"I couldn't borrow money unless I was not a race driver": Roger Penske reminisces about the financial crossroads that finished his racing career

Team Penske's billionaire owner Roger Penske is an automotive business mogul who founded Penske Corporation, a transportation giant with nearly $40 billion in revenue generated. However, the Ohio native, who once showcased his racing prowess in Formula 1, was forced to quit competitive racing, after a life-changing decision.

Penske wanted to be involved in motorsports from the business perspective, and thus, was desirous of owning an outfit rather than running for one. With that, thoughts of owning a Chevrolet dealership struck his mind.

However, buying insurance and borrowing funds from the bank wouldn't materialize unless the 88-year-old quit racing. Hence, he made the pivotal decision that eventually led to the formation of Team Penske, which is home to numerous motorsports disciplines.

While recalling his racing days where his experience set a base for his motorsports future, Roger Penske told Kevin Harvick about the crossroads he encountered with what to begin the 1965 season with.

"I got out because I wanted to become a business guy, have a Chevrolet dealership, and I needed to get insurance, I needed to borrow money from the bank. You couldn't do that unless you're not a race driver. So, I made a pivot there," Penske said via NASCAR on Fox (22:39).

Roger Penske opened a one-car Chevrolet dealership after securing a $75000 loan from his father and debuted with Team Penske at the 1966 24 Hours of Daytona.

Roger Penske reflected on the tense moment when he was about to sign Joey Logano

Even though Joey Logano claimed two wins in the #20 Joe Gibbs Racing Toyota, the number behind which Tony Stewart raked in two Cup Series championships, Roger Penske was keen on signing the NASCAR talent, courtesy of Brad Keselowski's suggestion.

When Logano neared his departure from JGR, Penske expressed his interest in hiring the Connecticut native to drive for Team Penske. However, Joe Gibbs asked Penske to hold that thought for a week, as he hoped for a Cup title with Logano, something the latter revealed during his conversation with Kevin Harvick.

Roger Penske expressed that he was in a 'fingers-crossed' moment fearing that Gibbs might not let the current three-time Cup Series champion leave.

"I had to wait in order to hire him because Joe Gibbs said 'Look, I'm going to maybe get him a cup, right? Will you wait a week?', well I waited a week with my fingers crossed. There was no question. He gets it," Penske told Harvick.

Roger Penske's decision to hire Joey Logano proved massively successful, as the #22 Ford Mustang driver claimed three titles and secured 34 of his 36 Cup wins driving for the Mooresville, North Carolina-based outfit. Furthermore, after being unable to prove a point at JGR, Logano capitalized on his fresh start at Penske to become among the most sought-after drivers.