Penske President Bud Denker: ‘Winning Comes From Studying Your Losses’

When it comes to IndyCar racing, no squad has been more successful than Team Penske. The organization has seen the winner’s circle more than 650 times over the past 60 years. But Bud Denker, president of Penske Corporation, knows that when it comes to winning, it’s not about reveling in victories.

It’s about learning from your losses.

“Think of this,” Denker explains to me on a recent episode of the Corporate Competitor Podcast. “We’ve raced in 6,600 races in 60 years. And we’ve won 660. What’s the math? 10 percent. So, you learn a lot more by losing than you do winning 10 percent of the time.”

Of course, losing hurts. But at the same time, Bud knows that no single defeat should ever fell a great organization.

During the 2026 Indy 500, for example, Team Penske lost the closest Indy 500 in the 115-year history of the race, falling behind first place by just .0233 seconds. That kind of gut-wrenching loss could snuff out anyone’s spirit. 

But for Denker, quitting is not an option.

“It does suck,” he says. “We go to the racetrack to win, we go into business to win … but I’d say the first thing is: Don’t overreact. The emotion involved in losing can be very high. Instead, use the time to reflect on it, use the time to learn from it. Use the time with your team to understand what we could do better next.”

In that way, there is a great deal of good that comes from losing and experiencing failure. 

“You’re going to lose more than you’re going to win,” Denker notes. “And you’re going to learn a lot more from those losses in your world than if they were all wins.”

Bud talks about all this and more on the podcast, including:

• Communication is key. More than anything, business is about people, Denker says. And the key to building strong relationships with people is communication. “In sports and business,” he offers, “it’s all in the communication—developing relationships, developing trust, developing confidence.”

• Effort leads to results. Roger Penske, the founder of Team Penske, received some important advice early on from his father, who told him that, “Effort equals results.” Denker liked the idea so much that he’s since given coins to his sons with the phrase “Effort = Results” inscribed on them. The lesson? Be present, be part of the conversation.

• Share a story. In planning the upcoming Freedom 250 Grand Prix race on August 23, Denker took time to walk around the national mall to reflect. Before team meetings, instead of jumping into budgets or other dry matters, Bud shared his thoughts from those walks. He wanted to start with a story of significance, he says. “How lucky are we to leave a fingerprint on something you will tell your grandkids.”