Group 1 Automotive Inc. bought a Toyota dealership in New Mexico from Asbury Automotive Group Inc.
It was Group 1’s 17th Toyota dealership in the US when it bought Larry H. Miller Toyota Albuquerque on Friday. It rebranded the dealership Sandia Toyota and projected yearly income of $115 million.
Group 1 already has Lexus, BMW, Mini, Land Rover, and Jaguar dealerships in New Mexico.
“We are thrilled to welcome Sandia Toyota to the Group 1 family,” stated Daryl Kenningham, Group 1’s US president. A solid Toyota franchise in New Mexico would be a great addition to our U.S. portfolio and would help our firm develop.
Group 1 previously bought Austin’s Charles Maund Toyota in March. Group 1 sold Honda and Toyota dealerships in Massachusetts to Terry Taylor’s Automotive Management Services Inc.
To acquire Larry H. Miller Dealerships in Sandy, Utah, Asbury acquired 54 new-car dealerships, seven used-car stores, and Total Care Auto, a finance and insurance provider.
It already sold part of its purchased Larry H. Miller dealerships. It sold a Larry H. Miller Toyota dealership in Colorado to Baxter Auto Group and two more to Corwin Automotive Group last month.
Houston’s Group 1 is No. 4 among the top 150 U.S. dealership groups, selling 146,072 new cars in 2021. In 2017, Asbury, of Duluth, Ga., sold 109,910 new cars.