Group 1 Automotive said Monday it has acquired Larry H. Miller Toyota in Albuquerque, N.M., adding to the retailer’s presence in the Land of Enchantment.
The store will be renamed Sandia Toyota and is expected to pull in annual revenues of $115 million. So far this year, Group 1 has acquired revenues of $550 million.
The store is Group 1’s 17th Toyota dealership in the U.S. and adds to its existing New Mexico portfolio, which had eight franchises prior to this deal.
“We are pleased to welcome the team at Sandia Toyota to the Group 1 family. 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,” said Daryl Kenningham, Group 1’s president of U.S. operations, in a news release.
Moving over to Iowa, Toyota of Iowa City has been purchased by the McGrath Family of Dealerships, a group based in Cedar Rapids.
That’s according to a news release from Haig Partners, which advised brothers Mark and Jim Dreusicke, the sellers in this deal.
“Our family business has long-standing ties to our co-workers and the communities in which we do business, which meant finding the right buyer that would continue this level of partnership,” Mark Dreusicke said in the release. “We interviewed several buy-sell advisors and decided that Haig Partners was best positioned to guide us and achieve our goal of a confidential transaction and seamless transition for our team.
“Kevin Nill and the team at Haig Partners understood our concerns and expertly managed the sale process, allowing Jim and me to concentrate on running the dealership. We are grateful for their customized approach that maximized the value of our organization and Kevin’s engagement throughout the transaction.”
Nill, of Haig Partners, added: “The record-breaking profits dealers are experiencing, along with the ongoing transition away from the traditional customer retail experience, has many dealers evaluating an exit strategy. The demand for the Toyota brand in all markets and the reputation the Dreusicke’s built with Toyota of Iowa City made it a highly attractive opportunity for the buyer.”
Pat McGrath is dealer principal of the McGrath Family of Dealerships. In the release, McGrath noted: “We are humbly grateful for the opportunity to expand our team to include an extremely talented group of professionals with a shared commitment to delivering an unsurpassed experience for our guests. This acquisition not only broadens the availability and range of our services to the public, it enriches our culture as a company with increased expertise and opportunity.”
Source : AutoFinanceNews
