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 few months.
Group 1 said Monday that it bought 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 expected to generate $115 million in annual revenue.
Group 1 already has several new-vehicle dealerships in New Mexico, selling Lexus, BMW, Mini, Land Rover and Jaguar vehicles.
"We are pleased to welcome the team at Sandia Toyota to the Group 1 family," Daryl Kenningham, Group 1's president of U.S. operations, said in a statement. "The ability to add another strong Toyota franchise to our U.S. portfolio and add scale to our successful New Mexico operations is a very positive growth action for our company."
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 Management Services Inc., owned by Terry Taylor.
Asbury in December bought Larry H. Miller Dealerships, of Sandy, Utah, gaining 54 new-vehicle dealerships, seven used-vehicle stores and Total Care Auto, a finance and insurance products provider.
Asbury has already sold some of the Larry H. Miller dealerships it acquired. Last month, it sold a Larry H. Miller Toyota dealership in Colorado to Baxter Auto Group and later that month, two other Larry H. Miller Toyota stores in the state to Corwin Automotive Group.
Group 1, of Houston, ranks No. 4 on Automotive News' list of the top 150 dealership groups based in the U.S., retailing 146,072 new vehicles in 2021. Asbury, of Duluth, Ga., ranks No. 5 on the list, retailing 109,910 new vehicles last year.