8/2/19 Group 1 Automotive acquiring Sandia BMW, Santa FeBMW is Deal of the Week - Albuquerque Business First

New Mexico's BMW dealerships have a new owner.

The skinny

Houston-based Group 1 Automotive has acquired Sandia BMW in Albuquerque and Santa Fe BMW. The deal closed July 8, Peter DeLongchamps, senior vice president of Group 1, confirmed to Business First.

The numbers

Terms of the deal were not immediately disclosed. The dealerships are projected to generate about $100 million in annualized revenue, according to a release.

The details

The purchase also includes Sandia MINI and Sandia BMW Motorcycles, the first motorcycle franchise for Group 1 in the United States, according to the company.

What's next

DeLongchamps told us he has long known former owners Mike and Debbie Houx, who were looking to retire and sell the dealership. "We're big believers in local markets and we think that the leadership will do a great job in running the business," he said, adding Group 1 plans to keep the current dealership leadership in place.

Why it's significant

This deal grows Group 1's presence in the market. It already owned Jaguar and Land Rover dealerships in Albuquerque and Santa Fe.

More about Group 1

Group 1 Automotive Inc., a publicly traded company (NYSE: GPI), generated $11.6 billion in 2018 revenue, according to sister publication Houston Business Journal. Group 1 owns and operates 184 automotive dealerships, 238 franchises and 48 collision centers in the U.S., the U.K. and Brazil that offer 30 brands of automobiles.