There is a new owner and a new name for the former Terry Lee Honda car dealership in Avon.
The dealership, which was founded by its namesake in 2008, has been acquired by the Asbury Automotive Group Inc. business in Duluth, Georgia. In nine states—Florida, Georgia, Texas, North Carolina, Mississippi, Missouri, South Carolina, Virginia, and Indiana—Asbury, a publicly traded firm, controls 94 automotive franchises at 80 dealership sites.
The 8693 E. U.S. 36 dealership is now known as Hare Honda under its new management.
The purchase is Asbury’s second in the Indianapolis region. The business acquired Monica Peck and Courtney Cole’s Hare Chevrolet in Noblesville in January 2017.
According to Jed Milstein, senior vice president of human resources and communications at Asbury, the company wants to increase its local presence by acquiring more dealerships.
“We truly enjoy the Indianapolis market and anticipate expanding there when the appropriate chances arise, according to Milstein.
After selling his Honda dealership, Terry Lee will now concentrate on his 2014-founded Terry Lee Crossing development in Noblesville, a 72-acre commercial site.
The location currently houses Terry Lee-owned Genesis and Hyundai dealerships, with space for further construction.
“The outcome and timing of this transaction have me very happy. The Presidio Group, a San Francisco-based investment bank that provided Terry Lee Co. Inc. with sales advice, released a statement on behalf of Lee, saying, “I am sure that Asbury is genuinely the best buyer for our staff and our customers.”
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Wer hat Terry Lee Honda gekauft?
The Terry Lee Honda dealership in Avon, Indiana, has been acquired by the publicly traded Asbury Automotive Group Inc., which has rebranded it as Hare Honda.
Just 10 minutes north of Indianapolis in Noblesville, Terry Lee began construction on his 72-acre commercial real estate development known as Terry Lee Crossing in 2014. He constructed brand-new Genesis and Hyundai dealerships in 2015 that provide space for five additional manufacturers or other commercial buildings. Now, this will be his main concern.
Terry Lee received advice and this information from The Presidio Group during the purchase.
What has Terry Lee Hyundai become?
Terry Lee, a car dealer, says he has sold his enterprises and made retirement plans, but he still intends to be engaged in the commercial real estate market by providing sales and leasing options.
It was completed on Monday. Roger Penske, who also owns the Indianapolis Motor Speedway and IndyCar, purchased the Hyundai and Genesis stores Terry Lee owned. Roger Penske purchased the dealerships from Terry Lee.
“I’ve known Roger Penske for a long time, and I think this is the ideal fit since his business embodies the principles that have helped our organization become what it is today, Lee stated in a news release.
Lee called the transaction a “win-win, emphasizing what he refers to as Penske’s exceptional combination of skill, capability, and scale economics that are complementary with the commercial strategy previously employed by the two dealerships.
Lee started working as a finance manager at the age of 21 and had a career that lasted more than 50 years. He is recognized for being the first person of color in the Indianapolis region to own a significant auto business.
Lee also states that he wants to reduce his golf handicap to a single digit number.
Terry Lee: Was Penske the buyer?
Following a formal closing agreement with owner Terry Lee on May 2, Penske Automotive Group acquired ownership of Terry Lee Hyundai and Genesis of Noblesville. Near Indiana 37, in Noblesville, are both companies.
Lee, a resident of Carmel, is leaving the auto industry. A “win-win” was how he characterized the sale to Penske Automotive Group. According to him, Penske Automotive Group has a “unique combination of expertise, resources, and economies of scale that are compatible with the business strategy previously used by the two dealerships.
As someone who has known Roger Penske for a long time, Lee stated, “I think this is a wonderful fit since his company exemplifies the beliefs, principles, and values that have helped our organization become what it is today.
All staff will be kept on by Penske, according to Lee. His dealerships frequently place among Indiana’s best workplaces.
One of the most important factors, he continued, is the people. “We are thrilled to keep every single one of the excellent employees we had. Both the employee base and the consumer base are unchanged. All of the goods produced by Genesis and Hyundai are excellent. We’ve already had a record-breaking year, and (Penske Automotive Group) plans to keep it up. I was drawn to that client because of how similar the Penske organization’s culture is to ours. They look out for both their clients and staff. The relationship between satisfied customers and content staff will endure. Apart from a name change, not much will change.
Terence Lee The company will now be known as Hyundai of Noblesville. The name Genesis of Noblesville will remain. Lee declined to say how much the acquisition cost.
When Lee was 21 years old, he started working as a finance manager for an automotive retailer. He intends to continue being active in the commercial real estate market by providing sales and leasing options at Terry Lee Crossing, a 72-acre development on Indiana 37 in Noblesville. He also plans to keep playing golf in his spare time.