Penske grows Indianapolis presence with latest purchase

Penske Automotive Group has added two new brands to its existing portfolio in the Indianapolis market with the acquisition of Terry Lee Hyundai and Genesis in Noblesville, Ind.

The purchase bumps Penske’s total expected acquired annualized revenue this year to roughly $745 million.

“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,” company chair and chief executive officer Roger Penske said in a news release.

“We look to enhance the strong legacy of these dealerships while building additional scale in this important market for Penske Automotive Group.”

Terry Lee Hyundai and Genesis was advised in the deal by The Presidio Group. In a separate news release from Presidio, president Terry Lee said: “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.

“I am especially proud of the dealerships’ innovative design, which allows them to take advantage of synergies while maintaining separate brand identities,” Lee said.

Presidio founder and CEO Brodie Cobb said: “The retail automotive world is changing as dealers exit the industry. Knowing how franchises fit into potential buyers’ strategic growth plans is crucial to providing our clients with the best possible outcome. We were honored to help Terry Lee achieve his financial and personal goals by bringing him and Penske Automotive Group together.”