Bloomfield Township-based Penske Automotive Group Inc. has acquired Terry Lee Hyundai and Genesis of Noblesville, Ind., increasing the company’s presence in the metropolitan Indianapolis market.
Terms of the transactions were not disclosed but the acquisitions are expected to generate annualized revenue of $80 million, according to Penske.
“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,” says Roger Penske, chair and CEO of Penske Automotive. “We look to enhance the strong legacy of these dealerships while building additional scale in this important market for Penske Automotive Group.”
In addition to Penske Chevrolet and Penske Honda, the Penske organization has three truck rental outlets in the Indianapolis market and owns the famed Indianapolis Motor Speedway.
The acquisitions of the Hyundai and Genesis dealerships brings total expected acquired annualized revenue in 2022 for Penske to approximately $745 million.