Group 1 Automotive Inc. has bought a Toyota dealership in New Mexico from Asbury Automotive Group Inc. — a retailer Asbury had owned for just some months.
Group 1 stated Monday that it purchased Larry H. Miller Toyota Albuquerque on Friday, marking the general public auto retailer’s 17th Toyota dealership within the U.S. It renamed the dealership Sandia Toyota and stated it was anticipated to generate $115 million in annual income.
Group 1 already has a number of new-vehicle dealerships in New Mexico, promoting Lexus, BMW, Mini, Land Rover and Jaguar automobiles.
“We’re happy to welcome the group at Sandia Toyota to the Group 1 household,” Daryl Kenningham, Group 1’s president of U.S. operations, said in a statement. “The power so as to add one other sturdy Toyota franchise to our U.S. portfolio and add scale to our profitable New Mexico operations is a really constructive development motion for our firm.”
The acquisition follows Group 1’s March purchase of Charles Maund Toyota in Austin, Texas. In February, Group 1 sold Honda and Toyota dealerships in Massachusetts to Automotive Administration Providers Inc., owned by Terry Taylor.
Asbury in December bought Larry H. Miller Dealerships, of Sandy, Utah, gaining 54 new-vehicle dealerships, seven used-vehicle shops and Complete Care Auto, a finance and insurance coverage merchandise supplier.
Asbury has already bought among the Larry H. Miller dealerships it acquired. Final month, it bought a Larry H. Miller Toyota dealership in Colorado to Baxter Auto Group and later that month, two different Larry H. Miller Toyota shops within the state to Corwin Automotive Group.
Group 1, of Houston, ranks No. 4 on Automotive Information‘ list of the top 150 dealership groups based in the U.S., retailing 146,072 new automobiles in 2021. Asbury, of Duluth, Ga., ranks No. 5 on the checklist, retailing 109,910 new automobiles final yr.