Team 1 Automotive Inc. has ordered a Toyota dealership in New Mexico from Asbury Automotive Group Inc. — a shop Asbury had owned for just a few months.
Team 1 explained Monday that it bought Larry H. Miller Toyota Albuquerque on Friday, marking the community car retailer’s 17th Toyota dealership in the U.S. It renamed the dealership Sandia Toyota and explained it was predicted to create $115 million in yearly income.
Group 1 already has various new-vehicle dealerships in New Mexico, promoting Lexus, BMW, Mini, Land Rover and Jaguar motor vehicles.
“We are delighted to welcome the group at Sandia Toyota to the Group 1 family,” Daryl Kenningham, Team 1’s president of U.S. operations, mentioned in a assertion. “The ability to incorporate one more sturdy Toyota franchise to our U.S. portfolio and increase scale to our prosperous New Mexico functions is a extremely constructive progress action for our enterprise.”
The acquisition follows Team 1’s March buy of Charles Maund Toyota in Austin, Texas. In February, Team 1 sold Honda and Toyota dealerships in Massachusetts to Automotive Administration Expert services Inc., owned by Terry Taylor.
Asbury in December bought Larry H. Miller Dealerships, of Sandy, Utah, getting 54 new-motor vehicle dealerships, 7 utilised-automobile retailers and Whole Care Auto, a finance and insurance coverage items supplier.
Asbury has now marketed some of the Larry H. Miller dealerships it acquired. Last thirty day period, it sold a Larry H. Miller Toyota dealership in Colorado to Baxter Car Team and later on that thirty day period, two other Larry H. Miller Toyota merchants in the state to Corwin Automotive Team.
Group 1, of Houston, ranks No. 4 on Automotive News‘ list of the leading 150 dealership groups based in the U.S., retailing 146,072 new motor vehicles in 2021. Asbury, of Duluth, Ga., ranks No. 5 on the list, retailing 109,910 new automobiles past yr.