LMP Car below contract to promote 2 more dealerships as it continues plans for liquidation

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Morgan Car Neighborhood closed on the acquisition of two Kia dealerships from LMP Car Holdings in December.

Increasing Morgan Car Neighborhood of Tampa, Fla., offered two Florida Kia dealerships from LMP Car Holdings Inc. closing week and offered a Florida Stellantis retailer in a separate, unrelated November transaction.

It marks the third dealership sale announced by miniature auto retailer LMP in three months. The Castle Lauderdale, Fla., company acknowledged in a Monday news originate that it is below contract to promote two more dealerships and is advertising and marketing and marketing and marketing its two closing franchised stores.

The deal for Kia of Cape Coral and Kia of Port Charlotte closed on Dec. 15, in accordance to Morgan Car CEO Brett Morgan. The dealerships’ names reside, he acknowledged.

“That became variety of third time’s the enchantment making an try to style these stores because we divulge on them when Fuccillo [Automotive Group] became selling,” Brett Morgan informed Car Recordsdata, referring to when LMP offered the dealerships in March 2021. And he acknowledged his neighborhood became when LMP brought the Kia stores to market this 365 days.

LMP became put to promote the two Kia Florida dealerships and 4 assorted West Virginia stores to Atlantic Flee Car Neighborhood. However, in October, LMP acknowledged that deal had been terminated by the purchaser.

“We were ecstatic so as to bear one more different to style these two dealerships,” Morgan acknowledged of the Kia stores. “We treasure Kia and admire these two markets.”

The acquisition adds to Morgan Car’s footprint in Southwest Florida. “It be a rising market in Florida,” Brett Morgan acknowledged.

The Kia dealership acquisitions are basically the most up-to-date want by Morgan Car in a busy 365 days.

Final month, the neighborhood offered Tallahassee Dodge-Chrysler-Jeep-Ram, which additionally offered Fiat autos. Brett Morgan acknowledged it marks his neighborhood’s first retailer in Tallahassee, Florida’s capital.

Morgan Car offered the retailer on Nov. 11 from seller Ken Marks, Brett Morgan acknowledged. The dealership became renamed Tallahassee Chrysler-Dodge-Jeep-Ram-Fiat.

The Tallahassee acquisition became the foremost since August when Morgan Car offered three dealerships in Sarasota, Fla. In June, Morgan Car offered Ford of Clermont and offered its Genesis of Castle Myers dealership, every in Florida. In May possibly possibly possibly also, Morgan Car offered Fuccillo Kia of Clermont, plus two domestic-branded dealerships in Tampa.

Morgan Car does not bear any assorted acquisitions below contract, though Brett Morgan indicated he expects his neighborhood will seemingly be in quest of more in 2023.

“We’re easy a in reality acquisitive company,” he acknowledged. “The actuality is it’ll doubtlessly look loads treasure this 365 days and the 365 days prior. However hard to play crystal ball. If the factual opportunities are available, we are going to get as mighty as we bear the ability to style.”

Brett Morgan acknowledged the neighborhood remains bullish on Florida, basically the most animated command it has dealerships in.

“We’re no longer taking a look wherever else,” Brett Morgan acknowledged of assorted states. “However we’re begin-minded folks.”

Morgan Car now has 61 franchised dealerships. The neighborhood damage down operations of a delicate-vehicle retailer in Lake City, Fla., this month, Brett Morgan added.

Morgan Car ranks No. 8 on Car Recordsdata‘ checklist of the top 150 dealership groups based in the U.S., retailing 60,951 fresh autos in 2021.

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LMP updates

In its Monday press originate, LMP acknowledged it in December signed definitive agreements to promote a Subaru retailer and a Kia retailer in Mount Hope, W.Va.

LMP did not expose if the stores are being offered collectively or individually and did not identify a purchaser or investors. LMP did, on the opposite hand, demonstrate that the agreements are expected to end in March 2023.

The auto retailer acknowledged it is advertising and marketing and marketing and marketing its two closing dealerships, a Chevrolet dealership in Oak Hill, W.Va., and a Buick-GMC retailer in Beckley, W.Va.

The corporate in a November press originate acknowledged it had closed on the sale of Bachman-Bernard Chevrolet-Buick-GMC-Cadillac in Greeneville, Tenn. LMP did not expose when the transaction closed or who the purchaser became of that retailer.

LMP executives did not answer to questions on that transaction.

In October, LMP offered its White Plains Chrysler-Dodge-Jeep-Ram dealership in White Plains, N.Y., to Tasca Car Neighborhood.

LMP, in its most most up-to-date originate in December, additionally acknowledged it is sharp forward with its liquidation notion and plans to style “a partial distribution to the shareholders of file initiating in January 2023.”

“The board and the management group all imagine that, given the assorted nature of our portfolio, pursuing more than one transactions with assorted doable investors for sources or groups of sources gifts basically the most effective different to maximize stockholder label as well to to maximize the salvage proceeds to be disbursed to shareholders,” LMP CEO Samer Tawfik acknowledged in a Dec. 19 assertion.

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One Comment

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