Penske Automotive Group Inc. has acquired two auto dealerships in Noblesville from longtime dealer Terry Lee, Penske announced Wednesday.
Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world’s premier automotive and commercial truck retailers, today announced that it has acquired Terry Lee Hyundai and Genesis of Noblesville, Indiana, increasing the Company’s presence in the Indianapolis metropolitan market. Terry Lee Hyundai was recognized by Automotive News as a Best Dealership to Work for in 2020 and was named as a 2020 Top Work Places by The Indianapolis Star. The acquisition is expected to generate annualized revenue of $80 million.
Commenting on the acquisition, Chair and CEO Roger Penske, said, “We are pleased to add the Hyundai and Genesis brands to our existing Honda and Chevrolet footprint in the Indianapolis metropolitan market, and welcome their employees to our team. We look to enhance the strong legacy of these dealerships while building additional scale in this important market for Penske Automotive Group.”
The addition of the Hyundai and Genesis dealerships brings total expected acquired annualized revenue in 2022 to approximately $745 million.
Lee, who has owned car dealerships since 1995, said the sale marked his departure from the automotive sales business.
“It is bittersweet to leave an industry I have worked in my entire life, but I know Penske Automotive will continue to serve the community and customers with the same high standards I and my team strove for,” said Lee in written comments. “I am especially proud of the dealerships’ innovative design, which allows them to take advantage of synergies while maintaining separate brand identities.”
Roger Penske, chairman and president of Penske Automotive and owner of Indianapolis Motor Speedway, announced the acquisition at a speech before the Economic Club of Indianapolis on Tuesday afternoon.
“We are pleased to add the Hyundai and Genesis brands to our existing Honda and Chevrolet footprint in the Indianapolis metropolitan market and welcome their employees to our team,” he said in written remarks. “We look to enhance the strong legacy of these dealerships while building additional scale in this important market for Penske Automotive Group.”
Penske Automotive, a Fortune 500 company that owns dealerships throughout most of the world, had sales of $25.5 billion in 2021.
“Demand for dealerships continues to be strong, in particular for Hyundai and Genesis franchises,” said George Karolis, president of The Presidio Group, in written remarks. “We were privileged to once again work with both Terry Lee and the Penske Group on this transaction. Dealership M&A transactions continue at their record pace and we expect heightened activity in 2022.”