![]() ![]() The most important aspect of the agreement is those 36 sheets of paper. But honestly, car counts, qualifying, recruiting new team owners, better direct communication between the sanctioning body and its competitors, all of the stuff that was touted on Tuesday, it's secondary. For the first time in stock car racing's nearly seven-decade history, those who hire the racers and field the racecars they drive will now own, well, something.īeginning with this year's Daytona 500, 36 chartered teams will be guaranteed a steady amount of revenue (nine years' worth, the length of the current TV deal) and starting spots in NASCAR Sprint Cup Series races. On Tuesday, NASCAR and its team owners rolled out its new, long-anticipated "charter" ownership system. That’s the fixed coverage we get from that margin in our business.— - CHARLOTTE, N.C. A byproduct of people getting out is now more parts and service. From a retail auto side, there is no question that people are driving miles because our parts and service business has gone up. We are seeing some of that in our online auto business, it’s softening, but from the business we are getting in store is increasing. Online, from what I understand, has slowed down. The first quarter numbers are available for everybody to look at. Fortunately, we had the best return we had for our shareholders in history. We have 63,000 people and our revenues in 2021 were over $35 billion. We are providing trucks and vehicles across four continents and nine countries. “But overall, we are an essential business. We have the war in the Ukraine that has compounded that. “Our supply chain has been interrupted here over the last several months. “As I look at our business over the last 24 months, we had to pivot in many ways, people working from home, dealing with family and friends in dire need health wise,” Penske explained. Some people got into the groove of wanting to work at home, but if you hire people that only want to work on a screen and don’t have a chance to have that high-tech, high touch with them is probably a mistake. “We have flexibility for certain things meaningful to an employee, but I think you are seeing people wanting to get back to going to work now rather than stay home. We had people working on trucks and working on cars and people working at the Speedway. Eighty to ninety percent of our people worked during COVID because we are an essential business. “People were not allowed to go out from a legal perspective. ![]() “I think you have to look at the circumstances we had over the last 24 months with COVID,” Penske said. He hates clutter on employee’s desks, and he wants people to be in the office, instead of on ZOOM. He prefers shaking hands and looking people in the eye. He expects his employees to dress professionally. Penske is “old school” when it comes to business. Somehow, he finds the time and devotes his full attention. Much of his sleep happens once his private plane takes off on another business trip. He is notorious for sleeping just three or four hours a day. The problem is the more businesses Penske owns, the less time there is in a day. A lot of people have worked for us, moved on and done quite well in the world of business.”Īccording to his wife, Kathy, Penske puts as much time in each business as he does his other businesses. It helps build our brand and it helps build the individual’s brand. It’s not just a job for them, it’s special when they can say they work at Indianapolis or are on a race team that is winning and providing nationwide, worldwide coverage. I don’t think there is anybody that is involved in our race team or involved in Indianapolis doesn’t love this sport. “One of the things we’ve done, we stretch our people, but we take the people who have the expertise and add them into the nucleus of our company. on national network television will really be something. When you think of six drivers to go for the pole just before 6 p.m. We have a different qualifying for the race weekend, which will be real exciting. With the team that Mark Miles and Doug Boles and the team we have in place, they have done a terrific job. It wasn’t anything new it’s just managing. Like a great hitter, Penske was able to adapt. Look at the revenue, look at the seats, what are the costs? One of our most important assets are the teams and we want to make sure we provide them with all the funding that we can.”Īfter purchasing the Speedway in November 2019, and taking official control on January 6, 2020, Penske stepped up to the plate and expected a fastball. We want to see a level playing field here. “We’re not going to announce the purse right now, but it will be substantially larger than it was last year,” Penske said. ![]()
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