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Terry Lee sells Hyundai, Genesis dealerships in Noblesville to Penske

(Photo/Provided Terry Lee)

NOBLESVILLE, Ind. (WISH) — Car dealer Terry Lee says he’s sold his businesses and announced his retirement, but plans to remain active in commercial real estate offering sales and leasing opportunities.

The sale closed Monday. Terry Lee sold his Hyundai and Genesis dealerships to Penske Automotive Group, which is owned by Roger Penske, who also owns the Indianapolis Motor Speedway and IndyCar.

“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.

Lee described the sale as a “win-win” citing what he calls Penske’s rare combination of competence, capacity, and economics of scale that are compatible with the business approach already practiced by the two dealerships.

Lee had a career lasting more than 50 years, beginning at the age 21 as a finance manager. He’s also credited to being the first minority to own a major car dealership in the Indianapolis area.

Lee also says he intends to work tirelessly at lowering his golf handicap to single digits.