International Fortune 500 automotive retailer Group 1 Automotive announced the acquisition of two New Mexico Lexus dealerships in Albuquerque and Santa Fe last week as a method to expand its business across the New Mexico vehicle market.
Having already owned nine automotive franchises in New Mexico such as BMW, Land Rover and Jaguar, Group 1 considers acquiring the state’s only two Lexus dealerships a “perfect fit” for the business.
“Anytime that we go into a new market, what we try to do is assimilate all of our resources to make them as efficient as possible,” said Pete DeLongchamps, Group 1’s Senior VP Manufacturer Relations, Financial Services and Public Affairs, told Mega Dealer News. “We think with these great brands in the New Mexico market, we can continue to serve the customers and grow our business both in new and old car sales and parts and service.”
The Lexus dealerships are expected to generate roughly $90 million in annualized revenue following the acquisition being completed last Monday, according to a press release released by Group 1.
DeLongchamps stated that there will be no major impacts for the dealerships in the near future, but they will soon have access to Group 1’s national call line and a service and parts mobile application to make servicing scheduling much easier on multiple electronic devices.
“We will continue to keep all the same people in place,” DeLongchamps said. “We do come in with I think a little bit more technology and all new computer systems and different processes that we use in our company that are a result of the size of the company that we have … as a big company we have a lot of benefits that we think we’ll bring to the market and make ease of transacting I think even more seamless for the consumer and our clients.”
Group 1 has no current plans to acquire any additional New Mexico luxury brands.