Penske grew up in Philadelphia and graduated from Cornell University, where he earned a degree in business management.
Penske also attended General Motors Institute (now Kettering University) and worked at a Chevrolet and a Cadillac-Oldsmobile dealerships while in college.
Penske is the former president and CEO of Penske Motorsports, Inc., which operated racetracks across the country, including the development of the Auto Club Speedway (formerly California Speedway) in Fontana, California.
He has been named one of the highest-rated CEO's by Glassdoor, a jobs and career site, which released its annual report recognizing top leaders in North America and Europe.
Penske received the Young Leadership and Excellence Award from the Automotive Hall of Fame in 1997.