The former Terry Lee Honda auto dealership in Avon now has a new owner—and a new name.
The dealership, which its namesake opened in 2008, has been sold to Duluth, Georgia-based Asbury Automotive Group Inc. Asbury is a publicly traded company that owns 94 automotive franchises at 80 dealership locations in nine states: Florida, Georgia, Texas, North Carolina, Mississippi, Missouri, South Carolina, Virginia and Indiana.
Under its new ownership, the dealership at 8693 E. U.S. 36 has been renamed Hare Honda.
Financial terms of the sale, which closed Jan. 8, were not disclosed.
The acquisition marks Asbury’s second Indianapolis-area purchase. In January 2017, the company bought Hare Chevrolet in Noblesville from sisters Monica Peck and Courtney Cole.
Jed Milstein, Asbury’s senior vice president of human resources and communications, said Asbury would like to expand its local presence by purchasing additional dealerships.
“We really like the Indianapolis market and would hope we would continue to grow there as the right opportunities present themselves,” Milstein said.
Now that he has sold his Honda dealership, Terry Lee will focus primarily on his Terry Lee Crossing development in Noblesville, a 72-acre commercial site that he established in 2014.
The site now includes Terry Lee-owned Genesis and Hyundai dealerships, with room for additional development.
“I am very pleased with the result and timing of this transaction. I am confident that Asbury is truly the right buyer for our employees and our customers,” Lee said in a statement issued by The Presidio Group, a San-Francisco-based investment bank that advised Terry Lee Co. Inc. on the sale.
Lee was not available for comment on Monday morning.