New Boulder Toyota owner: ‘We’re super excited’

BOULDER — Corwin Automotive Group Inc., the new owners of Boulder Toyota, are “super excited” to enter the market, principal owner Tanner Corwin told BizWest.

“I went to CU Boulder,” Corwin said. “It’s exciting for me to come back and be back in Boulder.”

The Fargo, N.D.-based Corwin officially closed on the purchase Monday. It also acquired the land on which the dealership sits, at 2465 48th Court. The dealership has rebranded to Corwin Toyota Boulder from Larry H. Miller Toyota Boulder. 

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The purchase price for the dealership was not disclosed, and the land sale has not yet been recorded by the Boulder County Clerk and Recorder’s Office.

Corwin is remodeling the dealership building, but remains fully operational while construction is ongoing. The remodel is expected to be finished by the end of the year. 

This is the second time in less than six months that the dealership has changed hands. In October 2021, Larry H. Miller Group of Cos. sold its entire portfolio, including Boulder Toyota, to Duluth, Georgia-based Asbury Automotive Group (NYSE: ABG) for $3.2 billion. Duluth also purchased the land for Boulder Toyota for $16.5 million. Corwin said that Asbury then decided to spin off some of those dealerships, and his company was happy to acquire Boulder Toyota. Corwin Auto Group also purchased Colorado Springs Toyota from Asbury. 

This is Corwin’s first foray into Colorado after it had expanded to states neighboring North Dakota over the past decade.

“Across America, there is an aging dealer body,” Corwin said. “The average car dealer is more than 70 years old. With all the challenges that the pandemic presented, there’s been more dealerships for sale than there ever has been. That’s been a good opportunity for us.”