreciation of the trucks before they are returned and the used truck market at the time of the breach.
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