With Studebaker’s demise in December 1963, the Avanti seemed destined to become another postscript to car history. But Nate Altman, an Indiana Studebaker Dealer, knew there was still a great deal of interest in the car and after a great deal of maneuvering formed a new entity called Avanti Motor Corporation, who would produce the Avanti II. Molded Fiberglass of Ashtabula, Ohio; who had supplied the original Avanti bodies, continued to supply these components. Nate Altman passed away in 1976 and brother, Arnold, with Avanti Motor Corporation from the beginning, assumed leadership. Six years later, Altman sold the Avanti rights to real estate developer Stephen Blake. The self-proclaimed automotive enthusiast would continue to carry on.

Starting in 1981, the Avanti buyer got a car that was equipped with air conditioning, power windows, AM/FM stereo/cassette, tinted glass, plus power-assisted steering and brakes. Visually, the third-generation Avanti is identified by rectangular headlights and resin-molded body-colored bumpers and the 'II' was dropped from the car's name.

The factory offered exteriors in nearly any color and upholstery with the buyer’s choice of materials. One of 200 constructed that year; this gray example has a gray interior and is fitted with a 5.0-liter, 305-hp H.O. GM engine, automatic four-speed transmission, leather interior, Pioneer stereo unit, Magnum 500 type wheels and tastefully sized whitewall tires. The Avanti also has 2 + 2 seating. The Avanti has proven to be a consistently attractive car to collectors for decades.