Penske's interest in the Australian championship came off the back of the Penske Automotive Group purchasing distribution rights to Western Star, MAN and Dennis Eagle trucks.
The deal, worth $219 million, was completed midway through last year.
Penske has now confirmed that it will bring the Penske Truck Rentals brand to Australia as part of a new Penske Commercial Leasing Australia business.
The rental and leasing arm plugs directly into the distribution network, mirroring Penske's operations in the US, where it operates more than 200,000 vehicles.
The Australian operation will start with 20 trucks based out of Rocklea, Queensland, but is expected to expand rapidly in future.
“We have an ambitious growth plan for our truck leasing and rental businesses,” said Brian Hard, president and CEO, Penske Truck Leasing
“This new location will serve as a foundation for us to begin expanding and serving commercial truck fleet customers throughout Australia.”
Penske Truck Rentals has featured as a primary sponsor on various Team Penske NASCARs and IndyCars over recent years.
Western Star and MAN both had pre-existing supply deals with V8 Supercars team prior to Penske's purchase of the distribution rights.
While Dick Johnson Racing has been the focus of Penske's V8 Supercars team talks, Western Star branding has enjoyed an increased presence on the Ford Performance Racing Falcons and trucks this year as part of its supply agreement.