Team 1 Automotive Inc. has procured a Toyota dealership in New Mexico from Asbury Automotive Group Inc. — a store Asbury experienced owned for just a few months.
Group 1 stated Monday that it bought Larry H. Miller Toyota Albuquerque on Friday, marking the general public auto retailer’s 17th Toyota dealership in the U.S. It renamed the dealership Sandia Toyota and mentioned it was envisioned to create $115 million in annual revenue.
Team 1 by now has several new-car or truck dealerships in New Mexico, advertising Lexus, BMW, Mini, Land Rover and Jaguar motor vehicles.
“We are happy to welcome the workforce at Sandia Toyota to the Group 1 loved ones,” Daryl Kenningham, Group 1’s president of U.S. operations, explained in a assertion. “The capacity to add a further sturdy Toyota franchise to our U.S. portfolio and incorporate scale to our thriving New Mexico operations is a incredibly positive progress action for our enterprise.”
The acquisition follows Team 1’s March invest in of Charles Maund Toyota in Austin, Texas. In February, Group 1 offered Honda and Toyota dealerships in Massachusetts to Automotive Administration Providers Inc., owned by Terry Taylor.
Asbury in December acquired Larry H. Miller Dealerships, of Sandy, Utah, gaining 54 new-car or truck dealerships, 7 utilized-car suppliers and Total Care Vehicle, a finance and insurance plan merchandise service provider.
Asbury has by now offered some of the Larry H. Miller dealerships it obtained. Very last month, it sold a Larry H. Miller Toyota dealership in Colorado to Baxter Vehicle Group and later on that thirty day period, two other Larry H. Miller Toyota suppliers in the condition to Corwin Automotive Team.
Team 1, of Houston, ranks No. 4 on Automotive Information‘ list of the major 150 dealership groups dependent in the U.S., retailing 146,072 new motor vehicles in 2021. Asbury, of Duluth, Ga., ranks No. 5 on the checklist, retailing 109,910 new cars previous yr.