Penske Automotive Group Inc.
) announced that it has launched its truck rental service in
Australia. The company will provide the service under the brand
name Penske Truck Rental in collaboration with its Brisbane,
Australia-based wholly-owned subsidiary Penske Commercial Vehicles.
Penske Commercial Vehicles operates the Brisbane Truck Centre. It
has exclusive distribution rights for MAN and Western Star Trucks
in Australia and New Zealand. Under the new venture, the expertise
of Penske Truck Leasing fleet operations will be combined with
Penske Commercial Vehicles' market knowledge.
The rental service will initially offer a 20-truck fleet including
high-specification MAN and Western Star prime movers. Additionally,
the company plans to expand the rental service to other areas to
cater to a larger customer base.
The trucks offered by Penske Truck Rental are MAN TGS 6x4 which is
powered by 540 horsepower MAN turbo diesel and 12-speed Tipmatic
transmission, and Western Star 4864 FS2 and Western Star 4864 FXC
prime movers. The FS2 is equipped with a day cab, while the FXC has
a sleeper cab. Both the trucks are powered with 560 horsepower DD15
turbo diesel and Eaton Corporation plc's (
) UltraShift Plus transmission. In addition, the trucks are
equipped with toll transponders, GPS units and have full fuel tanks
to ensure productivity.
One of the leading truck rental and leasing brands in North
America, Penske boasts a fleet of more than 200,000 trucks.
Currently, the stock carries a Zacks Rank #3 (Hold).
Other Stocks to Consider
Some better-ranked stocks that are worth considering in the auto
sector include Lithia Motors Inc. (
) and Asbury Automotive Group, Inc. (
). Lithia Motors sports a Zacks Rank #1 (Strong Buy), while Asbury
Automotive has a Zacks Rank #2 (Buy).
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PENSKE AUTO GRP (PAG): Free Stock Analysis
EATON CORP PLC (ETN): Free Stock Analysis
LITHIA MOTORS (LAD): Free Stock Analysis Report
ASBURY AUTO GRP (ABG): Free Stock Analysis
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