23/04/2024

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LMP sells Stellantis dealership, preparing to sell Kia stores

LMP sells Stellantis dealership, preparing to sell Kia stores

LMP Automotive Holdings Inc. has accomplished the sale of its Stellantis dealership in New York, , and claimed it has entered into agreements to promote its Kia dealerships in Port Charlotte and Cape Coral, Fla., to Morgan Car Team of Tampa, Fla.

Tasca Automotive Group, of Cranston, R.I., on Tuesday bought LMP’s White Plains Chrysler-Dodge-Jeep-Ram in White Plains, N.Y., Carl Tasca Jr., a person of the group’s homeowners, verified to Automotive News. Tasca said he owns the team with three of his cousins.

The shop was renamed Tasca Chrysler-Dodge-Jeep-Ram of White Plains. White Plains is north of New York Town and around the Connecticut border.

LMP, a Fort Lauderdale, Fla., automobile retailer with 7 other franchised dealerships, uncovered in July that it had a deal in area to market the Stellantis store and had employed BoA Securities to support it examine strategic alternatives.

In February, LMP reported it was checking out strategic solutions for its business together with a feasible sale of the firm, as it declared it would terminate seven pending acquisitions because it was not able to safe funding to pay back for them.

LMP on Wednesday stated it sold the Stellantis dealership for $15.8 million.

The New York dealership sale follows LMP’s disclosure this month that its planned sale of six dealerships across Florida and West Virginia to Atlantic Coast Automotive Team was terminated.

The two Kia dealerships were part of the 6-dealership transaction that was terminated. LMP said it also has gained fascination in the four other dealerships that have been slated for that transaction, positioned in West Virginia. The compact car retailer said Wednesday that it strategies to shift forward with its system to liquidate and dissolve the enterprise.

LMP, in a Wednesday news release, stated it expects the Kia dealerships sale to shut by the conclusion of the calendar year, pending closing disorders and regulatory approval.

Morgan Automobile CEO Brett Morgan did not straight away reply to a request for comment. Morgan Vehicle ranks No. 8 on Automotive News’ list of the top 150 dealership groups in the U.S., retailing 60,951 new automobiles in 2021.

Previous thirty day period, LMP in a news launch said that it experienced entered into agreements to provide its last franchised dealership, a General Motors keep, and relevant real estate in Greeneville, Tenn. LMP, which did not detect the consumer for that shop, explained then that it envisioned to shut on that transaction in November, pending a number of closing disorders.

For Tasca Automotive, the White Plains retail outlet marks its very first New York dealership, Tasca confirmed, and its 2nd Stellantis retail outlet.

Tasca explained Westchester County, where White Plains is situated, as a prime marketplace.

“We are generally hunting for fantastic chances,” Tasca explained to Automotive Information. “Soon after increasing into Florida and then into the Midwest, we commenced to transform our attitude from rather than on the lookout at being in New England, [to] hoping to increase in any place that manufactured sense. We form of arrived across this just by mutual contacts in the business.”

The White Plains acquisition was Tasca Automotive’s first purchase considering the fact that November 2021, when it purchased a Cadillac shop in Melbourne, Fla., Tasca confirmed. Tasca Automotive purchased two Buick-GMC merchants, also in Florida, in Oct 2021.

The family-owned team, established in 1943 by Bob Tasca Sr., also has dealerships in Illinois, Rhode Island, Connecticut and Massachusetts, according to its web-site.

BofA Securities brokered the White Plains deal, Tasca reported.