Any advice on fixing this thing? I have had more rock chips in my 8 month ownership of this car than in my 4 years of owning a Nissan Sentra.

I have used Dr Color Chip for smaller rock chips but this one is kind of big, so not sure if I should sand it first.

 

First buff it and then use Toyota touch-up paint to cover the black spot.

 

Yes, looks like he got color code Iridium 1L2, can't tell 100%, best is to go to a Lexus or Toyota dealer and get a OEM touch up paint kit to use, probably will need it many times later