"This has refocused me on the way we'll look at the auto business in the future," he says. owns a single Toyota ( Charts) dealership in Los Angeles that sells more cars.īut he says he's intrigued by the opportunity to do things differently with the Smart. Penske expects to sell 20,000 to 25,000 Smart cars in its first year - a drop in the automotive bucket for an industry of 16 million vehicles. Prices start at $11,960 for a stripped two-door and go up to $16,590 for a convertible version. The Smart seats two people in closer proximity than they are used to and propels them at a top speed of 90 miles per hour with a three-cylinder engine that produces 70 horsepower and gets about 40 miles to the gallon. Think of it as a conventional car with the engine compartment sawed off in front, no back seat, and a vestigial trunk. Built by Mercedes and introduced in Europe six years ago, the car has enjoyed moderate success in countries where gas costs up to $9 a gallon and small cars can park on the sidewalk. He hopes customers will find the Smart fun too, as well as cool and urban. "If you are having fun, it is no problem going into your office." "I love to work," he said during an interview with Fortune in New York City. Penske has no interest in retiring and in fact keeps looking for more mountains to climb. Now that he's eligible for Social Security, Penske could be spending more time at his summer place on Nantucket or cruising on his 150-foot yacht, Detroit Eagle. Its crown jewel is Penske Automotive Group ( Charts, Fortune 500), the country's second-largest network of car dealers. into a $17 billion amalgamation of public and private transportation enterprises. Starting with a Chevrolet dealership in Philadelphia in 1965, he has built Penske Corp. Penske (PEN-skee) has been a maverick his entire career, shaping his blue-collar businesses into a mini empire on wheels.
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