Nathan Altman and partner Leo Newman operated a Studebaker dealership in South Bend, Indiana. For Altman, Studebaker's demise was bad enough, losing its most inspired accomplishment was tragic. Altman purchased all rights, equipment, and parts to the Avanti on July 1, 1964. He secured the Avanti assembly plant, all Avanti tooling, body production from Molded Fiberglass, and necessary credit. The engine would be a Chevrolet 327-cu-in. Disc brakes were used at the front, as they were on the 1963 and 1964 Studebakers. The pronounced "rake" of the original was eliminated and wheel openings were tightened. Studebaker had built 20 Avantis a day. Altman built 45 in 1965, 59 in 1966, 66 in 1967, and 100 in 1968. Altman labeled the resurrected car 'Avanti II'. That designation remained until 1983 when Steve Blake took over.

The original Avanti practically rewrote the USAC record book for an American production automobile. "The Avanti II brings to the American public an American high-performance, four-passenger prestige motorcar with great maneuverability and exceptional quality that only hand building can produce and that, because of its limited production and $7,000 plus price tag, is certainly a high prestige, very unique automobile to compete favorably with the European built Ferraris, Rolls-Royces, and Maseratis."