A manufacturer or distributor may not unreasonably withhold approval of a sale, transfer, or passage of title of a dealer, agreement, management of the dealer, or designation of a successor dealer if:
(1) the dealer complies with any provisions in the agreement for the sale, transfer, or passage of title;
(2) the transferee meets the criteria:
(A) stated in the agreement; or
(B) generally applied by the manufacturer or distributor in similar situations; and
(3) the transferee agrees to be bound by the terms and conditions of the manufacturer's or distributor's standard agreement.