Penske Automotive Group has purchased Hyundai and Genesis dealerships in Indianapolis as its latest expansion, according to a press release on Markets Insider.
The two stores, which are both located at 17665 Terry Lee Crossing, Noblesville, were formerly owned by Terry Lee.
"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," chair and CEO Roger Penske said in a press release. "We look to enhance the strong legacy of these dealerships while building additional scale in this important market for Penske Automotive Group."
Penske Automotive Group purchased Terry Lee Hyundai and Genesis to help expand the company's retailer presence in the city, the press release reported.
“I’ve known Roger Penske for many years, and I believe this is the perfect fit as his company reflects the views, values and philosophies that have made our organization what it is today,” Lee said in a news release, according to Channel 8 WISH TV.
Terry Lee Hyundai has been renamed Hyundai of Noblesville.
"The all-new Genesis of Noblesville, new owner, same friendly faces, commitment to customer satisfaction," a Facebook post from Genesis of Noblesville stated.
According to Penske Automotive, an annualized revenue of $80 million is projected from the purchase of the Hyundai and Genesis stores in Noblesville.
The company also expects that the addition of these two dealerships will generate an approximate $745 million total in 2022 for revenue.
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