Penske Automotive Group took ownership of Terry Lee Hyundai and Genesis of Noblesville May 2 following an official closing agreement with owner Terry Lee. Both businesses are in Noblesville near Ind. 37.
Lee, a Carmel resident, is retiring from the car business. He described the sale to Penske Automotive Group as a “win-win.” He said Penske Automotive Group possesses a “rare combination of competence, capacity and economies of scale that are compatible with the business approach already practiced by the two dealerships.”
“I‘ve known Roger Penske for many years, and I believe this is a perfect T as his company reflects the views, values and philosophies that have made our organization what it is today,” Lee said.
Lee said all employees will be retained by Penske. His dealerships have often won a placement among top places to work in Indiana.
“The people are one of the key things,” he said. “We had such good people and are excited to retain all of them. The customer base, the employee base all remain the same. Products coming out through Genesis and Hyundai are all really good stuff. We had a record year and are off to a record start, and (Penske Automotive Group) will continue that. The Penske organization’s culture is similar to ours and attracted me to that buyer. They take care of their employees and customers. Happy employees make for happy customers, and that will continue on. You won’t see much of a change outside of a name change.”
Terry Lee Hyundai will be renamed to Hyundai of Noblesville. Genesis of Noblesville will keep its name. Lee refused to disclose the purchase price.
Lee began his career in the car business as a finance manager at an automotive retailer when he was 21. He plans to remain active in commercial real estate by offering sales and leasing opportunities at his 72-acre development, Terry Lee Crossing, on Ind. 37 in Noblesville. He also intends to continue golfing in his free time.