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Vehicle leasing is the leasing (or the use) of a motor vehicle for a fixed period of time at an agreed amount of money for the lease. It is commonly offered by dealers as an alternative to vehicle purchase but is widely used by businesses as a method of acquiring (or having the use of) vehicles for business, without the usually needed cash outlay.
Penske Truck Leasing Co., L.P. is a joint venture of Penske Corporation, Penske Automotive Group, and Mitsui & Co. Headquartered in Reading, Pennsylvania , the company was founded by Team Penske owner Roger Penske on December 1, 1969.
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After taking over E-M-F's Detroit facilities, Studebaker sought to remedy customer dissatisfaction complaints by paying mechanics to visit each disgruntled owner and replace defective parts in their vehicles, at a total cost of US$1 million ($15,209,302 in 2023 dollars [15]). The worst problem was rear-axle failure.
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