Group 1 Automotive has acquired what it says are the only Lexus franchises in the state of New Mexico.
The company said it expects the two Lexus dealerships, located in Albuquerque and Santa Fe, to generate approximately $90 million in annualized revenues.
Group 1, which owns and operates 186 automotive dealerships, 242 franchises, and 49 collision centers in the United States, the United Kingdom and Brazil that offer 31 brands of automobiles, said the addition of the stores increases its total New Mexico representation to nine automotive franchises.
Those include the following luxury brands:
— BMW Mottorad (motorcycles)
— Jaguar/Land Rover.
“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's president and chief executive officer Earl Hesterberg said in a news release.