President Donald J. Trump will award the Presidential Medal of Freedom to Roger S. Penske, according to a statement from the White House.

This prestigious award is the Nation’s highest civilian honor, which may be awarded by the President to individuals who have made especially meritorious contributions to the security or national interests of the country, world peace, or cultural or other significant public or private endeavors.

Penske is a well-known American success story. Guided by his father’s favorite phrase, "effort equals results," Penske built his car dealership into Penske Corp., a provider of global transportation services. On the track, Penske built and led Team Penske into the most successful motorsports team in history.

Penske founded his company on Dec. 1, 1969, after purchasing a car and light-truck rental and leasing business serving eastern Pennsylvania with just three locations. By 1981, the company had grown to 33 facilities staffed by 420 employees and generating annual sales of more than $40 million.

Over the years, Penske grew the company to include commercial truck leasing. Today, Penske Truck Leasing operates and maintains a fleet of more than 328,000 vehicles. It offers full-service truck leasing, contracted fleet maintenance, commercial and consumer truck rentals, and used truck sales. The company serves its customers through a network of more than 765 locations and more than 2,500 truck rental locations in North America.