Group 1 Automotive buys Toyota dealership from Asbury Automotive Group

Group 1 Automotive Inc. has purchased a Toyota dealership in New Mexico from Asbury Automotive Group Inc. — a store Asbury had owned for just a several months.

Team 1 explained Monday that it acquired Larry H. Miller Toyota Albuquerque on Friday, marking the public auto retailer’s 17th Toyota dealership in the U.S. It renamed the dealership Sandia Toyota and said it was anticipated to produce $115 million in annual income.

Group 1 presently has many new-car dealerships in New Mexico, marketing Lexus, BMW, Mini, Land Rover and Jaguar cars.

“We are pleased to welcome the team at Sandia Toyota to the Team 1 family,” Daryl Kenningham, Group 1’s president of U.S. functions, said in a statement. “The skill to incorporate yet another strong Toyota franchise to our U.S. portfolio and insert scale to our profitable New Mexico operations is a pretty constructive advancement motion for our enterprise.”

The acquisition follows Group 1’s March invest in of Charles Maund Toyota in Austin, Texas. In February, Team 1 bought Honda and Toyota dealerships in Massachusetts to Automotive Administration Products and services Inc., owned by Terry Taylor.

Asbury in December bought Larry H. Miller Dealerships, of Sandy, Utah, gaining 54 new-car or truck dealerships, 7 utilized-vehicle retailers and Full Treatment Automobile, a finance and insurance policy items company.

Asbury has by now marketed some of the Larry H. Miller dealerships it acquired. Very last thirty day period, it sold a Larry H. Miller Toyota dealership in Colorado to Baxter Auto Group and later on that thirty day period, two other Larry H. Miller Toyota suppliers in the condition to Corwin Automotive Group.

Group 1, of Houston, ranks No. 4 on Automotive Informationrecord of the prime 150 dealership teams centered in the U.S., retailing 146,072 new cars in 2021. Asbury, of Duluth, Ga., ranks No. 5 on the list, retailing 109,910 new automobiles previous yr.