It was bought from the company's administrators KPMG, who were appointed in January, by Concept Asset Management for an undisclosed sum.
Concept Asset Management executive directors are managing director Keith Eastham, sales director Colin Evans and operations director Adrian Creswell.
The business has an existing fleet of 500 hire vehicles and more than 2,000 vehicles on maintenance plans, serviced from a specialist six-lane commercial vehicle workshop at its headquarters in Greater Manchester.
Eastham said: 'There is enormous potential to develop the business in both the public and private sectors. Our plans are to double the fleet size within the next 18 months and offer comprehensive commercial vehicle products to our target market.'
Paul Flint, joint administrator at KPMG Corporate Recovery, said: 'We are pleased to have completed the sale of Bethell Fleet Services after only five weeks. This is excellent news for all those connected with the business and we would like to thank everyone for their support during this difficult time.
'The deal represents an excellent opportunity for the new management team to drive the business forward and we wish the team every success for the future.'
Bethell Fleet Services went into administration on January 20 this year. The business turned over £15.9 million in the year ended September 30, 2002. Well-known industry figure Tim Jones, Bethell's commercial director, is no longer with the company.