That is an old Prestolite, Delco or Arco "Bendix" style starter motor.
And yes, you are correct, there is no solenoid kick out mechanism.... there is a contact solenoid only.
These rely on quick armature torque to kick the Bendix drive into the flywheel ring gear.
If you've ever noticed, a low battery will not allow a Bendix motor to kick the pinion gear out.
Honestly, I'd not spend a dime on it, although you can find parts for them, and most good shops would be able to over-haul it for you.
If this was my engine, I'd replace the Bendix motor with one of today's HTGR/PMGR starter motors.
The HTGR/PMGR starter motor armature spins approximately 3 X's faster, and with the planetary style gear reduction, these will crank your engine over a bit faster, and will also draw fewer amps.
With your AQ series SBC Volvo Penta (153 tooth flywheel ring gear), you'll need the motor with the straight across bolt pattern.
Be sure to get the correct length bolts for the nose housing.
Here's another option in a higher quality version.
This one uses a pinion gear reduction. These are also a bit more expensive.
While these little HTGR/PMGR motors may look whimpy, don't underestimate them. They'll typically kick A$$ over the older style motors.
Don't get me wrong.... the old Bendix drive motors were heavy duty and were well built, but the technology is just not up to parr these days. You'd be hard pressed to find a Bendix style, or even a non-gear reduction motor, being used as OEM today. Most all have gone to the gear reduction motors.
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