Penske Plans AMI Acquisition

Penske Truck Leasing is negotiating with Ford Motor Credit to buy its full-service truck leasing, rental, maintenance and logistics subsidiary, Auto Rental Corporation, a.k.a. AMI Leasing. Terms were not disclosed, though Penske said it hopes to wrap up the sale by the end of August.

Worcester, MA-based, AMI Leasing serves more than 1,500 customers at 26 locations throughout the northeastern U.S., and Penske said the acquisition of AMI would add some 14,000 tractors, trucks and trailers to its fleet.

Following its acquisition of rival Rollins Truck Leasing in 2003, Penske is now a $3.5-billion company that operates approximately 200,000 vehicles and serves customers from nearly 1,000 locations in the U.S., Canada, Mexico, South America and Europe.

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