Downtown Toyota Inc., of Spokane, has agreed to buy the assets of Lexus of Spokane from Appleway Automotive Groups owner, Fort Lauderdale, Fla.-based Republic Industries Inc., and plans to move the dealership downtown.


Before the move can occur, Downtown Toyota must receive approval of the dealership transfer from Lexus, Toyotas luxury auto division, says David Coombs, Downtown Toyotas president and general manager. That approval is pending, he says.


Coombs hopes to relocate the Lexus dealership from 8520 E. Sprague to the southwest corner of Third Avenue and Madison Street in downtown Spokane by Feb. 1.


We think Lexus is a great franchise, and were excited that it became available, Coombs says.


Downtown Toyota told Republic Industries about a year ago that it would be interested in buying the Lexus franchise here if it became available. He says the two companies entered into discussions earlier this year. Coombs declines to disclose the terms of the transaction.


Downtown Toyota currently operates a used-car showroom at the corner of Third and Madison, but Coombs says the company plans to remodel that building completely and convert it into a Lexus showroom.


Downtown Toyota also plans to build a used-car office just west of the Lexus showroom. The companys Toyota dealership is located nearby at 1208 W. Third.