Group 1 Automotive Inc. has purchased two Lexus dealerships in New Mexico as part of its expansion of luxury brands in the state.
The nation's fourth-largest new-vehicle retailer said this week that it bought Lexus of Santa Fe and Lexus of Albuquerque — the only Lexus dealerships in New Mexico — from dealer Don Mackey and partner Tom Bohlman.
Group 1 said the acquisitions are expected to generate about $90 million in annual revenue. Terms of the deal weren't disclosed.
"We are pleased to broaden our dealership footprint in the fast-growing New Mexico market and expand our long-standing partnership with Lexus," Group 1 CEO Earl Hesterberg said in a statement.
Group 1 now has six Lexus stores. In July, Group 1 announced it had purchased Sandia BMW, Sandia Mini, Santa Fe BMW and Santa Fe Mini from Mike Houx. The company also has one Jaguar and two Land Rover stores in New Mexico.
Group 1 of Houston ranks No. 4 on Automotive News' list of the top 150 dealership groups based in the U.S., with retail sales of 170,517 new vehicles in 2018.