Greg Penske, president of one of the largest dealer groups in the United States, has been elected president and CEO of Penske Motorsports Inc., effective July 1.
He is a son of Roger Penske, chairman of Penske Corp., the enterprise's parent company.
Since 1993, Greg Penske, 35, has headed Penske Automotive Group Inc., based in El Monte, Calif. It is 10th on the Automotive News list of the top 100 dealer groups in the United States. The company's eight stores retailed 22,822 new vehicles in 1996, and total revenue approached $842 million.
The new post will not affect his position with the automotive group. 'We have great leadership teams at both the automotive group and motorsports,' said Penske. 'I intend to keep growing the business.'
Detroit-based Penske Motorsports Inc., which has annual revenue of $80 million, owns and operates the Michigan International Speedway in Brooklyn, Mich.; Nazareth Speedway in Nazareth, Pa.; and California Speedway in San Bernardino County, Calif. The racing company also has controlling interest in North Carolina Motor Speedway in Rockingham, N.C. The opening of the California Speedway is scheduled for June 20-22.
Penske Motorsports produces and markets merchandise and accessories and sells Goodyear racing tires in the Midwest and Southwest.
Greg Penske replaces Richard Peters, who stepped down to establish a corporate finance advisory company. Peters will continue as a director of Penske Motorsports, Penske Auto Centers Inc. and Pen-ske Corp., the parent company.