Group 1 Automotive, Inc. (NYSE: GPI) has confirmed the purchase of Larry H. Miller Toyota in Albuquerque, New Mexico. The dealership will have the new name Sandia Toyota. Sandia Toyota dealership will be added to the Company's current New Mexico portfolio of 8 franchises representing the Lexus, BMW, MINI, Land Rover, and Jaguar brands.
The company also reported its year-to-date buyback activities, which included 638,696 shares purchased at an average price of $180.30 for a total of $115.2 million, representing over 4% of Group 1's outstanding share count at the start of the year. Furthermore, the dealership is likely to create $115 million in annual revenues.
It will bring year-to-date total generated revenues for Group 1 to $550 million. This dealership embodies the 17th Toyota store in the Company's U.S. portfolio. In the United States and the United Kingdom, Group 1 owns and manages 202 automotive dealerships, 268 franchises, and 46 collision centers that sell 34 different car brands. The Company sells new and used cars and light trucks through its dealerships, as well as related vehicle finance, service contracts, automotive maintenance and repair services, and vehicle components.
"We'd like to extend our warmest greetings to the Sandia Toyota team. The chance to add another outstanding Toyota franchise to our U.S. portfolio while also increasing the scope of our successful New Mexico operations is a very good growth action for our company "Group 1's President of U.S. Operations, Daryl Kenningham, stated.